Terex Corp. announced it has sold its boom truck, truck crane and crossover product lines to Load King, a subsidiary of Custom Truck One Source L.P. Included in the transaction are the assets and parts business associated with these product lines.
“This transaction completes one of the portfolio actions we announced in February,” said John L. Garrison, Terex chairman and CEO. “We continue to implement our Focus, Simplify and Execute to Win strategy. By focusing on businesses where we have a strong market position, we can efficiently concentrate our improvement efforts to maximize value for our customers, team members and shareholders.”
Commenting on the transaction, Fred Ross, Custom Truck One Source CEO said: “I am delighted to announce this acquisition and its launch of boom truck, crossover and truck crane product lines under Load King’s brand. This is an important acquisition that expands our broad specialized truck and heavy equipment solutions offering.”
The deal is another in a series of moves Terex has made to help bring more focus to its product range. Garrison said, “After completion of this transaction with Load King and the sale of Demag Mobile Cranes to Tadano, Terex will remain in the rough terrain and tower crane businesses. We will fulfill global demand for rough terrain cranes from our Crespellano, Italy, facility, including the popular RT 100US and for tower cranes from our Fontanafredda, Italy, facility. Customers can be assured that we will continue to sell parts and provide support to rough terrain, tower crane and other legacy crane products. We are investing in parts inventory and improving our operations to better serve these important customers.”