Terex has signed a plan of merger with aerial-work-platform manufacturer Genie Holdings. The purchase consideration will be $75 million, consisting of $65 million in Terex common stock and $10 million in cash. Genie is a global manufacturer, with 2001 revenues of $575 million. With the number of aerial-work-platform nameplates decreased, Terex expects a return on invested capital in excess of 20 percent.
- Sweepster and FFC Attachments have completed an agreement to merge the two privately held companies. Sweepster's CEO and general manager Michael Spear will assume the position of president of the combined company. FFC's vice president and general manager Charles Foster will serve as vice president/general manager of the new company.
- John Deere has updated its BestBid.com website—an online tool to help governmental buyers create requests for construction-equipment proposals. Changes include two new sections—Newsroom and Spotlight—that highlight new website features as well as expanded spec information that allows the user to compare Deere machines to almost any competitive machine on the market.
- Cummins marked the production of its 5,000th QST30 engine produced in Seymour, Ind., with a big celebration. The event celebrated the success of a joint venture with Komatsu that spans the globe for design, production, distribution and service.
- Multiquip named Tom Yasuda CEO of the company. He succeeds company founder Irv Levine who continues as chairman. Yasuda served most recently as Multiquip's executive vice president.
- Knaack has formed a partnership with Prime Design for the exclusive rights to its modular aluminum ladder rack system, which will be added to the Weather Guard truck and van equipment product line.