WESTPORT, Conn.—Diversified equipment manufacturer Terex Corp. has agreed to sell its truck business to Volvo Construction Equipment for US$160 million.
The truck business manufactures and sells off-highway rigid and articulated haul trucks.
Included in the transaction is the manufacturing facility in Motherwell, Scotland. The sale is targeted to close in the first half of 2014.
“Trucks no longer fit within our changing portfolio of lifting and material handling businesses. I am confident that the truck business will benefit by joining a company sharing similar competencies and offering complementary products and services. We are pleased to have entered into this agreement with Volvo, which represents a strong strategic buyer for the business who values our distribution network and team members,” said Ron DeFeo, Terex chairman and CEO.
Terex Corp. is a diversified global manufacturer that makes a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, manufacturing, mining, shipping, transportation, refining, energy and utility industries.