Terex Offloads Tower, RT Crane Businesses

Terex will sell its tower and rough terrain cranes business to Raimondi Cranes, based in Milan, Italy.

The acquisition broadens 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, according to a Raimondi press release. The move also fuels its “growth strategy and unlocks access to an extensive global distribution network.”

Read today’s top news.

“This transformative move, recognized as the most impactful deal in the industry over the past 20 years, marks the most significant acquisition in Raimondi’s history, representing a milestone into our journey to become a full-fledged global lifting conglomerate,” said Luigi Maggioni, CEO, in a statement. “As market leaders in their segments, Terex Tower Cranes, Terex Self-Erecting Cranes, and Terex Rough Terrain Cranes along with their US-based service hub, will enable Raimondi to take its first major step toward diversification. By integrating Terex’s range of tower and rough terrain cranes, we are creating synergies that enhance our ability to deliver a broader range of lifting solutions, paving the way for sustainable, accelerated growth.”

Terex will aid in “servicing and supporting our customers seamlessly” during the transition, said Simon Meester, Terex president/CEO, in a statement. “Terex is working closely with Raimondi to support the [crane] team and manage the change with transparency and respect for everyone involved.” About 250 employees are affected.

Included in the transaction are the Terex Tower Cranes and Terex Self-Erecting Cranes facilities in Fontanafredda, Italy; Terex Rough Terrain Cranes facility in Crespellano, Italy; and the Terex North America Cranes service and support operation in Wilmington, North Carolina.