Terex Lifting will have sales of $1bn next year, states company president Fil Filipov confidently.

“We are already the biggest and the most diversified lifting company in the world,” he told Cranes Today.

Filipov was speaking just days after the announcement of the creation of Terex Lifting’s newest division, Terex Towers, formed from the acquisitions of Peiner and Gru Comedil.

Terex Lifting had sales of $548m in 1997. Together with sister company Terex Earthmoving, group sales for Terex Corporation were $842m in 1997.

For the first nine months of 1998 Terex Lifting generated $561m of Terex Corporation’s total $913m.

By comparison, Tadano of Japan is forecasted to have sales of ¥77bn ($630m*) in the current financial year, down from ¥98bn ($800m) a year ago. Kato had sales of ¥65bn ($536m) last year.

Peiner and Gru Comedil are the latest in a line of Terex acquisitions which began in 1987 with the $94m acquisition of Koehring. In 1991 Terex moved into the aerial access market with the purchase of Mark Industries for $5.8m. That same year saw the $91m acquisition of forklift truck manufacturer (and inventor, back in 1928) Clark Material Handling.

Recession came and debts spiralled; a new management team headed by Ron DeFeo was installed in 1993. The next major crane acquisition was in May 1995: the PPM/Lorrain/Bendini family. In 1996 Clark was sold for $139m.

In 1997 came the acquisition of Simon Access for $90m. On the back of a strong American economy Terex was able to ease its heavy debt burden and 1998 proved a bumper year for Terex Lifting acquisitions. First up was Holland Lift, contributing $20m or more in revenues. Then on 31 July the acquisition of American Crane was sealed for $18m. American is expected to add $40m in sales for 1998 and grow to as much as $200m by 2000.

In November Terex closed on the acquisition of Italian telescopic handler manufacturer Italmacchine, a $23m turnover company which Filipov is looking to grow threefold, and increase output from 400 units a year to 2,000.

Asked what was next on his shopping list, Filipov said that he may seek to re-enter the forklift market, as it is the only sector of the lifting market not covered by the Terex range, and may also look to acquire another aerial access equipment manufacturer.

(* at Nov 98 exchange rate of ¥122 to the dollar)