US-based Terex Corp has got the go-ahead from EU competition authorities to buy Fantuzzi Group, the Italy-based container handling equipment engineering group with production facilities in Italy, Germany and China
As previously reported, the deal is worth about E215M (US$271.4M). When the purchase was announced in August Terex said that Fantuzzi will be accretive to earnings by the end of 2009, but it added that it needed to restore profitability to "some of the Italian business units."
The European Commission said in a statement that the transaction would not impede competition in the EU market. Horizontal overlap between the parties’ activities is limited and that they would continue to face several strong, effective competitors with significant market shares.
As is well-known the overlap is confined to just one product family – reach stackers (PPM Terex in France and Fantuzzi). The mobile harbour crane sector is of interest, too, however, as Terex can now offer anything from the smallest hydraulic crane from Fuchs-Terex all the way up to Fantuzzi Reggiane’s MHC 6000 series rope cranes.
Fuchs is part of Terex’s construction equipment division, but is also active in the ports market – an MHL 380 D, for example, has just been supplied to Ovet in Terneuzen.
