Terex sells boom truck, truck crane & crossover segment to Load King

By Nikita Chaurasia  Date: 2019-04-26

Terex sells boom truck, truck crane & crossover segment to Load King

Terex will continue to sell parts to its boom truck, crossover and truck crane customers during a possible one-year transition period.

Terex Corp., a leading manufacturer of lifting and material processing products and services, has recently sold its boom truck, crossover and truck crane product lines to Load King, LCC, an arm of Custom Truck One Source L.P., along with its assets and parts business associated with these product lines. 

Commenting on the move, John L. Garrison, Chairman & CEO, Terex Corp. said that this transaction completes one of the portfolio actions Terex announced in February 2019. He said the company will continue to implement its focus, simplify and execute to win strategy, and, by focusing on businesses at strong market positions, will efficiently concentrate its efforts to maximize value for its customers, team members and shareholders. 

Speaking on the acquisition, Fred Ross, CEO, Custom Truck One Source, said that their firm is pleased to announce this purchase and its launch of truck crane, boom truck and crossover segments under the Load King brand. Ross said that it is an important acquisition that expands its specialized truck and heavy equipment solutions offering.

Commenting further, Mr. Garrison said that Terex will work closely with Custom Truck One Source to ensure a smooth transition and will continue to sell parts to its boom truck, crossover and truck crane customers during a possible one-year transition period.

He said the company, after the conclusion of this transaction with Load King and the Demag Mobile Cranes sale to Tadano Ltd., will remain in the rough terrain and tower crane businesses. Furthermore, it will fulfill global demand for tower cranes from its Fontanafredda, Italy plant and for rough terrain cranes from its Crespellano, Italy plant, including the popular RT 100US.

Garrison added that customers can be assured that the company will continue to sell parts and provide support to its tower crane, rough terrain and other legacy crane products. He said that Terex is investing in parts inventory and improving its operations to better serve these important customers.

Source Credit: https://investors.terex.com/investor-relations/press-releases/press-release-details/2019/Terex-to-Sell-Boom-Truck-Truck-Crane-and-Crossover-Product-Lines-to-Load-King-a-Custom-Truck-One-Source-Company/default.aspx

https://www.streetinsider.com/Corporate+News/Terex+%28TEX%29+to+Sell+Boom+Truck%2C+Truck+Crane%2C+and+Crossover+Product+Lines+to+Load+King/15403099.html

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

BMW Group to opt for green steel in vehicle production from 2025

BMW Group to opt for green steel in vehicle production from 2025

By Nikita Chaurasia

As climatic changes and other environmental issues take center stage, the BMW Group, to minimize carbon dioxide (CO2) emissions at the core of its supply chain, has reportedly agreed to use green steel from Swedish firm H2 Green Steel beginning in 20...

Apple unveils 16-inch MacBook Pro with high-performance M1 processors

Apple unveils 16-inch MacBook Pro with high-performance M1 processors

By Nikita Chaurasia

Tech giant Apple, Inc. has recently unveiled the 16-inch MacBook Pro, which promises extraordinary design and performance. The model can be customized with the all-new M1 Pro and M1 Max processors.    These new 10-core processors are ...

Kedrion Biopharma expands to North America with Prometic acquisition

Kedrion Biopharma expands to North America with Prometic acquisition

By Nikita Chaurasia

Prometic Life Sciences has developed the first FDA-approved treatment for Congenital Plasminogen Deficiency. This acquisition will enable easy access to advanced therapies for patients suffering from this rare disease. Kedrion Biopharma Inc. has...

Facebook Pages to reduce focus on Likes and followers for Indian users

Facebook Pages to reduce focus on Likes and followers for Indian users

By Nikita Chaurasia

Facebook Inc. has reportedly removed Likes from Facebook Pages for its Indian users to make the platform more user-friendly and easier to understand. This redesign of Facebook Pages was launched in January 2021 and has been rolled out for Indian user...

Merchant commerce platform Pine Labs eyeing USD 1 Bn Nasdaq listing

Merchant commerce platform Pine Labs eyeing USD 1 Bn Nasdaq listing

By Nikita Chaurasia

India is likely to witness a record number of IPOs this year, with several companies eyeing public listing to raise funds if the market sentiment remains positive. One such company, Pine Labs is reportedly planning to list itself on Nasdaq by October...