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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Terex (TEX) investor relations material
Terex M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary30 Oct, 2025
Deal rationale and strategic fit
Merger creates a large-scale, U.S.-centric specialty equipment manufacturer with leading, complementary brands and a diversified, resilient portfolio focused on essential services, infrastructure, utilities, and emergency vehicles.
Strategic transformation aligns with both companies' recent divestitures and acquisitions, including the planned exit from the aerial segment to reduce cyclicality and focus on core growth areas.
Complementary operations, management systems, and cultures are expected to unlock significant synergies, process excellence, and value creation.
Combined company will have a balanced portfolio, with 83–85% of revenue from North America and a strong U.S. manufacturing footprint.
Diversified end-market exposure reduces cyclicality and enhances growth prospects.
Financial terms and conditions
Transaction is a stock and cash deal: REV shareholders receive 0.9809 Terex shares and $8.71 cash per REV share, totaling $425 million; Terex shareholders will own 58% and REV shareholders 42% of the combined company on a fully diluted basis.
Combined equity value is approximately $7 billion and enterprise value is approximately $9 billion at announcement.
Combined company will trade under the TEX ticker on the NYSE.
Combined net sales expected to be $7.8 billion with an 11% Adjusted EBITDA margin for 2025, excluding synergies.
Expected pro forma leverage of 2.5x at closing, with further deleveraging anticipated after the aerial segment exit.
Synergies and expected cost savings
At least $75 million in annual run-rate synergies targeted by 2028, with about 50% realized within 12 months post-closing.
Synergies will come from corporate consolidation, procurement, operational best practices, and elimination of overlapping structures.
Digital platform expansion, especially 3rd Eye, is expected to drive additional revenue and margin opportunities.
Excluding Aerials and including synergies, pro forma Adjusted EBITDA margin could reach 14% in 2025.
Synergy estimates are net of dis-synergies from the aerial exit.
Confidence in Aerials sale timing and value?
Elaborate on synergy upside potential.
Combined entity's new growth opportunities?
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Next Terex earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Terex Corporation is a global manufacturer of lifting and material handling equipment used in construction, infrastructure, quarrying, and recycling. The company operates through segments such as aerial work platforms and materials processing, providing machinery and support services to industrial and commercial clients. Its products include cranes, lifts, and crushers. The company is headquartered in Norwalk, Connecticut, and its shares are listed on the NYSE.
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