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EU Approves Acquisition Plan

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European Commission okays acquisition of crane manufacturer.

August 20, 2002

The European Commission approved plans by Terex Corporation to acquire Demag Mobile Cranes from Siemens for $150 million.

The sale occurred in May.

"The deal does not pose any competition problems in Europe where Terex will face competition from big rivals," the Commission said in a statement.

It added that the deal included the sector for the manufacturing and marketing of mobile telescopic cranes and mobile lattice boom cranes. The cranes are transported to construction work where they are used to assist in building.

Terex makes equipment for the construction, quarrying recycling and surface mining industries.


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