Terex Enters Agreement to Acquire Controlling Interest of Ritz do Brazil

Terex Corporation TEX has entered an agreement to acquire a controlling interest in the business of Ritz do Brazil S.A. Ritz produces equipment for the construction and maintenance of energized power lines up to 800kV. This transaction will represent a growth opportunity for both Ritz and Terex, increasing the global presence of both companies in a growth product category, while also strengthening Ritz's access to parts distribution and aftermarket support. With headquarters in Belo Horizonte and an industrial plant in Betim, Minas Gerais, the Ritz product line includes truck-mounted single aerial devices and a broad range of tools and solutions for work on energized power lines. “Ritz has been in business since 1960 and is a trusted name in the industry,” said Garry White, Vice President & General Manager of Terex Utilities. “The acquisition is a natural extension of the Terex Utilities business and represents exciting growth opportunities for both companies.” “This is also a further demonstration of the Terex commitment to growth in the Latin American region,” added Jacob Thomas, President of Terex Latin America. “We are very excited about the growth in our customer base, channel partners, product portfolio, and manufacturing footprint that will result from this acquisition.” With approximately 700 employees, Ritz serves Brazil's largest electrical utility companies. In addition, Ritz equipment is exported to approximately 60 countries. “We will continue on the successful path Ritz has taken, searching for synergies, and growing the business through product technology transfer and investment in lean production," notes White.