Terex Corp., Westport, Conn., announced May 16 that it will buy the $365-million-a-year Demag mobile crane business of Germany's Siemens A.G., Munich.

As part of the $145-million deal, Terex will acquire the two production plants of Demag Mobile Cranes GmbH & Co. KG, at its headquarters in Zweibrücken, and its Pec, Hungary plant. Siemens acquired Demag and other crane companies when it bought Mannesmann Dematic A.G. in April 2001, targeting its automation and electronic assembly systems. Siemans says it never integrated the cranes into its business.