Terex To Make Tracks In Proposed Merger With ASV - ENR | McGraw-Hill Construction

Description:
Terex Corp. is paying $488 million to pick up Grand Rapids, Minn.-based A.S.V. Inc., a large supplier of rubber-tracked undercarriages and construction machines. The Westport, Conn.-based buyer says the deal will add between $220 million and $250 million in revenue this year and has “tremendous opportunity for expanding ASV product sales,” says Terex Chairman and CEO Ronald M. DeFeo. One of ASV’s largest customers, Peoria, Ill.-based Caterpillar Inc., owns a 23.5% share in the track supplier and supports the merger, slated to close by the end of the first quarter of this year.

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