Westport’s Terex Corp., which makes construction, transport and mining equipment, will buy the port equipment businesses of privately-owned Fantuzzi Industries for about 215 million euros ($323 million) to expand its cranes business, Terex said today.
The port equipment businesses, with factories in Italy, Germany and China, had 2007 sales of 447 euros ($671 million), Terex said. It expects the deal to close in the fourth quarter and to boost its earnings by the end of 2009.
“This acquisition provides us with an important growth opportunity in the intermodal transportation area of infrastructure,” Terex Chief Executive Ronald DeFeo said in a statement.
“The acquisition is an excellent fit with our strategy of expanding our market presence in related product areas and is a natural extension of our Cranes business.”
