WESTPORT, Conn. (Jan. 14, 2008) — Terex Corp. has reached an agreement to acquire ASV Inc., a transaction which the firm values at about $488 million.
Terex expects the deal to close by the end of the first quarter of this year, subject to all regulatory approvals and customary conditions.
Ronald M. DeFeo, Terex chairman and CEO, said the purchase will give the firm an opportunity to expand the product sales for ASV, a manufacturer of compact rubber track loaders and related accessories. He estimated ASV will add about $220 million to $250 million in annual sales and will enhance future earnings growth potential for Terex.