Financial arrangements were eventually agreed with existing creditors of Fantuzzi to provide Terex with long-term financing for substantially all of the acquisition price according to Business Wire.
“We are pleased that Fantuzzi and Noell and their team members are now part of the Terex Cranes family, said Rock Nichols, President, Terex Cranes. “Fantuzzi and Noell are unquestionably leaders in the design, manufacture and service of port equipment and although the global economy is slow today, the longer term prospects for intermodal transportation remain very attractive and substantial in scope.”
“This acquisition also helps diversify our Cranes business and expands the product offered by Terex Cranes to the port industry beyond our current stacker product line,” he said.
The existing Terex reach stacker product line will be joined by the Fantuzzi product range that includes Noell branded straddle carriers, as well as Fantuzzi and Noell branded rail and rubber tyres gantry cranes, mobile harbour cranes, ship-to-shore cranes, reach stackers and fork lift trucks.