Load King, a subsidiary of truck body builder Custom Truck One Source that manufactures specialized equipment and trailers, recently acquired Terex Corporation’s boom truck, crossover and truck crane product lines.
The company said the acquisition is the latest move in the expansion of its manufacturing portfolio, which also encompasses “cutting-edge” water tank, dump body, roofing conveyor, mechanics body and trailer lines.
“I am delighted to announce this acquisition and its launch of boom truck, crossover and truck crane product lines under Load King’s brand,” said Fred Ross, chief executive officer of Custom Truck. “This announcement marks the latest chapter in a resurgence at Load King, which, since becoming a wholly owned subsidiary of Custom Truck One Source in December of 2015, has proudly resumed a leading position in the industry.”
Load King said it plans to unveil new and enhanced crane configurations in the “near future,” along with other developments and opportunities expected to accelerate the company’s continued growth. The company currently is transferring inventory and equipment for the acquired product lines to Load King’s growing campus in Kansas City MO.
“We will work closely with Custom Truck One Source to ensure a smooth transition and will continue to sell parts to our boom truck, truck crane and crossover customers during an expected one-year transition period,” said John L. Garrison, Terex chairman and chief executive officer.
Custom Truck One Source acquired Load King from Manitex in 2016.
“This transaction completes one of the portfolio actions we announced in February,” said John L. Garrison, Terex chairman and chief executive officer. “We continue to implement our Focus, Simplify and Execute to Win strategy. By focusing on businesses where we have a strong market position, we can efficiently concentrate our improvement efforts to maximize value for our customers, team members and shareholders.”
Terex plans to remain in the rough terrain and tower crane businesses after completion of this transaction, and the sale of Demag Mobile Cranes to Tadano, Garrison said.
“We will fulfil global demand for rough terrain cranes from our Crespellano, Italy facility, including the popular RT 100US and for tower cranes from our Fontanafredda, Italy facility,” he said. “Customers can be assured that we will continue to sell parts and provide support to rough terrain, tower crane, and other legacy crane products.
“We are investing in parts inventory and improving our operations to better serve these important customers.”