Terex to offload Genie in Planned Merger
Terex and REV Group have announced they have entered an agreement to merge to form a leading specialty equipment manufacturer. The merger will create a diversified leader in emergency, waste, utilities, environmental, and materials processing equipment with attractive end markets characterized by low cyclicality, resilient demand, and long-term growth profiles.
As part of the agreement, Terex plans to offload its EWP division, putting leading global access platform brand Genie up for sale.
With a substantial U.S. manufacturing footprint, the combined organization will be well-positioned to benefit from domestic demand growth. Combining complementary portfolios will unlock significant value-creating synergies totaling (US)$75 million of value by 2028 with approximately 50% achieved 12 months after closing.
In the same merger announcement, Terex shared plans to initiate a process to exit its EWP segment, including the assessment of a potential sale or spin-off. Following the merge, Terex CEO, Simon Meester, will serve as President & CEO of the combined company. Meester stated, “This transaction represents a transformative step for both companies. By combining our complementary portfolios and leveraging our collective strengths, we are creating a large-scale, diversified industrial leader well-positioned to capitalize on long-term secular growth trends. The transaction will unlock significant value for both Terex and REV Group shareholders and create exciting opportunities for our team members and customers by strengthening our ability to invest in the combined business, innovate, and deliver quality solutions.”
Mark Skonieczny, CEO of REV Group, added, “Joining forces with Terex is a natural evolution of our strategy of building a stronger, more profitable, and scaled company by bringing together two highly respected organizations with shared values and a commitment to innovation, operational excellence, and customer success. We are beginning an exciting new chapter that will generate meaningful value for our shareholders, customers, and employees.”
Together, Terex and REV Group will offer a diversified portfolio of emergency, waste, utilities, environmental, and material processing equipment with attractive end markets characterized by low cyclicality, resilient demand, and long-term growth.
Terex and REV Group will operate from a position of enhanced financial strength with an attractive leverage position, low capital intensity, and significant free cashflow to fuel growth. This strong financial foundation will support continued investment in growth while maintaining discipline and flexibility.
