Pinguely-Haulotte, the French manufacturer or aerial work platforms, has backed out of buying the European access platform businesses of Terex.

The two companies signed a letter of intent back in November 2000. Under the deal agreed then, Pinguely Haulotte would pay $13.5m for the businesses, which include factories in the Netherlands and Ireland, and Terex would retain $21m of European receivables.

Terex Corp chairman and chief executive officer Ron DeFeo said at that time: “Our European AWP business has not achieved the critical mass in product offering or distribution to become a meaningful, growing presence in the European market.” Since then, Pinguely-Haulotte chairman Pierre Saubot has developed an equally gloomy impression of the business, says that it had gradually become “less interesting”, mainly due to changes “in the North American market and Terex’s position on this market”.