Terex agrees to purchase Fantuzzi-Noell

Despite Fantuzzi disputing the termination and initiating arbitration proceedings against Terex in Italy, both parties together with the lenders to the Fantuzzi and Noell businesses continued with discussions to resolve the matter.

Yesterday (April 1, 2009) it was announced that Terex and Fantuzzi had now agreed a term sheet for the acquisition by Terex of the port equipment businesses of Fantuzzi-Noell for approximately €175m (US$231m).

Term sheets have also been agreed with Fantuzzi bank creditors for long-term financing which will provide almost all the funds needed to complete the deals. The non binding term sheets set the guidelines to complete the transaction and the parties are working to close the deal within the next few weeks.