Chinese firm in bid to take over Terex

Zoomlion made an all-cash offer of $30 a share for Terex, according to a statement last Tuesday from the Connecticut-based crane and construction-machinery maker.

That values Terex at about $3.3 billion, data compiled by Bloomberg show.

Terex has entered into a confidentiality agreement with Zoomlion and is in discussions regarding the proposal, according to the statement.

Bloomberg Business reported that : “Terex rebuffed an initial proposal from Zoomlion and is focused on completing the merger with Konecranes, people familiar with the situation said earlier Tuesday, asking not to be identified as the situation is private.

“While Zoomlion hasn’t abandoned its interest in Terex, it’s unclear if the Chinese company will improve its offer, the people said.”

Following the news, American stocks and shares showed that shares in Terex surged 37 percent to close at $20.50 in New York on Tuesday.

Terex took over JNF in June last year,

JMF was employing around 172 people in Ballymoney at the time and hasdbeen in business for 25 years since it was founded by the Murray family.

The business specialises in metal fabrication, powder coating and the manufacture of road haulage trailers. The jobs were retained by the company’s new owners and the site was renamed ‘Terex Ballymoney’.

Terex, which employs nearly 16,000 people worldwide, said it had bought the smaller company in anticipation of expansion in its Terex Washing Systems (TWS) and Terex Environmental Equipment divisions.

A spokesman for the company said: “TWS is focused on mineral washing processesand the environmental business is focused on solid waste recycling equipment, as well as biomass processing machinery which we will launch in the coming months from our Dungannon facility.”

The memo circulated among Terex staff said that JMF had been a supplier of fabrication for many years, and had extensive experience with Terex products and its customers.

The memo said: “Our acquisition of this business gives us an opportunity to continue to support existing customers, as well as to support our tracked mobile crushing and screening businesses.”