Terex Corporation announced plans for Terex Utilities to join Genie in its Terex AWP business segment, effective immediately.
The company also shared its decision to sell Demag Mobile Cranes to Tadano Ltd., making the announcement as part of its financial results for 2018 with reported net sales of $5.1 billion, an increase of 18% versus net sales of $4.4 billion for the full year 2017.
The sale of Demag will mark an exit to manufacturing its mobile crane product lines at its Oklahoma City facility. The sale, which is subject to government regulatory approvals and other customary closing conditions, is expected to close in mid-2019. Terex will continue to manufacture and support several specialized crane products.
As part of the changes, the Oklahoma City facility will also join Terex AWP and shift its focus exclusively to telehandlers, aerial lift remanufacturing, and various products for Materials Processing.
The Terex AWP business segment increased net sales by 19% to $536 million in Q4 2018 and $2.6 billion for the full year 2018, an increase of 24% versus 2017. Results were driven by strong growth in North America and the Asia-Pacific region. Terex AWP entered 2019 with a healthy backlog of $868 million, up 14 % versus prior year, or $1.1 billion, up 21% including Terex Utilities.
“Global markets for aerial work platforms are stable at healthy levels and our dedicated, passionate Terex AWP team will continue to meet the growing demand of our customers around the world,” said Matt Fearon, Genie president for Terex AWP.
Fearon said that in 2019, Genie is focused on using the ANSI standard change as an opportunity to innovate and add customer value with the XC family of booms that increases platform capacity to allow contractors to safely lift more workers, tools, and equipment.
“These innovations are part of our long-term product development strategy that will drive growth,” Fearon said. “Our Utilities team will remain focused on delivering best-in-class customer experiences by implementing our manufacturing strategy and executing new product and service development plans.”
For more information, visit www.genielift.com.
Lift & Access is part of the Catalyst Communications Network publication family.
