Manitou Buys Terex Equipment Private Limited in India | Construction News

The Manitou group, a world leader in all-terrain material handling, has signed and agreement to acquire Terex Equipment Private Limited (TEPL) based in Greater Noïda, India, from Terex Corporation. The purchase will be finalized over the first half of this year.

Founded in 2003, TEPL specializes in design, manufacture, and distribution of construction equipment, mostly backhoe loaders and skid-steer loaders. It has revenue of 30 million euros in 2016, mostly in Southern Asia.

The purchase helps Manitou Group reinforce its ambitions for the handling market in India and, on a broader level, in Asia and emerging economies.

The group will be able to rely on a company that is already well-established in India and supported by a structured dealership network and a solid service organization. This acquisition will thus enable the Manitou group to respond to local markets.

Michel Denis, president & CEO of Manitou Group, said: ”This acquisition perfectly fits our strategy to reinforce our presence on emerging markets. TEPL has a solid dealer network which we will continue to further develop. TEPL produces high-quality products with a very efficient spare parts and service organization, and will be a strong industrial base for Manitou Group to develop new product ranges for Asia and emerging countries.”