How is Terex’s sale of Genie progressing?

Simon Meester, CEO of Terex, has confirmed that carve-out work to separate Genie from the wider Terex group is underway following the announcement that it would sell the aerial work platform (AWP) business in October last year.

During the third-quarter 2026 earnings conference call, Meester also said Terex had been in multiple discussions with interested parties concerning the sale.

The Genie GTH-1544, part of its pick-and-carry telehandler family.(Image: Genie).

Terex announced its decision to sell the Genie Aerials business in February 2026. The move coincided with its merger with REV Group and its intention to focus on more specialist equipment.

However, since then, there has been no concrete news of a potential buyer for Genie, which has been part of Terex for 25 years and is celebrating its 60th anniversary this year.

During the earnings call in October, Meester said, “Since our last update, we have made good progress, advanced the carve out work, and moved from evaluating inbound interest to active engagement with multiple strategic counterparties.”

He added that while this work was being carried out, the Genie team remained focused on serving customers and growing the business.

Expanding on the sale, Meester said discussions with potential buyers were active and that the company’s focus was on finding a suitable party to take over the business. “Our priority is to achieve a successful outcome that reflects Genie’s strong brand, global footprint, and differentiated products and maximizes value for Terex shareholders.”

Wider Terex restructuring

The Genie separation is taking place alongside a wider restructuring of Terex’s portfolio. On 23 October, five days before its third-quarter earnings call, the company completed the sale of terminal tractor manufacturer Capacity Trucks and industrial sweeper business LayMor to private industrial holding company Right Lane Industries for approximately US$33 million.

A Genie GS-1932m in a print production facility. (Image: Genie).

However, while Meester did not rule out further divestments during the call, he said these were relatively small transactions and that the company was focused primarily on integrating the Specialty Vehicles business following Terex’s merger with REV Group and on the Aerials separation.

Meanwhile, Terex’s Aerials segment, which includes Genie, has reported strong results despite, it said, continuing pressure from tariffs and inflation. In the third quarter, it saw a 32% increase in sales to US$709 million. This was driven largely by demand from large national rental accounts in the US, along with large infrastructure projects.

Orders also increased significantly, with third-quarter bookings rising 194% year on year to $646 million, again as a result of national customers serving major infrastructure projects.

The segment’s order backlog reached $852 million, an increase of $455 million compared with the same period in 2025.

As a result, Terex has maintained its full-year Aerials revenue growth outlook of low-double-digit growth.

Returning to the subject of the Genie divestment, the company said it could not put a date on when the transaction would be completed, but that much of the work had been done over the last nine months. “Aerials has been part of Terex for 25 years, so there is obviously a lot of structure, a lot of tax, a lot of legal entities associated to this segment that required quite substantial carve out work,” said Meester.