- Terex (TEX) has agreed to sell its truck business, which sells off-highway rigid and articulated haul trucks, to Volvo Construction Equipment for $160M.
- "Trucks no longer fit within our changing portfolio of lifting and material handling businesses," said Terex CEO Ron DeFeo. The deal reflects the company's strategy to "focus on those businesses that provide the greatest returns for our shareholders."
- Terex plans to use the proceeds from the deal to help finance a stock buyback program and dividend payouts. (PR)
Terex to offload truck unit to Volvo for $160M
Dec 9 2013, 07:11 ET