Global Construction Machinery Industry Sees Robust M&A Activity in 2024

The global construction machinery industry continued to witness a surge in mergers and acquisitions (M&A) in 2024, with transactions spanning equipment manufacturing, components, rental services, and distribution channels. According to CCM’s recently released list of the Top 12 Global Construction Machinery M&A Deals of 2024, these transactions underscored strategic shifts toward product line optimization, technological innovation, and vertical integration across the value chain.

Key Transactions Shaping the Industry

1. Terex’s $2 Billion Acquisition of ESG

On October 8, 2024, Terex completed the acquisition of Environmental Solutions Group (ESG), a division of Dover Corporation, for $2 billion in cash. This move expands Terex’s presence in waste recycling and environmental solutions, aligning with its diversification strategy. ESG, a leader in North American waste collection vehicles, compactors, and digital solutions, generated $750 million in annual revenue with a 7% compound annual growth rate over the past decade. The integration of ESG’s brands (Heil, Marathon, Curotto Can) and digital platforms will complement Terex’s existing offerings, driving synergies in customer reach and operational efficiency.

2. Epiroc’s $760 Million Purchase of Stanley Infrastructure

Epiroc acquired Stanley Infrastructure, a division of Stanley Black & Decker, for $760 million on April 1, 2024. The deal strengthens Epiroc’s position in excavator attachments and handheld hydraulic tools, particularly in the U.S. market. Stanley Infrastructure, with $450 million in 2023 revenue, operates 10 production facilities globally and employs 1,380 staff, primarily in North America.

3. Ammann Group’s Acquisition of ABG Pavers

Ammann Group acquired Volvo Construction Equipment’s ABG paver business on June 1, 2024, including facilities in China, India, and Germany. The transaction retains the ABG brand, adds 400 employees, and integrates ABG’s $1.1 billion revenue stream into Ammann’s asphalt compaction portfolio. The move solidifies Ammann’s role as a comprehensive road-building solutions provider.

4. Oshkosh’s Acquisition of AUSA Group

Oshkosh Corporation expanded its aerial work platform lineup by acquiring Spain’s AUSA Group on September 4, 2024. AUSA, a $132 million revenue telehandler and rough-terrain forklift manufacturer, strengthens JLG’s presence in agricultural and landscaping sectors. This follows Oshkosh’s 2023 acquisition of Hinowa.

5. Altec’s Purchase of TEUPEN

Altec acquired German spider lift manufacturer TEUPEN on April 5, 2024, expanding its aerial work platform offerings for utility and maintenance sectors. TEUPEN, led by Martin Borutta, brings expertise in tracked platforms and global operations.

6. Komatsu’s Acquisition of GHH Group

Komatsu completed the acquisition of German underground mining equipment manufacturer GHH Group on July 1, 2024. The deal enhances Komatsu’s underground loader and dump truck capabilities, reinforcing its global mining solutions network.

7. Doosan Bobcat’s $2.46 Trillion KRW Acquisition of Mottrol

Doosan Bobcat acquired South Korean hydraulic systems manufacturer Mottrol for 2.46 trillion KRW in September 2024. Mottrol’s expertise in electric drive technology and components supports Doosan’s vertical integration and product diversification goals.

8. Volvo Group’s $210 Million Acquisition of Proterra’s Battery Business

Volvo Group acquired Proterra’s battery division in February 2024, accelerating its electrification strategy with U.S.-based R&D and manufacturing facilities.

9. Boels Group’s Acquisition of Riwal

Boels Group expanded its European aerial work platform rental network with the acquisition of Riwal on June 30, 2024. The deal adds 310 million euros in revenue, 1,200 employees, and 65 service locations, including markets in India and the Middle East.

10. Zeppelin’s Acquisition of Pon Holdings’ Nordic Operations

Zeppelin Group acquired Pon Holdings’ sales and service operations in Norway and the Netherlands on December 4, 2024, expanding its Caterpillar dealership network. The transaction adds $1.1 billion in revenue and 2,000 employees, solidifying Zeppelin’s global leadership in equipment distribution.

11. Komatsu’s Acquisition of UMW Komatsu

Komatsu acquired full ownership of UMW Komatsu Heavy Equipment in August 2024, strengthening its Southeast Asian market presence. UMW Komatsu，a joint venture since 2018, reported $1.8 billion in 2023 revenue.

12. BMS Stangeland’s Acquisition of HAVATOR

Danish crane giant BMS Stangeland acquired Finnish heavy lifting company HAVATOR in June 2024, creating a Nordic leader with combined revenue of $550 million. HAVATOR, operating in Finland, Sweden, and the Baltic states, retains its independence post-acquisition.

Industry Implications

The M&A wave reflects a sector-wide push toward technology-driven innovation, supply chain resilience, and market expansion. From electrification (Volvo’s battery acquisition) to digital solutions (Terex-ESG integration), companies are investing in capabilities to meet evolving customer demands and sustainability goals. Downstream consolidation in rentals and distribution (Boels, Zeppelin) highlights the importance of operational efficiency and global reach.

As the industry navigates economic headwinds and regulatory changes, strategic M&A remains a cornerstone for securing competitive advantage and shaping the future of construction machinery.