announced that it has signed an Agreement and Plan of Merger with Genie Holdings Inc., a leading global manufacturer of aerial work platforms.
"The acquisition of Genie is an excellent opportunity for us," commented Ronald M. DeFeo, Terex chairman and CEO. "Genie is a strong global brand with significant market share. The management team at Genie has done an excellent job building the business and are a welcome addition to the Terex family. 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."
"I am excited about being part of the Terex management team," commented Wilkerson. "This transaction provides Genie the opportunity to grow and compete in a global marketplace. I believe the financial strength and the access to the capital markets, the global reach, and manufacturing capabilities, especially in Europe, of Terex provides Genie a broader and stronger platform to be more competitive and position the company for growth into the future."
Terex, based in Westport, CT, is a diversified global manufacturer of a broad range of equipment for the construction, infrastructure, quarrying, recycling, surface mining, 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.