Two months after agreeing to sell its German crane manufacturing business, Demag, to Tadano, Terex has now sold its US crane business to trailer maker Load King.
Load King, a subsidiary of Custom Truck One Source, is buying Terex’s truck crane and boom truck businesses. ('Boom truck' is US crane industry jargon for a type of flatbed truck with a rear-mounted still-boom telescoping crane for the sort of applications that in European a folding loader crane – Hiab, Palfinger, Fassi etc – would be used.)
Terex used to be a company that bought companies; now it sells them. Demag mobile cranes, Demag overhead travelling cranes, Fermec, Benford, Schaeff, Atlas, Noell, Fantuzzi are among the acquired brands that have been sold off in the past three years.
Now it is the turn of legacy brands P&H, Lorain, Stinger and RO to be sold, which were foundation stones of the original Terex Cranes business in the 1990s.
What used to be a major global producer of construction machinery is now reduced to a handful of disparate brands: Genie aerial work platforms and telehandlers, Comedil tower cranes, Bendini rough terrain cranes, Franna pick & carry cranes, and Finlay and Powerscreen crushing and screening machinery.
Chairman and chief executive officer John Garrison suggested that the latest disposal might not be the last. “This transaction completes one of the portfolio actions we announced in February,” he said. “We continue to implement our Focus, Simplify and Execute to Win strategy. By focusing on businesses where we have a strong market position, we can efficiently concentrate our improvement efforts to maximize value for our customers, team members and shareholders.”
Custom Truck One Source chief executive Fred Ross said: “I am delighted to announce this acquisition and its launch of boom truck, crossover and truck crane product lines under Load King’s brand. This is an important acquisition that expands our broad specialised truck and heavy equipment solutions offering.”