Terex Corp. announced on August 17 that it has entered into an agreement to acquire 65% control of the privately held Shandong Topower Heavy Machinery Co. located in Jinan, China, a company which currently manufactures lattice boom crawler cranes in the 70 to 360 ton class.
Terex also announced that it has entered into an agreement with Fujian South Highway Machinery Company to establish a mobile materials processing equipment manufacturing joint venture in Quanzhou, China.
"These actions further escalate the growth opportunity for Terex in China, which has been steadily expanding with the addition of our Terex Port Equipment facility in Xiamen, and our new Aerial Work Platforms factory, nearing completion in Changzhou," said Ron DeFeo, Terex CEO.
Founded in 2007, Topower Cranes produces high quality crawler cranes that are now mostly serving the energy industry, but have wider potential applications in Chinese and other Asian markets. "The acquisition of Topower will strengthen Terex's position in the crawler crane market in China, said Rick Nichols, President, Terex Cranes.
The Materials Processing joint venture, of which Terex will be 60% owner, will manufacture jaw crushers, cone crushers, impact crushers and screens for aggregates, mining and material recycling applications.
Terex expects to complete the Topower acquisition and the joint venture with NFLG later this year.