Terex Corporation acquires Fermec from CNH8 January 2001
(Not a crane story, but still quite interesting!)
Terex Corporation has acquired Fermec Holdings, a UK manufacturer of backhoe loaders. The disposal of Fermec was a condition placed by the European Commission on merger of Case and New Holland merger.
“This acquisition is an excellent fit with Terex’s strategy of diversifying both the products and geographic range of our customer offerings,” said Ronald M. DeFeo, Terex’s chairman and chief executive officer. “With approximately $80m in revenues, this acquisition gives us the opportunity to implement our low cost operating model in a new product line. The Fermec loader backhoe product line has a long history and reputation for quality. Furthermore, the Fermec product line is sold to many of the same rental and construction customers as other Terex equipment in Europe.” Terex Earthmoving president Ernie Verebelyi added: “Similar to other small to medium-sized construction lines, loader backhoes are increasingly being sold both through traditional channels of distribution as well as through rental fleets. This evolution in distribution channels requires a simpler and lower cost product design. The Fermec brand provides an excellent platform from which to develop a cost-effective line under Terex ownership that represents a compelling value to these customers.” Terex Construction managing director Colin Robertson said: “The acquisition of Fermec provides Terex with the opportunity to expand our presence not only in Europe, but also in North America. We expect to generate significant cost reductions as we implement our 100-day plan and integrate Fermec within the Terex group of companies.”