Terex Corporation has completed the previously announced acquisitions of Atlas Weyhausen and The Schaeff Group.
Atlas Weyhausen produces wheeled excavators and knuckle boom truck-loader cranes and The Schaeff Group produces compact construction equipment, including mini and midi excavators, compact wheel loaders, and a full range of scrap material handlers. Both companies are German.
‘We are delighted to welcome Atlas and Schaeff to the Terex family of businesses,’ said Terex chairman and chief executive officer Ron DeFeo. ‘The acquisitions fit with Terex’s strategy of diversifying both the products and geographic range of our customer offerings. In addition to adding approximately $400m in new revenue, the acquisitions also help address a strategic issue for the company by increasing our presence in Germany, Europe’s largest construction market. Atlas and Schaeff combined will add 60 independent dealers and approximately $250m in annual German revenues. The acquisitions provide opportunities for distribution synergies between Atlas and Schaeff as well as with other Terex products in both Germany and other key markets.’
Terex Executive vice president Fil Filipov will assume responsibility for Schaeff as its president and CEO. His son Steve Filipov will continue in the role of president and CEO of Atlas Weyhausen, a role he took under secondment from Terex last year.
