Terex Announces Expiration of the Waiting Period Under the HSR Act for Proposed Acquisition of Environmental Solutions Group (ESG) from Dover Corporation

Rhea-AI Summary

Terex (NYSE:TEX) has announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) for its proposed acquisition of Environmental Solutions Group (ESG) from Dover This marks a significant milestone in the acquisition process, which was initially announced on July 22, 2024.

The expiration of the HSR Act waiting period indicates that the antitrust review has been completed, clearing a major regulatory hurdle for the transaction. Terex expects the acquisition to close later this year, pending the satisfaction of customary non-regulatory closing conditions.

This strategic move by Terex aims to expand its portfolio in the environmental solutions sector, potentially strengthening its market position and diversifying its offerings.

NORWALK, Conn., Sept. 10, 2024 /PRNewswire/ -- Terex Corporation (NYSE:TEX) today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act"), as amended, in connection with its previously announced acquisition of Environmental Solutions Group (ESG) from Dover Corporation. On July 22, 2024, Terex and Dover announced a definitive agreement for Terex to acquire ESG. Terex expects the agreement to close later this year, subject to the satisfaction of customary non-regulatory closing conditions.

Forward-Looking Statements

Certain information in this press release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995) regarding future events or Terex's future financial performance that involve certain contingencies and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent reports the Company files with the U.S. Securities and Exchange Commission from time to time, in the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations – Contingencies and Uncertainties."  In addition, when included in this press release, the words "may," "expects," "should," "intends," "anticipates," "believes," "plans," "projects," "estimates," "will" and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. The Company has based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements.

Actual events or the actual future results of Terex may differ materially from any forward-looking statement due to these and other risks, uncertainties and material factors. The forward-looking statements speak only as of the date of this release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this release to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based.

About Terex
Terex is a global manufacturer of materials processing machinery and aerial work platforms. We design, build and support products used in maintenance, manufacturing, energy, recycling, minerals and materials management, and construction applications. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, Australia and Asia and sold worldwide. We engage with customers through all stages of the product life cycle, from initial specification to parts and service support. We report our business in the following segments: (i) Materials Processing and (ii) Aerial Work Platforms. For more information about Terex, visit www.terex.com.

About ESG:
Environmental Solutions Group ("ESG") encompasses industry-leading brands, such as Heil, Marathon, 3rd Eye, Soft-Pak, Parts Central, Currotto-Can, and Bayne Thinline to create a premier, fully integrated equipment group serving the solid waste and recycling industry. Through extensive voice-of-customer outreach, in-house engineering and manufacturing capabilities, a wide-reaching service network, and proven industry expertise, ESG is focused on solving customer problems through environmentally responsible products and providing world-class support.

Media Contact: 
Derek Everitt
VP & Head of Investor Relations
derek.everitt@terex.com

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SOURCE Terex Corporation

FAQ

When did Terex announce the expiration of the HSR Act waiting period for the ESG acquisition?

Terex (NYSE:TEX) announced the expiration of the HSR Act waiting period on September 10, 2024.

What is the significance of the HSR Act waiting period expiration for Terex's acquisition of ESG?

The expiration of the HSR Act waiting period indicates that the antitrust review for Terex's acquisition of Environmental Solutions Group has been completed, clearing a major regulatory hurdle for the transaction.

When did Terex initially announce its plan to acquire Environmental Solutions Group from Dover ?

Terex and Dover announced the definitive agreement for Terex to acquire Environmental Solutions Group on July 22, 2024.

When does Terex expect to close the acquisition of Environmental Solutions Group?

Terex expects the acquisition of Environmental Solutions Group to close later in 2024, subject to the satisfaction of customary non-regulatory closing conditions.