ASV now a subsidiary of Terex

By Lisa Kerner

Charlotte, N.C., June 2 - Terex Corp. said it completed the acquisition of ASV, Inc. by means of a short-form merger under Minnesota law, making ASV a wholly owned subsidiary of Terex and part of the Terex Construction segment.

It was previously reported that Terex would acquire ASV for $18 per share in a deal valued at $488 million.

"ASV is an excellent strategic and cultural fit and provides a great addition to our product offerings as Terex continues to grow as a global construction equipment manufacturer," Terex Construction president Robert Isaman said in a statement released on Monday.

Terex, a diversified manufacturer located in Westport, Conn., completed its tender offer for ASV common stock on Feb. 26.

ASV, based in Grand Rapids, Minn., manufactures rubber track machines and related accessories, undercarriages and traction products.

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