The Manitou group has strengthened its position in the emerging markets of Southern Asia with the acquisition of Indian construction equipment company Terex Equipment Private Ltd (TEPL). The deal for the company, which is based in Greater Noida, Uttar Pradesh, will be finalized later this year.
Founded in 2003, TEPL specializes in the design, manufacture and distribution of construction equipment, mostly backhoe loaders and skid steer loaders, and achieved US$32m in revenue in 2016, mostly in Southern Asia.
The acquisition will allow Manitou to rely on a company already well-established in India and supported by a structured dealerships network and a solid service organization.
Michel Denis, president & CEO of Manitou Group, said, “This acquisition perfectly fits our strategy to reinforce our presence on emerging markets. TEPL has a solid dealer network which we will continue to develop further.
TEPL produces high-quality products with a very efficient spare parts and service organization, and will be a strong industrial base for Manitou Group to develop new product ranges for Asia and emerging countries.”
March 31, 2017