Terex Corporation has completed its sale of its tower and rough terrain cranes businesses to Raimondi Cranes.
Manufacturing operations and facilities in Fontanafredda and Crespellano, Italy, and the Terex North America Cranes service and support operation in Wilmington, North Carolina are included in the acquisition.
The transaction does not include Terex’s Franna pick and carry cranes business based in Australia.
“For Terex, this move aligns with our strategic focus on reducing cyclicality and accelerating the company’s growth,” said Simon Meester, Terex President and Chief Executive Officer.
“At the same time, we believe these Italian cranes businesses will strategically benefit from becoming part of Raimondi, a Milan-based lifting conglomerate that is a leader in the construction and heavy lifting sectors. We thank our cranes team members for their contributions to Terex and the industry, and we wish them great success in the years ahead.”
The acquisition expands Raimondi’s offerings in terms of luffing jib cranes and tower cranes, while expanding the company’s scope to include new business lines, such as self-erecting and rough terrain cranes.
The acquisition will see around 250 Terex employees join Raimondi Group. The deal is part of a wider development plan aimed at capturing a larger share of the global heavy lifting sector. It combines Raimondi’s Italian engineering legacy with Terex’s applications and established market presence, offering clients a comprehensive and competitive product lineup designed to meet the evolving demands of the construction and heavy lifting sectors.
In a previous news release, Raimondi said it is committed to ensuring a seamless integration process, prioritizing continuity for Terex employees and customers.
