Terex Corporation has sold its boom truck, truck crane and crossover product lines to Load King, a subsidiary of Custom Truck One Source. The transaction includes the assets and parts business associated with these product lines.
John L. Garrison, chairman and CEO, Terex, said: “We continue to implement our ‘Focus, Simplify and Execute to Win’ strategy. After completion of this transaction with Load King and the sale of Demag Mobile Cranes to Tadano, Terex will remain in the rough terrain and tower crane businesses. By focusing on businesses where we have a strong market position, we can efficiently concentrate our improvement efforts to maximize value for our customers, team members and shareholders.”
“We will fulfill global demand for rough terrain cranes from our Crespellano, Italy facility, including the popular RT 100US and for tower cranes from our Fontanafredda, Italy facility. Customers can be assured that we will continue to sell parts and provide support to rough terrain, tower crane, and other legacy crane products. We are investing in parts inventory and improving our operations to better serve these important customers,” he added.
Load King has been producing first-class trailers and other heavy equipment since 1956, and the company’s manufacturing portfolio encompasses water tank, dump body, roofing conveyor, mechanics body and trailer lines. Terex will work closely with Load King to ensure a smooth transition and will continue to sell parts and offer support to boom truck, truck crane and crossover customers during an anticipated one-year transition period.
Fred Ross, CEO, Custom Truck One Source, said: “This is an important acquisition that expands our broad specialized truck and heavy equipment solutions offering. This also marks the latest chapter in a resurgence at Load King, which, since becoming a wholly-owned subsidiary of Custom Truck One Source in December of 2015, has maintained a leading position in the industry.”
