Terex Corporation has sold majority stake in ASV to Manitex International
Lincoln International (“Lincoln”), a leading global mid-market investment bank, announced that Terex Corporation (NYSE:TEX; “Terex”) has sold 51% of its wholly owned subsidiary, Terex A.S.V., Inc. (“ASV” or the “Company”), to Manitex International, Inc. (NasdaqCM:MNTX; “Manitex”), resulting in a joint venture where Terex retains a 49% stake in ASV. Lincoln acted as the exclusive financial advisor to Terex Corporation.
ASV is a technology-leading manufacturer of crawler track and skid steer loaders. ASV’s crawler track loaders feature an innovative and proprietary, patent-protected undercarriage design with a rubber track. The Company primarily serves the light construction, industrial, agriculture and landscaping end markets. Included in the transaction is ASV’s Grand Rapids, Minnesota manufacturing facility and certain assets held at Terex’s Southaven, Mississippi distribution center. The transaction provides Manitex a significant opportunity to increase its presence in the broader housing and construction markets and further add to its product portfolio.
Terex is a lifting and material-handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. For more information, visit www.terex.com.
Lincoln worked closely with Terex’s and ASV’s senior management teams throughout the sale process, including providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction.
About Manitex International, Inc.
Manitex International, Inc. provides engineered lifting solutions, including cranes, rough terrain forklifts, reach stackers and container handling equipment and special mission oriented vehicles, including parts and service support. Manitex has accumulated nearly a dozen brands since going public in 2006 and operates internationally through eight subsidiaries with design and manufacturing facilities in the U.S., Canada and Italy.
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