Terex buying port equipment maker
Terex Corp. of Westport, Conn., said it has reached a definitive agreement to acquire Italian port equipment manufacturer of Fantuzzi Industries S.a.r.l. for about 215 million euros ($321 million).
Terex, which manufacturers reach stackers, said its product line will be expanded to include products made by Fantuzzi in Italy, Germany and China, including straddle carriers, rail and rubber-tired gantry cranes, mobile harbor cranes, ship-to-shore cranes, reach stackers and forklift trucks.
Fantuzzi had 2007 revenue of about 447 million euros ($667 million). The transaction is subject to customary closing conditions, including regulatory approval, and is anticipated to close in the fourth quarter.
“This acquisition provides us with an important growth opportunity in the intermodal transportation area of infrastructure,” said Ronald M. DeFeo, Terex chairman and chief executive officer.