Terex to take on Fantuzzi, Noell port equipment businesses

Terex said it had agreed to acquire the port equipment businesses of Fantuzzi and Noell for about 175 million euros ($A329.6 million), well down on the initial agreed price of €215 million.Terex initially announced the acquisition of the Fantuzzi and Noell businesses in August 2008, and in December 2008 the company announced it was terminating the acquisition due to a material adverse change in the Fantuzzi business. After the termination, Fantuzzi disputed the termination and initiated arbitration proceedings against Terex. However, the parties and lenders to the Fantuzzi and Noell businesses continued discussions to resolve the matter. “We will begin to work with Fantuzzi’s team members, suppliers, distributors, customers and other stakeholders to aggressively restructure and position these businesses for the eventual recovery in their markets,” Terex Cranes president Rick Nichols said.The Fantuzzi and Noell businesses specialise in the design, manufacture and service of port equipment. Terex said term sheets had also been agreed on with the Fantuzzi Group’s financial creditors for long-term financing on favourable terms to provide sufficient funds to complete the transaction. Terex said the transaction would be complete in the next few weeks.

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