Terex Corporation has announced that it has completed the acquisition of the port equipment businesses of Fantuzzi Industries and Noell Crane for net consideration of approximately €155M
"Financial arrangements were made with existing financial creditors of Fantuzzi to provide Terex with long-term financing on favorable terms for substantially all of the acquisition price," says the Terex statement.
The price is substantially lower than the €215M agreed last August, which itself had been already negotioated downwards to around €170M. The deal was made possible when one of the creditor banks that had been refusing to go along with Terex's demands decided to write off part of its debt and walk away from the whole business. In the end Terex had Fantuzzi group and the creditors over a barrel.
“We are quite pleased that Fantuzzi and Noell and their team members are now part of the Terex Cranes family,” said Rick Nichols, President, Terex Cranes. “Fantuzzi and Noell are unquestionably leaders in the design, manufacture and service of port equipment, and although the global economy is slow today, the longer term prospects for intermodal transportation remain very attractive and substantial in scope.
"This acquisition also helps diversify our Cranes business, and expands the product offering of Terex Cranes to the port industry beyond our current stacker product line.”
The existing Terex reach stacker product line will be joined by the Fantuzzi product range that includes Noell-branded straddle carriers, both Fantuzzi and Noell branded RMGs, RTGs, mobile harbour cranes, ship-to-shore cranes and reach stackers and heavy FLTs.
