Manitou group, world-leader in all-terrain material-handling, finalised the acquisition of Terex Equipment Private Limited (TEPL) in India.

Founded in 2003, TEPL is specialised in design, manufacture and distribution of construction equipment, mostly backhoe loaders and skid steer loaders and achieved a revenue of Euro 30 million in 2016, mostly in Southern Asia. Manitou Group reinforces its ambitions for the handling market in India and, on a broader level, in Asia and emerging countries.

Michel Denis, President & Chief Executive Officer of Manitou Group stated, "We are very proud of this acquisition. With TEPL, Manitou reinforces its presence in emerging markets. We will continue to develop the TEPL solid dealer network as well as the services approach and to capitalise on the strong industrial basis to also develop new product ranges for Asia and emerging countries".