Recom buy-in by Terex
By Euan Youdale08 October 2010
Terex Corporation has acquired 33% of Italy-based luffing jib tower crane manufacturer Recom S.r.l.
At the same time, Terex also entered into a long term agreement to acquire the rest of Recom, a privately-held company founded in 2003 by Ferruccio Moritsch. Moritsch formerly founded Comedil, the tower crane manufacturer previously acquired by Terex. Terex Cranes was already exclusive distributor for Recom's machines before this latest acquisition.
"This investment helps ensure long-term stability for an important part of our tower crane product portfolio, and reflects our commitment to strengthen and build our tower crane business," said Rick Nichols, Terex Cranes president.
"Recom has a demonstrated culture of innovation that will contribute to our new product development, and we are pleased to make this commitment to the company and its team members with whom we have worked for several years."