Terex to sell aerial platform business

Terex Corporation signed a letter of intent in November to sell its European aerial work platform (AWP) businesses to French manufacturer Pinguely Haulotte for $13.5m. Under the deal Terex retains $21m of European receivables.

The sale also includes a reciprocal distribution agreement in both Europe and North America. The units to be divested include factories in the Netherlands and Ireland. Terex is retaining its US operations.

“Our European AWP business has not achieved the critical mass in product offering or distribution to become a meaningful, growing presence in the European market,” said Terex Corp chairman and chief executive officer Ron DeFeo.

“This transaction would put those businesses in stronger strategic hands in Europe and would allow us to redeploy capital into areas with the potential to generate better returns for Terex shareholders.”