“China is a big focus for Terex,” he said during a press conference at the Bauma China exhibition. “The crane market is very big: 14,000 truck cranes, the same number of tower cranes, and 300 crawlers. We want to become more present, although perhaps through mergers and acquisitions in India and Russia.”
Later in the press conference, he said: “We have a plan to produce tower cranes in China. In the short term we are working with a few options. The market in China is large, but it is not our expertise. Either we will grow through manufacturing locally, an acquisition, or by making them in our own facility. I am not sure yet which we will choose.”
When asked if the company is considering a major acquisition in China, he said, “I can’t tell you.” “There are [acquisition] targets for Terex but there is nothing signed or to announce yet.”
He went on to deny rumours at the show that Terex is divesting its tower crane business. Comedil’s turnover he said had grown more than five times since it was acquired in 1999, a growth that he says makes the company number three worldwide. “But still we have a lot of opportunity to grow in that market,” he said.
In May, Terex announced it had acquired the Chinese mobile crane manufacturer Sichuan Changjiang Crane Construction Co. Terex announced its plans to move Peiner tower crane production to the US last month (see ‘Terex invests in towers for the USA,’ CT November, p. 8).
