Volvo finalises Terex hauler acquisition
02 June 2014
Volvo Construction Equipment has closed its US$ 160 million acquisition of Terex’s UK-based hauler manufacturing business. The deal was announced in December and will see rigid dump trucks added to Volvo’s portfolio.
The acquisition includes a production facility in Motherwell, UK and a range of articulated haulers – a machine type Volvo already manufacturers – as well as the 32 to 91 tonne capacity rigid trucks. Volvo has said the competitor Terex-designed machines could be suitable for emerging markets.
Also part of the deal is a 25.2% stake in Inner Mongolia North Hauler Joint Stock Co. (NHL), which manufactures and sells rigid haulers under the Terex brand in China.
The business being acquired employs around 500 people, most based in Motherwell. Volvo has stated it expects to maintain production in Motherwell for the foreseeable future.