As has been confirmed by both the parties involved, Bucyrus International is all set to purchase Terex Corp's mining unit in a deal which will cost the former a whopping $1.3 Billion in cash upfront. Terex is one of the world's top ranked manufacturers of heavy "earth-moving" equipment. The deal was confirmed by the firms on Sunday.

The unit which is being acquired has 38 centers all across the globe and an employee base of nearly 2,150 workers, and boasts hydraulic mining excavators and electric drive mining trucks.

Bucyrus, which is a South Milwaukee, Wisconsin-based firm is very excited about the takeover and has said that it will "create a premier supplier of mining equipment", and it has been shared that Terex has requested to receive $300 Million of the total purchase cost in the form of Bucyrus shares.

"This transaction accelerates the transformation of Terex Corporation as we move from a construction and mining equipment company to a machinery and industrial products business. Going forward, we will focus on products and services where we can maintain and build superior customer propositions with high returns on capital for our owners", said Ronald M. DeFeo, Terex Chairman and CEO.