CHICAGO Heavy equipment manufacturer Terex Corp. has agreed to sell its off-highway truck business to Volvo Construction Equipment (Volvo CE) for about $160 million.
The sale, which includes Westport, Conn.-based Terexs truck factory in Motherwell, Scotland, is subject to government regulatory approvals and is expected to close in the first half of 2014.
The businesses included in the proposed acquisition recorded net sales of $370 million last year and $172 million in the first nine months of 2013.
Volvo CE, a subsidiary of Göteborg, Sweden-based AB Volvo, said the introduction of rigid haulers will extend the companys position in mining.
Terexs TR100 rigid dump trucks full-box section frame rails, front bumper, cross members and torque tubes are made of 42,000 pounds per square inch (PSI) yield strength steel. Cross-member connections are 95,000 PSI steel castings. Body wear surfaces are high hardness, abrasion-resistant steel.