American Firm Grabs Stakes In Chinese Manufacturing Companies
U.S.-based Terex Corporation has entered into an agreement to acquire 65% control of the privately-held Shandong Topower Heavy Machinery Company located in Jinan.
Terex also announced that it has entered into an agreement with Fujian South Highway Machinery Company to establish a mobile materials processing equipment manufacturing joint venture in Quanzhou.
Founded in 2007, Topower Cranes has quickly established a reputation for producing high quality crawler cranes that are now mostly serving the energy industry, but have wider potential applications in Chinese and other Asian markets.
"The acquisition of Topower will strengthen Terex’s position in the crawler crane market in China," said Rick Nichols, President, Terex Cranes. "As a worldwide leader in cranes, we are confident that we can build on the expertise established by Topower, while bringing in the considerable experience that we have gained both in the Chinese market and through our extensive worldwide operations."
The Materials Processing joint venture, of which Terex will be 60% owner, will manufacture jaw crushers, cone crushers, impact crushers and screens for aggregates, mining and material recycling applications.
Terex expects to complete the Topower acquisition and the joint venture with NFLG later this year. Financial details for the deals have not yet been revealed.