Terex sells boom truck, truck crane & crossover segment to Load King
Category: #business  By Nikita Chaurasia  Date: 2019-04-26
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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

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Nikita Chaurasia    

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...

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