18.07.2001

Atlas Weyhausen bought by US company with Terex involvement

Atlas Weyhausen of Delmenhorst, Germany, has a new owner. A newly formed US company, Atlas Construction LLC, has bought the German loader crane manufacturer. Atlas Construction is being advised on the deal by Terex which sees future synergies.

Atlas Construction was created by newly formed venture capitalist, GKM Value Partners of New York. The actual ownership of Atlas Construction is unclear, but GKM Value Partners and David Langevin, a former member of Terex’s senior management team now working for GKM hold large shareholdings.

The price paid for Atlas Weyhausen, which builds wheeled, tracked, rail and road excavators as well as truck-mounted articulated cranes, has not been revealed and a spokesman for the company declined to comment on this matter. The former owners of Atlas-Weyhausen, Eder Handel und Beteiligungen GmbH of Munich and the Weyhausen family no longer hold any financial interest in the company. Atlas-Weyhausen has annual sales in excess of DM400 million (€200 million).

Atlas Weyhausen of Wildeshausener, Germany, is not included in the deal and continues to build wheel loaders and telescopic handlers.

Terex’s involvement in the deal is unclear with Terex merely announcing that GKM “will draw upon the industrial knowledge and experience of Terex Corporation”. Atlas Weyhausen is strongly represented in Germany, Benelux, Austria, Scandinavia and the UK where it has a factory.

Fil Filipov, executive vice president at Terex, has made no secret of the fact that he would like to acquire a loader crane manufacturer. Filipov said of the deal: “Over the longer term, both Atlas and Terex distributors could benefit from the addition of the product lines of both companies. Our objective is to help Atlas deliver products that create more value for customers.“

Fil Filipov’s son Steve, a Terex vice president in Europe, is on special assignment to Atlas where he is acting as joint managing director.