Terex factory sold in 160 million dollar deal

Terex has sold off it's trucking manufacture
Terex has sold off it's trucking manufacture

The future of the Terex Equipment Ltd factory in Newhouse looks to have been secured after it was bought over by Volvo Construction Equipment.

On Monday, Texas-based Terex Corporation announced the sales of its truck business, including the Newhouse factory, to Volvo is a deal worth $160 million.

Terex chairman and chief executive officer Ron DeFeo said: “The truck business has been an important part of our company for more than three decades and continues to produce world class products with dedicated and talented employees.

“However, trucks no longer fit within our changing portfolio of lifting and material handling businesses and the sale reflects our strategy to manage our portfolio of businesses and focus on those businesses that provide the greatest returns for our shareholders.”

Volvo CE’s president Pat Olney added: “We believe that the Motherwell facility and its global team members, as well as the current distribution partners, are valuable to the success of the business in the future.”

Terex has been operating under a cloud for some time, but Uddingston and Bellshill MSP Michael McMahon, himself a former Terex worker, hopes this will make for a brighter future

He said: “Having spoken to members of the work force this seems like good news and allows Volvo to take advantage of the strength of the Terex brand.”