Terex Corp. entered the tower crane market with the recent acquisitions of European equipment manufacturers Peiner HTS, Trier, Germany, and Gru Comedil SpA, Pordenone, Italy. Terms of the acquisitions were not disclosed.
The companies - which will form Terex Towers and operate as a division of Terex Lifting - are expected to have combined revenue of about $45 million in 1998, according to Westport, Conn.-based Terex.
"The combination of Comedil and Peiner creates significant distribution benefits and product rationalization opportunities," said Fil Filipov, CEO of Terex's lifting segment. "These acquisitions also give us the opportunity to aggressively introduce tower cranes to North and South America."
Kent Johnson was named Terex Towers' director of sales and marketing.
Terex also announced it has completed its acquisition of Italian material-handler manufacturer Italmacchine SpA.
