Tadano completes USD 215 million takeover of Demag
Tadano has completed the takeover of mobile crane builder Demag after obtaining regulatory approvals in all relevant countries. The company bought Demag from US-based Terex Corporation for USD 215 million.
In a letter to his customers, Tadano CEO Koichi Tadano said the transaction brings together two of the top names in the lifting equipment industry. “The Tadano Group’s long-term goal is to become the global leader in the lifting equipment industry, and the Demag Mobile Cranes acquisition is one vital step toward achieving that goal. The Tadano and Demag brands now leverage a long combined history of manufacturing and lifting experience. Working together, we will push forward, innovate, and contribute to the success of our customers worldwide.” he said.
Demag Mobile Cranes is headquartered in Germany and has over 100 years of history and experience in the design and manufacturing of large-capacity all-terrain cranes and crawler cranes. Through the acquisition of Demag, Tadano seeks to further meet customer needs with the addition of lattice-boom crawler cranes to its product lineup, as well as the enhancement of its line of all-terrain cranes.
The acquisition of Demag was closed on July 31st. Tadano plans to use a mixture of its own cash reserves and borrowed funds to secure the total cash to be used in the transaction payment. Demag’s transition into the Tadano Group will be seamless. “Our customers can expect that they will be able to carry out business as usual – right from the very start,” Tadano said.