Terex Corp. has offered about $1.3 billion in cash to the shareholders of Dusseldorf, Germany-based Demag Cranes AG and will assume its debt, pension and other obligations for a takeover worth roughly $1.5 billion.The Westport, Conn.-based equipment maker seeks to acquire Demag's line of overhead and shipyard cranes to gain more exposure into the industrial sector and minimize its construction presence. Terex says the deal would smooth out cycles associated with its construction machinery line. The deal would also generate cash quickly. “We are at the beginning of an economic cycle, and certainly nowhere near the end as we see it,” Terex Chairman and CEO Ron DeFeo said on May 2.
Terex Aims To Buy German Firm To Gain Bigger Industrial Stake
May 4, 2011