Fortune 500 diversified global manufacturer Terex Corporation has agreed on a term sheet to acquire the port equipment businesses of Fantuzzi Industries and Noell Crane for net consideration of approximately €175 million.

The Fantuzzi and Noell businesses are engaged in the design, manufacture, and service of port equipment.

Term sheets have also been agreed with the existing financial creditors to the Fantuzzi group for long-term financing on favorable terms to provide substantially all of the funds necessary to complete the transaction.

The term sheets are non-binding and it is the intention of the parties to work to enter into agreements and complete the transaction within the next few weeks.

Terex initially announced the acquisition of the Fantuzzi and Noell businesses in August of 2008 for total consideration of approximately €215 million and subsequently announced in December of 2008 that it was terminating the acquisition due to the existence of a material adverse change in the Fantuzzi business.