Terex sells mine ops to Bucyrus for $1.3 billion

Terex Corp. said early Monday it has signed a definitive agreement to sell its mining business to Bucyrus International Inc. for $1.3 billion in cash. The transaction, subject to regulatory approvals, is expected to close in the first quarter of 2010, Westport, Conn.-based Terex said in a statement. In a separate statement, Bucyrus said Terex may request $300 million of the purchase price in the form of shares. "The approximately $1 billion of after-tax proceeds will allow Terex to invest in its current, high return-on-capital businesses, or to look to add new, well positioned niche manufacturers with strong market presence to the company's portfolio," said Terex Chairman and Chief Executive Ronald

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- Posted: 2009-12-21 04:00:34

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