Terex sells Tower Cranes, Rough Terrain Cranes

Terex Corp., a Norwalk, Connecticut-based industrial equipment manufacturer, has announced its sale of Terex Tower and Rough Terrain Cranes to Raimondi Cranes, a global manufacturer of cranes based in Milan, Italy. 

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. 

“As market leaders in their segments, Terex Tower Cranes, Terex Self-Erecting Cranes and Terex Rough Terrain Cranes along with their U.S.-based service hub, will enable Raimondi to take its first major step toward diversification,” Raimondi Group CEO Luigi Maggioni says. “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.” 

According to Raimondi, the acquisition will lead to about 250 employees joining the Raimondi Group, which is a part of a wider development plan aimed at capturing a larger share of the global heavy lifting sector. 

The sale does not include Terex's Australia-based pick and carry cranes business, Franna. 

“For Terex, this move aligns with our strategic focus on reducing cyclicality and accelerating the company's growth,” Terex Corp. President and CEO Simon Meester says. “At the same time, we believe these Italian cranes businesses will strategically benefit from becoming part of Raimondi, a Milan-based lifting conglomerate that is a leader in the construction and heavy lifting sectors. We thank our cranes team members for their contributions to Terex and the industry, and we wish them great success in the years ahead.”