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May 2010 Business News
Terex has entered into an agreement to divest the Terex Atlas heavy construction equipment business, which is located in Ganderkesee, Germany, and knuckle-boom crane and related components businesses, which have operations in Vechta and Delmenhorst, Germany. Also included as part of this transaction are the sales and service business located in Bradford, United Kingdom, and the Terex minority ownership position in the Atlas Chinese joint venture. Terms of the transaction with a private investor are not being disclosed, although the business is being divested with an agreed-upon amount of capital to be transferred with the business. The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2010.
Product lines being divested in the transaction include crawler, wheel and rail excavators, knuckle-boom truck loader cranes and Terex Atlas branded material handlers. The transaction also includes the Terex Atlas UK distribution business for truck loader cranes in the United Kingdom. The Atlas business is reported in the Terex Construction segment, with the exception of the knuckle-boom truck loader cranes, which is reported in the Terex Cranes segment.
Terex compact equipment made in Germany, namely mini- and midi-excavators and compact wheel loaders, as well as the Terex Fuchs material handler line, will remain with Terex as part of the construction business segment. Also not part of the transaction are Terex rigid and articulated trucks, backhoe-loaders and other products manufactured in the United Kingdom. 203.222.7170, www.terex.com
Daniel Miller succeeded Malcolm “Mac” Moore as president of Gehl Co., effective April 1. Miller was appointed vice president, manufacturing operations in December 2005 and previously was director of manufacturing operations upon joining Gehl in October 2001.
Moore was named executive vice president and chief operating officer in August 1999 and then president and chief operating officer in April 2003.