Terex Corporation has announced plans to exit its aerial segment and merge with Rev Group, a Brookfield, Wisconsin-based specialty manufacturer of fire trucks, ambulances, terminal trucks, industrial sweepers and recreational vehicles.
Terex says it is assessing the sale or spin-off of its aerial business, which is sold under the Genie brand, to “reduce its exposure to cyclical end markets.” The company reported net sales of $537 million for its aerials segment in the third quarter, a 13.2% year-over-year decrease, as North American rental customers focused primarily on fleet replacement rather than expansion.
The merged companies will focus on the emergency, waste, utilities, environmental and materials processing equipment markets, which offer “low cyclicality, resilient demand and long-term growth profiles,” according to the joint announcement.
The merger will occur as a share swap, in which Rev Group shareholders will receive 0.9809 of a share of the combined company and $8.71 in cash for each Rev Group share. Upon closing, Terex shareholders will own approximately 58%, while Rev Group shareholders will own approximately 42%, of the combined company’s fully diluted shares.
The transaction is expected to close in the first half of 2026. Terex CEO Simon Meester will serve as president and CEO of the combined company. The board will consist of 12 directors, of which seven will be from the Terex board and five from the REV Group board.
“This transaction represents a transformative step for both companies. By combining our complementary portfolios and leveraging our collective strengths, we are creating a large-scale, diversified industrial leader well-positioned to capitalize on long-term secular growth trends,” Meester said. “The transaction will unlock significant value for both Terex and REV Group shareholders and creates exciting opportunities for our team members and customers by strengthening our ability to invest in the combined business, innovate and deliver quality solutions.”
“Joining forces with Terex is a natural evolution of our strategy of building a stronger, more profitable and scaled company b