Terex puts Genie up for sale, as it merges with REV Group

Terex said it was “pursuing strategic options” to exit the aerials segment, which likely means the sale of its Genie business.

Explaining the motivation behind the announcement, Terex said it wanted to “reduce its exposure to cyclical end markets”.

The announcement coincided with Terex’s Q3 2025 financial highlights. Sales increased to $1.4 billion as compared to $1.2 billion in the same period a year before.

That was driven by strong demand for its refuse collection vehicles, utility vehicles, parts and service and digital. The company’s ESG division saw sales rise 13.6% to $435 million. But sales in the aerials division fell 13.2% to $537 million, which Terex blamed on lower volume, unfavourable customer mix, and tariff headwinds.

Its materials processing (MP) division saw a 6.1% year-on-year decline in sales to $417 million in Q3 2025 but Terex said its aggregates business grew in North America, Europe and India, offset by a decline in concrete and cranes.

Presenting its merger deal, Terex said it wanted to become a “diversified leader” in emergency, waste, utilities, environmental, and materials processing equipment. It pointed to the “low cyclicality, resilient demand, and long-term growth profiles” in those markets.

Simon Meester

Meanwhile, it has started a process to exit its aerials business, including a potential sale or spin-off. Terex’s Genie business is a market leader in the aerials segment and likely to generate considerable interest from buyers, although it is not clear at this stage who could be in the running to buy it.

The aerials segment of Terex is expected to generate around $2 billion of revenue for Terex in 2025, with total sales for the group estimated at $5.4 billion. Rev Group is expected to generate sales of $2.4 billion this year, leaving the combined Terex and Rev Group business but excluding aerials with sales of $5.8 billion in 2025.

Terex CEO Simon Meester will serve as CEO of the combined company.

The move to exit aerials is the latest in a series of changes at Terex in recent years. Between 2017 and 2019, it exited its mobile cranes and construction businesses, before acquiring Environmental Solutions Group, which manufacturers waste and recycling equipment. That was followed this year by an announcement that it would sell its tower and rough terrain cranes business to Raimondi.

Talking about the merger, Meester said, “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 capitalise on long-term secular growth trends. 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.”

Following the merger, Terex shareholders will own 58% of the company and REV shareholders the other 42%.