Manitou has acquired Terex Equipment Private Limited in India

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The Manitou Group, world leader in all terrain material handling, announces the signature of the acquisition of Terex Equipment Private Limited (TEPL) based in Greater Noïda, India. This acquisition, from Terex Corporation, will be finalized over 2017 first semester.

Founded in 2003, TEPL is specialized in design, manufacture and distribution of construction equipment, mostly backhoe loaders and skid steer loaders and achieved a 30 million euros revenue in 2016, mostly in Southern Asia. Manitou Group reinforces its ambitions for the handling market in India and, on a broader level, in Asia and emerging countries. The group will be able to rely on a company already well-established in India and supported by a structured dealerships’ network and a solid service organization. This acquisition will thus enable the Manitou Group to respond to local markets thanks to a qualitative industrial tool.

Michel Denis, President & CEO of Manitou Group, declares: ”This acquisition perfectly fits our strategy to reinforce our presence on emerging markets. TEPL has a solid dealer network which we will continue to further develop. TEPL produces high-quality products with a very efficient spare parts and service organization, and will be a strong industrial base for Manitou Group to develop new product ranges for Asia and emerging countries”.

“We are pleased to enter into this agreement with Manitou. Manitou is a strong strategic buyer with the resources and desire to further grow the business as an industrial base for Asia and emerging markets,” commented John L. Garrison, Terex President and Chief Executive Officer. “For Terex, the sale of TEPL represents the disposition of the last significant asset held for sale in Terex’s former Construction segment. This is an important milestone in executing on Terex’s commitment to focus our portfolio on those product categories where Terex has a significant presence in the market and that can provide the greatest returns for our shareholders.”