Terex Seeks Buyer for Genie in REV Group Merger Deal

Industrial equipment manufacturer Terex has announced plans to withdraw from its aerials business as part of a wide-ranging merger with US-based REV Group, a move that will reshape the company’s focus toward more stable and diversified markets.

The American firm said it was “pursuing strategic options” for the aerials segment, signalling a likely sale of its Genie brand, a market leader in lifting platforms. Terex explained the decision was driven by its desire to “reduce its exposure to cyclical end markets”.

The announcement was made as the company reported its third-quarter results, which showed sales rising to $1.4 billion from $1.2 billion last year, despite challenges in its aerial segment.

Growth was fuelled by demand for refuse collection and utility vehicles, as well as in parts, service and digital operations. Its Environmental Solutions Group (ESG) division recorded a 13.6% rise in sales to $435 million.

In contrast, aerials revenue fell 13.2% to $537 million, which the company attributed to “lower volume, unfavourable customer mix, and tariff headwinds”. 

The Materials Processing (MP) division also reported a 6.1% year-on-year decline to $417 million, though Terex noted that aggregates sales increased in North America, Europe and India, partly offsetting weaker concrete and crane sales.

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Outlining the rationale for the merger with REV Group, Terex said the combined company would become a “diversified leader” in emergency response, waste management, utilities, environmental and materials processing equipment. 

The firm highlighted the “low cyclicality, resilient demand, and long-term growth profiles” in those sectors.

Terex’s aerials division is projected to contribute around $2 billion in revenue in 2025, while total group sales are expected to reach $5.4 billion. 

REV Group anticipates $2.4 billion in sales this year, giving the merged entity—excluding the aerials unit—estimated combined sales of $5.8 billion next year.

Chief Executive Simon Meester, who will lead the merged company, described the deal as a turning point: “By combining our complementary portfolios and leveraging our collective strengths, we are creating a large-scale, diversified industrial leader well-positioned to capitalise on long-term secular growth trends.”

He added that the merger would “unlock significant value for both Terex and REV Group shareholders” and offer “exciting opportunities for our team members and customers by strengthening our ability to invest in the combined business, innovate and deliver quality solutions.”

Following completion, Terex shareholders will own 58% of the new company, with REV shareholders holding 42%—marking the next phase in Terex’s steady pivot away from cyclical markets after divesting several divisions in recent years.

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