(Bloomberg) -- Terex Corp. agreed to buy a garbage-truck manufacturing business from Dover Corp. in a $2 billion all-cash transaction.
Terex plans to form a new segment combining its existing utilities operations with Dover’s Environmental Solutions Group, according to a statement Monday. The deal, set to close in the second half of 2024, is expected to add to Terex’s revenue growth, free cash flow and earnings.
Dover’s environmental solutions business builds garbage trucks under the Heil brand along with Marathon trash compactors and other refuse-handling equipment. The unit generated about $750 million of sales last year, Dover said in a separate statement.
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