Terex Corp. last week closed its $75 million acquisition of Redmond, Wash.-based aerial work platform manufacturer Genie Industries. The purchase price is made up of $10.1 million in cash and $64.9 million in stock, equal to about 3.2 million shares, Terex officials said. Terex, through a $210 million incremental term loan, will refinance $175 million of Genie’s debt.
Terex named Genie president Bob Wilkerson president of Terex Aerial Work Platforms.
Terex, which has more than $1.8 billion in annual revenue, said that it expects Genie to add about $575 million to annual pro forma revenue and about 20 cents to 30 cents to annual earnings per share. A Thomson First Call survey of six analysts projected earnings of $2.33 per share for 2003.
