Terex Stock Surges After Buying Dover Unit for $2B

Shares of business shaper Terex Corp. (TEX) jumped Monday aft nan business shaper said it has agreed to get Dover Corp.'s (DOV) Environmental Solutions Group for $2 cardinal successful cash.

Terex said that nan woody adds to its existing businesses by increasing its vulnerability to nan increasing discarded and recycling industry, on pinch expanding its vulnerability to nan North American market.

Terex Projects $25 Million successful Savings by 2026

The woody is expected to adjacent successful nan 2nd half of 2024, nan companies said. Terex added it could bring astir "$25 cardinal of identified synergies to beryllium achieved by nan extremity of 2026, mostly driven by procurement, proviso concatenation efficiencies and commercialized initiatives."

Terex will create a caller Environmental Solutions conception that includes ESG and its existing Utilities business.

"ESG will adhd a non-cyclical, financially accretive, and market-leading business to Terex's portfolio pinch tangible synergies in nan fast-growing discarded and recycling extremity market," Terex Chief Executive Officer (CEO) Simon Meester said.

Terex shares roseate almost 11% to $62.50 astir 11 a.m. ET Monday, while Dover shares moved astir 2% little to $180.37.