Terex Corp., Westport, Conn., will acquire Cedarapids Inc., a manufacturer of mobile crushing and screening equipment, asphalt pavers, and asphalt material mixing plants, from Raytheon for $170 million in cash.

"Cedarapids is one of only two U.S. competitors offering a comprehensive package to turn rock into road," said Ronald DeFoe, Terex's chairman and chief executive officer. "This acquisition will allow us to broaden our product offerings."

On the heels of Terex's recent Powerscreen (Powerscreen International PLC is the parent company of compaction manufacturer Benford America) purchase announcement, the acquisition of Cedarapids provides Terex with leading positions in the crushing and screening equipment markets

"This transaction is expected to be accretive to Terex's earnings, given the current performance and implemented cost-reduction opportunities at Cedarapids as a stand-alone entity," DeFoe said. "With approximately $200 million in Cedarapids revenues, we expect substantial cost reductions as we integrate Cedarapids and Powerscreen with Terex."

Meanwhile, Terex Lifting has signed a private-label agreement to supply Hyster-branded Reachstacker container handlers for Hyster Co., a division of NACCO Materials Handling Group, Greenville, N.C.

New Hol The judge also rejected the bankruptcy plan submitted by Smith, who was found personally liable for the $6 million in unpaid debt.