Terex Corporation has signed an Agreement and Plan of Merger with Genie Holdings Inc., a leading manufacturer of aerial work platforms.
Terex, based in Westport, CT, is a diversified global manufacturer of a broad range of equipment for the construction, quarrying, recycling, shipping, transportation, refining, utility, and maintenance industries. Its products are manufactured in over 50 facilities in North America, Europe, Asia, and Australia, and are marketed in more than 100 countries. Genie, based in Redmond, WA, has 10 manufacturing facilities and five international distribution centers, and employs approximately 1,800 people.
“The acquisition of Genie is an excellent opportunity for us,” commented Ronald M. DeFeo, Terex chairman and CEO. “Genie is a strong brand with significant market share. Bob Wilkerson will continue with the company as president of Genie, helping us to grow the aerial work platform business and deliver value to our shareholders.” Wilkerson commented, “I am excited about being part of the Terex management team. This transaction provides Genie the opportunity to grow and compete in a global marketplace.”