This acquisition of the business from Terex Corporation is expected to be finalised by the end of June.
TEPL was founded in 2003 and manufactures and sells backhoe loaders, sells wheeled loaders and carries out contract manufacturing and sales of skid steer loaders. It achieved revenue of €30m in 2016, mostly in Southern Asia.
"We are pleased to enter into this agreement with Manitou,” said John Garrison, Terex president and chief executive officer. “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. 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."
Manitou Group sees the acquisition as reinforcing its ambitions for the handling market in India and, on a broader level, in Asia and emerging countries. The group said that it will be able to rely on a company already well-established in India and supported by a structured dealership network and a solid service organisation.
Michel Denis, president and CEO of Manitou Group, said: “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 organisation, and will be a strong industrial base for Manitou Group to develop new product ranges for Asia and emerging countries.”