Terex, crane, China--Terex Looks For Lift From China

Terex Corp. announced that it has entered into an agreement to acquire 65% control of the privately held Shandong Topower Heavy Machinery Co. Based in Jinan, China, Topower currently manufactures lattice boom crawler cranes in the 70 to 360 ton class.

Terex also announced that it has entered into an agreement with Fujian South Highway Machinery Co. (NFLG) to establish a mobile materials processing equipment manufacturing joint venture in Quanzhou, China. No financial details were provided for either action. Terex said it expects to complete the Topower acquisition and the joint venture with NFLG later this year.

"These actions further escalate the growth opportunity for Terex in China, which has been steadily expanding with the addition of our Terex Port Equipment facility in Xiamen, and our new Aerial Work Platforms factory, nearing completion in Changzhou," said Ron DeFeo, Terex chairman and chief executive officer. "We are enthusiastic about these ventures and the additional potential they bring to participate in the significant infrastructure and commercial development that we expect will be continuing across China for many years to come."

Founded in 2007, Topower Cranes produces crawler cranes that mostly serve the energy industry, but have wider potential applications in Chinese and other Asian markets, Terex said.

The Materials Processing joint venture, of which Terex will be 60% owner, will manufacture jaw crushers, cone crushers, impact crushers and screens for aggregates, mining and material recycling applications.

Source: Diesel Progress Online