Filipov led the development of Terex as a global business in the late 1990s and early years of the millennium. He piloted the acquisition of Atlas in 2001, and is now taking the loader manufacturer back into private ownership. His son Steve is still a Terex director, and his long-time associate (and colleague since working together at JI Case in the 1980s) Ron DeFeo now heads Terex.

Terex, and Filipov’s new company Atlas Maschinen GmbH, announced the completion of the acquisition (and confirmed rumours of Filipov’s involvement) this morning. Neither company’s announcement describes the financial details of the deal.

The deal includes Terex’s knuckleboom truck loader cranes; crawler, wheeled and rail excavators; and Terex Atlas-branded material handlers operations. The transfer of the Terex Atlas UK sales and service business is expected to occur in the coming weeks.

Compact equipment manufactured in Germany and the Terex Fuchs material handler line will remain with Terex, as well as rigid and articulated trucks, backhoe-loaders and other equipment manufactured in the UK and as part of the Terex Roadbuilding segment.

“With the completion of the transaction, Terex will now focus on growing and developing our remaining construction businesses,” said chairman and CEO Ron DeFeo.

“Atlas Cranes & Excavators have strong industry recognition, a wide distribution network and quality manufacturing capabilities,” said Filipov. “The Atlas brand name and Atlas colours will be used, and no changes will be made to the current distribution network. Our main objective is to focus on quality, customer service, cost improvements, lead-time reductions and to expand our product offerings.

“As a strategic initiative, Atlas will be offering complete products, including special adaptations and attachments.

“We will be looking for additional work from outside customers to better utilise the capacity of our cylinder and fab factory in Vechta, Germany.”