John Paxton, vice president and general manager of Terex Material Handling North America, explained: "We would like to thank our customers and partners for the successes that we have achieved in the past 50 years.

"This milestone is a testament to the quality of our people, products and unmatched commitment to our customers’ and partners’ success. We look forward to continuing to support North American manufacturers for the next 50 years."

The present-day Terex Material Handling & Port Solutions segment was founded in 1819 under the name Mechanische Werkstätten Harkort & Co. in Wetter, Germany.

The Company then established a North American headquarters on September 17, 1965 in Detroit, Michigan and moved to Solon, Ohio shortly thereafter.

In 2011, Terex Corp. gained a majority share in the company and integrated it into Terex as a fifth business segment.

In 2015, Terex Material Handling & Port Solutions has revenues of nearly $2bn and the world’s largest installed base of overhead cranes and hoists under the Demag brand.