SEATTLE (Recycling Monster): Terex Corporation announced that it has signed a definitive agreement to acquire Environmental Solutions Group from Dover Corporation in a $2.0 billion all-cash deal. The transaction covers shifting of ownership of refuse collection equipment brands such as Heil, Soft-Pak, 3rd Eye and Curotto-Can.
The press release by Terex stated that the acquisition will significantly strengthen its portfolio, in addition to creating a path for accelerated sustainable growth. Terex expects to achieve $25 million of identified synergies by the end of 2026. The deal would result in increasing Terex’s exposure to the North American market to 65% and expanding its global market opportunity to $40 billion.
The transaction is expected to close by H2 2024, subject to receipt of necessary regulatory approvals and customary closing conditions.
Terex will combine its existing Utilities business with Environmental Solutions Group and create a new Environmental Solutions segment.
Simon Meester, President and CEO, Terex noted that the acquisition marks an incredibly exciting milestone in its multi-year transformation. It aligns with the company’s goal of strengthening its portfolio and leveraging its operating system to drive sustainable, accelerated long-term growth, he added.
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