December 14, 1999
MILWAUKEE-(BUSINESS WIRE)-December 14, 1999-Terex Corporation (NYSE: TEX) today announced that its Terex Lifting division intends to consolidate its aerial work platform manufacturing capacity in the United States by closing its scissors manufacturing plant in Milwaukee, Wisconsin. The scissors product line, which is essentially a rental product, will be transferred to the Terex Light Construction group based in Rock Hill, South Carolina. This manufacturing consolidation will strengthen Terex's competitive position by combining the scissors product line with other rental products. Terex intends to sell the property and building which it owns. Terex also expects to take a one time fourth quarter charge for excess and obsolete inventory related to its aerial work platform business. Commenting on this action, Terex's Chairman and CEO, Ronald M. DeFeo, said "the selection process and consolidation of purchasing that has taken place among the largest rental companies has resulted in Terex
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November 18, 1999
WESTPORT, Conn.-(BUSINESS WIRE)-Nov. 18, 1999-Terex Corporation (NYSE:TEX) today announced that it has resolved the Internal Revenue Service (IRS) audit regarding its Federal income tax returns for the years 1987 through 1989. The resolution of this audit will not require payment of tax and the outcome will not be material either to the Company's financial condition or to the results of operations. As a result of the completion of the audit, the IRS will no longer challenge the Company's right to use certain net operating loss carryovers (NOLs). Furthermore, because of the existence of substantial NOLs, Terex will not owe any tax. However, due to timing issues associated with NOL carrybacks and the substantial amount of time which has elapsed since the years in question, Terex will owe an estimated $7.6 million in accumulated interest, all of which will be tax deductible. Following this settlement, the Company will still retain approximately $250 million in NOLs worldwide. "We are
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October 28, 1999
Net sales increased 56 percent to $496 million Net income increased 52 percent to $29.9 million Oct. 28, 1999-Terex Corporation (NYSE: TEX) today reported third quarter net income of $29.9 million, or $1.07 per share, up $10.2 million over 1998's third quarter net income of $19.7 million, or $0.88 per share. Net sales for this quarter reached $495.6 million, up $176.9 million, or 56%, over the third quarter of 1998. For the nine-month period ended September 30, 1999, Terex reported net income of $86.3 million, or $3.49 per share, up $31.6 million over 1998's net income of $54.7(a) million or $2.44(a) per share. Year-to-date, net sales grew to $1,367.0 million, up $454.2 million or 50% over the comparable period of 1998. (a) Before extraordinary charges of $38.3 million, or $1.71 per share, related to debt retirement in 1998. A financial summary is shown below: Terex Corporation Third Quarter - (dollars in millions, except per share amounts) 1999 1998 - % of % of sales sales - - Net
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October 25, 1999
WESTPORT, Conn.-(BUSINESS WIRE)-October 25, 1999-Terex Corporation (NYSE: TEX) today announced that Joseph F. Apuzzo has been promoted to the position of Chief Financial Officer for the Company. In his last position with Terex, Mr. Apuzzo was Vice President-Corporate Finance. Mr. Apuzzo previously held the positions of Vice President-Finance and Controller, and Vice President, Corporate Controller since joining the Company on October 9, 1995. Prior to joining Terex, Mr. Apuzzo was Vice President of Corporate Finance at D'Arcy Masius Benton & Bowles, Inc. from September 1994 until October 1995. Mr. Apuzzo started his career with Price Waterhouse where he spent 10 years in various capacities of increasing responsibility. "Joseph Apuzzo's appointment as Chief Financial Officer of Terex reflects his hard work, dedication and success over the past several years," said Ronald M. DeFeo, Terex's Chairman and CEO. "During this time he has demonstrated an ability to help Terex raise
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September 16, 1999
Business Editors September 16, 1999-Terex Corporation (NYSE: TEX) today announced that it has signed a definitive agreement to acquire the Material Handling Business of Teledyne Specialty Equipment, an Allegheny Teledyne Incorporated company (NYSE: ALT). The business, which manufactures truck-mounted lift trucks, has sales of approximately $50 million split evenly between the U.S. and Europe. The transaction, which is subject to customary regulatory approvals and closing conditions, is expected to close in the fourth quarter. Ronald M. DeFeo, Terex Chairman and Chief Executive Officer, commented, "The Material Handling Business, with its well recognized brand names of Princeton in the United States and Kooi Aap in Europe, will augment our offering in the point of delivery lifting market, which includes our Moffett material handlers, boom trucks and rough terrain telescopic handlers. The business has factories in the U.S. and Holland which will benefit from integration with our Terex
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August 26, 1999
Business Editors Aug. 26, 1999-Terex Corporation (NYSE: TEX) today announced that it has completed the acquisition of Cedarapids, Inc., a manufacturer and marketer of mobile crushing and screening equipment, asphalt pavers and asphalt material mixing plants, based in Cedar Rapids, Iowa. Cedarapids is expected to generate annual sales of approximately $200 million. "We are delighted to welcome Cedarapids to Terex's family of businesses," commented Ron DeFeo, Terex's Chairman and CEO. "We believe there is substantial opportunity to grow Cedarapids while improving its basic operations. Today's acquisition of Cedarapids, coupled with the recent acquisition of Powerscreen, has created a brand new road building business in excess of $400 million and puts Terex's pro forma revenue well over $2 billion." Fil Filipov, President of Terex Lifting, will have managerial responsibility for Cedarapids. Mr. Filipov joined Terex in 1993 and has successfully led the company's Lifting business over the
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August 06, 1999
Aug. 6, 1999-Terex Corporation (NYSE: TEX) today announced that as of the close of business in London on Thursday, August 5, 1999, it owned over 80 percent of the issued share capital of Powerscreen International plc. Effective immediately, Terex has taken management and operational control of Powerscreen. ``We are delighted to see the overwhelming majority of Powerscreen shareholders tender their shares and we expect to achieve 100 percent ownership within the next few weeks,'' said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. ``We are looking forward to combining Terex with Powerscreen's strong franchises and to becoming a stronger force in the market place.'' Terex Corporation, the parent company of Terex Lifting, is a diversified global manufacturer based in Westport, Connecticut, with 1998 revenues in excess of $ 1.2 billion. Terex is involved in a broad range of construction and mining-related capital equipment operating in two segments - Terex Lifting and
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August 03, 1999
Aug. 3, 1999-Terex Corporation (NYSE: TEX) today announced that Moody's Investors Service has upgraded to B2 from B3 the rating on $244 million of its 8 7/8% senior subordinated notes, due 2008, and upgraded to Ba3 from B1 the ratings on its $500 million of its senior secured credit facilities. According to Moody's, Terex's recent results are further testimony to the dramatic turnaround of the company's operating and financial performance over the past five years. The ratings upgrades reflect Terex's strong operating performance, improving credit profile, substantial progress in integrating acquisitions, leading market positions, and improved geographic and product diversification. Moody's further stated that the ratings recognize the company's low fixed cost structure, which provides margin protection in a cyclical downturn, a steady and profitable parts business and record backlog. ``We are very pleased with Moody's ratings upgrade,'' said Ronald M. DeFeo, Terex's Chairman and Chief
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July 29, 1999
July 29, 1999-Terex Corporation (NYSE: TEX) today announced that Terex Lifting and Hyster Company, a division of NACCO Materials Handling Group, Inc. (``NMHG''), have reached an agreement to form a strategic alliance relating to container handling equipment for sale in North America. This agreement contemplates that Terex will supply Hyster with a range of Hyster-branded Reachstacker container handlers. Commenting on the announcement, Steve Filipov, Vice President of International Sales for Terex Lifting said, ``This relationship with Hyster will provide the Lifting group with additional long term volume and the ability to supply Hyster with a world-class machine in the North American lift truck market. This arrangement will allow Terex Lifting to extend its distribution presence in North America and team up with a full line distributor in North America.'' Terex Corporation, the parent company of Terex Lifting, is a diversified global manufacturer based in Westport, Connecticut, with
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July 27, 1999
Net sales increased 34 percent to $448 million Net income increased 48 percent to $30.4 million July 27, 1999-Terex Corporation (NYSE: TEX) today reported second quarter net income of $30.4 million, or $1.30 per share, up $9.8 million over 1998's $20.6 million, or $0.92 per share. Net sales for this quarter reached $448.1 million, up $114.6 million or 34% over the second quarter of 1998. For the six-month period year-to-date, Terex reported net income of $56.4 million, or $2.45 per share, up $21.4 million over 1998's net income of $35.0(a) million or $1.57(a) per share. Year-to-date, net sales were $871.4 million, up $277.3 million or 47% over the comparable period of 1998. (a)Before extraordinary charges of $38.3 million, or $1.72 per share related to debt retirement in 1998. A financial summary is shown below: Terex Corporation - Second Quarter - (dollars in millions, except per share amounts) 1999 1998 - % of % of sales sales - - Net sales.....................$ 448.1 - $ 333.5 -
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July 26, 1999
July 26, 1999-Terex Corporation (NYSE: TEX) announced today the offering of 2.0 million primary shares of common stock. The shares are being sold in a transaction initiated by Wellington Management Company, LLP on behalf of one of its funds. The net proceeds to Terex will be approximately $59.4 million (a 5 percent discount to the close of $31 1/8 per share on Thursday, July 22, 1999). The proceeds from this offering of shares to be sold by the Company will be for general corporate purposes including prepayment of debt and acquisitions. Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 1998 revenues in excess of $ 1.2 billion. Terex is involved in a broad range of construction and mining-related capital equipment operating in two segments - Terex Lifting and Terex Earthmoving. Terex Earthmoving manufactures heavy-duty off-road trucks and high-capacity mining trucks under the brand names of Terex, Unit Rig and Payhauler, as well as large
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July 20, 1999
July 20, 1999-Terex Corporation (NYSE:TEX) today announced that it has signed a definitive agreement to acquire Cedarapids, Inc. for $170 million in cash. Cedarapids is a leading manufacturer of mobile crushing and screening equipment, asphalt pavers and asphalt material mixing plants. Cedarapids is being sold by the Raytheon Company and the transaction is expected to close in the third quarter of 1999. ``Following on the steps of the recent Powerscreen announcement, the acquisition of Cedarapids provides Terex with leading positions in the crushing and screening equipment markets,'' said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. ``This transaction is expected to be accretive to Terex's earnings, given the current performance and implemented cost reduction opportunities at Cedarapids as a stand-alone entity. In addition, the acquisition is a strategic fit with Powerscreen's screening and crushing businesses, which creates new additional opportunities for revenue
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June 22, 1999
June 22, 1999-Terex Corporation (NYSE: TEX) announced today that it has completed the sale of 3.5 million primary shares of common stock offered by the Company. Salomon Smith Barney underwrote the Offering, which was previously announced on June 17, 1999. Ronald M. DeFeo, Terex Corporation's Chairman and CEO commented, ``We remain committed to our objective to continue to improve Terex's capital structure and this equity offering is another example of our ability to deliver on our commitments. We were delighted by the strength of the offering, the support of our current shareholders and the quality and the geographic diversity of our new shareholders.'' Mr. DeFeo added: ``This equity offering will help us to further grow the Company through accretive acquisitions and we look forward to recognizing the benefits from this newly improved financial position during the remainder of 1999 and beyond.'' Terex Corporation is a diversified global manufacturer based in Westport, Connecticut,
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June 17, 1999
June 17, 1999-Terex Corporation (NYSE:TEX) announced today the public offering of 3.5 million primary shares of common stock at $30.50 per share. The Company has granted the Underwriter an option to purchase up to an additional 525,000 shares to cover over-allotments, if any. Salomon Smith Barney has underwritten the offering of the shares to the public. The proceeds from this offering of shares to be sold by the Company will be used to repay outstanding indebtedness and for general corporate purposes including acquisitions. Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 1998 revenues in excess of $ 1.2 billion. Terex is involved in a broad range of construction and mining-related capital equipment operating in two segments - Terex Lifting and Terex Earthmoving. Terex Earthmoving manufactures heavy-duty off-road trucks and high-capacity mining trucks under the brand names of Terex, Unit Rig and Payhauler, as well as large hydraulic shovels
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June 15, 1999
June 15, 1999-Terex Corporation (NYSE: TEX) today announced that it has agreed with the Board of Directors of Powerscreen International plc on the terms of a recommended cash offer to acquire all of the issued and to be issued ordinary share capital of Powerscreen International plc for a total consideration of 195.0 pence per share (approximately $3.17 per share), valuing the entire issued capital of Powerscreen at approximately (pound)181 million (approximately $294 million). The acquisition of Powerscreen will be fully financed by new banking facilities provided by Credit Suisse First Boston and Dresdner Bank AG. Powerscreen International plc is one the world's leaders in the manufacturing and marketing of screening and crushing equipment for the quarrying, construction and demolition industries. Powerscreen is headquartered in Dungannon, Northern Ireland. The transaction is subject to normal regulatory approvals and is expected to close in the third quarter of 1999. Commenting on
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May 13, 1999
Westport, CT, May 13, 1999 - Terex Corporation (NYSE:TEX) announced that its Board of Directors has elected Don DeFosset as a member of the Terex Board. Mr. DeFosset is currently Corporate Executive Vice President and President of the Truck Group of Navistar International Corporation. Navistar International is a manufacturer of medium and heavy-duty trucks and medium-duty diesel engines for use in trucks and for sale to original equipment manufacturers. From 1992 to 1996, Mr. DeFosset worked for Allied Signal in various positions of increasing responsibility, the last being President of its Safety Restraint Systems division. Prior to 1992, Mr. DeFosset spent two years at Mack Trucks and 18 years with Rockwell International Corporation in various operational assignments both in North America and in Europe. Mr. DeFosset holds an Industrial Engineering undergraduate degree from Purdue University and an MBA from Harvard Business School. Mr. DeFosset will be replacing Mr. Bruce Raben, who
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April 27, 1999
- Net sales increased over 62 percent to a record $423 million - Net income of $26.0 million grew 81 percent WESTPORT, CT, April 27, 1999 - Terex Corporation (NYSE: TEX) today announced record first quarter 1999 net income of $26.0 million, or $1.16 per share, up $11.6 million over 1998's net income of $14.4* million, or $0.65* per share. Net sales increased 62% to $423.3 million in the first quarter of 1999 from $260.6 million for the same period in 1998. "We are delighted with the record first quarter performance and determined to continue this trend as the year progresses," said Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "It is particularly gratifying to nearly double our earnings at a time when some of our businesses are still operating in a soft environment. Furthermore, both our Lifting and Earthmoving businesses reported record revenues and operating profit in the first quarter and we generated internal growth of 30%. In addition during the past week, we
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April 26, 1999
WESTPORT, CT, April 26,1999 - Terex Corporation (NYSE: TEX) today announced that it has entered into a multi-year supply contract with Rio Tinto for the sale of Terex Mining's rear dump surface mining trucks. Rio Tinto is one of the world's leading international mining groups. The Group operates over 43 open pit mines worldwide. Rio Tinto's substantial interests in mining include copper, gold, iron ore, coal, aluminum, borates and titanium dioxide feedstock. "We are very pleased that Unit Rig was awarded this very important contract," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "Under this supply agreement, Unit Rig has been granted a minimum market share for all new trucks purchased by Rio Tinto mines over the next five years. The market share agreement has a potential value of $100 million over the five-year period and we have already received initial orders as a result of this agreement. More importantly, this award creates franchise value and
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April 21, 1999
WESTPORT, CT, April 21, 1999 - Terex Corporation (NYSE: TEX) today announced that the United States Securities and Exchange Commission ("SEC") has concluded its investigation of Terex's accounting treatment and reporting of certain transactions which occurred seven years ago or longer and primarily concerned Terex's former subsidiary, Fruehauf Trailer Corporation ("Fruehauf"). Since 1995, Terex has disclosed in its public filings the existence of this investigation which was initiated in 1994 relating to years prior to 1994. Without admitting or denying to the SEC's findings or any wrongdoing on the part of Terex or its then officers or directors, Terex has consented to the entry of an administrative cease and desist order ("the Order") prohibiting future violations of certain provisions of the federal securities laws. There is no finding in the Order of an intent to deceive, defraud or manipulate on the part of Terex or any of its officers and directors, and the SEC did not find
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April 21, 1999
WESTPORT, CT, April 21, 1999 - Terex Corporation (NYSE: TEX) today announced the award of a significant multi-year order for Terex Mining's rear dump trucks from Cleveland-Cliffs, Inc. Subsidiaries of Cleveland-Cliffs manage several mining properties in Minnesota, Upper Michigan and Eastern Canada, which are all heavily involved in the mining of taconite and overburden removal under conditions of extreme climate variation. Under terms of this contract, Terex will supply all of the large capacity mine haulage trucks at Cleveland Cliff's six managed mines in North America for the next five years. The order for Unit Rig MT4400 260-ton and Unit Rig MT3700B 190 to 205-ton capacity trucks is in excess of $100 million. Initial delivery of the trucks will commence in the second half of 1999. "We are very pleased that Unit Rig was awarded this very important contract," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "This award demonstrates Terex Mining's renewed
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April 05, 1999
Westport, CT, April 5, 1999 - Terex Corporation (NYSE: TEX) today announced that it has completed the acquisition of Amida Industries, Inc., a leading manufacturer of light construction equipment sold primarily to rental companies. Amida manufactures mobile light towers, concrete screeds, motorized front dumpers, and directional arrow boards in a 120,000 square foot facility in Rock Hill, SC, and had 1998 sales of approximately $30 million. Amida has industry leading market shares in each of its product categories, and has experienced 17% compounded annual growth rate over the past five years. "Amida will expand our business base in the rapidly growing rental segment of the construction equipment business", commented Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "The company has a strong reputation, a long history of profitability and will be immediately accretive to Terex's earnings. Amida has continued to grow in 1999, with first quarter orders up 20% over 1998. Light
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March 10, 1999
WESTPORT, CT, March 10, 1999 - Terex Corporation (NYSE: TEX) today announced the successful completion of the sale of $100,000,000 principal amount of 8-7/8% Series C Senior Subordinated Notes Due 2008. Net proceeds from the sale were $94.9 million. It is contemplated that the new notes will be exchanged for a new series of 8-7/8% Senior Subordinated Notes Due 2008 which have been registered under the Securities Act of 1933, as amended. The proceeds from the issuance of the new notes will be used to repay a portion of the outstanding indebtedness under Terex's credit facilities incurred primarily in connection with Terex's 1998 acquisitions, thereby providing additional liquidity for future acquisitions and other corporate purposes. Terex Corporation offered the additional Senior Subordinated Notes pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the "Act"), and that were not registered under the Act. Accordingly, these Senior Subordinated Notes will not
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March 02, 1999
- Earnings per share in 1998 more than doubled versus 1997. - Earnings per share in the fourth quarter rose 80 percent to $0.81. Westport, CT, March 2, 1999 - Terex Corporation (NYSE: TEX) today reported full year income before extraordinary charges of $72.8 million, or $3.25 per share, up $42.5 million over 1997's income before extraordinary charges of $30.3 million, or $1.62 per share. Both income and earnings per share are before charges of $1.71 in 1998 and $1.02 in 1997 for the retirement of debt and preferred stock. Terex Corporation recorded sales of $1,233.2 million in 1998, up $391 million, or 46% over last year. Fourth quarter income reached $18.1 million or $0.81 per share, up $8.1 million over 1997's fourth quarter income before extraordinary charges of $10.0 million, or $0.45 per share. Sales for the fourth quarter were $320.4 million, up $100.7 million, or 46% over last year's fourth quarter. "This was a year of progress for Terex," said Ronald M. DeFeo, Chairman and CEO
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March 01, 1999
WESTPORT, CT, March 1, 1999 - Terex Corporation (NYSE: TEX) today announced that it intends to issue approximately $100,000,000 principal amount of 8-7/8% Senior Subordinated Notes Due 2008. The new notes will have substantially the same terms as Terex's currently outstanding $150 million 8-7/8% Senior Subordinated Notes Due 2008. It is contemplated that the new notes will be combined with the currently outstanding notes into a single series after completion of the offering. The proceeds from the issuance of the new notes will be used to repay a portion of the outstanding indebtedness under Terex's credit facilities incurred primarily in connection with Terex's 1998 acquisitions, thereby providing additional liquidity for future acquisitions and other corporate purposes. It is intended that Terex Corporation will offer the additional Senior Subordinated Notes pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the "Act"), and that they will not initially be
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February 16, 1999
Westport, CT, February 16, 1999 - Terex Corporation (NYSE: TEX) today announced that it has signed a definitive agreement to acquire Amida Industries, Inc., a leading manufacturer of light construction equipment sold primarily to rental companies. Amida manufactures mobile light towers, concrete screeds, motorized front dumpers, and directional arrow boards in a 120,000 square foot facility in Rock Hill, SC, and had 1998 sales of approximately $30 million. Amida has industry leading market shares in each of its product categories, and has experienced consistent growth over the past five years. The transaction is expected to close in late March. Ronald M. DeFeo, Terex Chairman and Chief Executive Officer, commented, "Amida will expand our business base in the rapidly growing rental segment of the construction equipment business. The company has a strong reputation, a long history of profitability and will be immediately accretive to Terex's earnings in a meaningful way. Furthermore,
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