Terex Corporation has announced that it has signed a definitive merger agreement with CMI Corporation, parent company of Load King Trailers.
The merger agreement provides for an exchange of all the outstanding shares of CMI at an exchange rate of 0.16 share of Terex common stock for each share of CMI common stock, subject to a downward adjustment.
CMI manufactures a wide range of construction equipment in addition to its line of heavy-hauler trailers. They include asphalt and mixing plants, road profiling and reclaiming equipment, concrete paving systems, and landfill compactors and grinders.
Fil Filipov, Terex executive vice-president, will serve as president of CMI.