December 11, 2001
WESTPORT, Conn., Dec 11, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has priced $200,000,000 principal amount of senior Subordinated Notes Due 2011. The notes will be issued at par with a coupon of 9.25%. Terex intends to use the net proceeds from the offering to prepay indebtedness under our credit facility, and the balance, if any, for general corporate purposes. It is intended that Terex Corporation will offer these 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 registered under the Act. Accordingly, these Senior Subordinated Notes will not be able to be offered or sold in the United States absent registration under the Act or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of Terex Corporation. Terex Corporation is a ...
December 10, 2001
WESTPORT, Conn., Dec 10, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it intends to issue approximately $200,000,000 principal amount of Senior Subordinated Notes Due 2011. Terex intends to use the net proceeds from the Note offering to prepay a portion of its existing term loans. It is intended that Terex Corporation will offer these 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 registered under the Act. Accordingly, these Senior Subordinated Notes will not be able to be offered or sold in the United States absent registration under the Act or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of Terex Corporation. Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2000 revenues in excess ...
December 10, 2001
WESTPORT, Conn., Dec 10, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has closed on the sale of 5.75 million shares of common stock offered by the Company, which includes the exercise of the over allotment granted to the underwriter of 750,000 shares. Salomon Smith Barney underwrote the offering, which was previously announced on December 5, 2001. The net proceeds to the Company from the offering is $96.3 million and will be used to repay outstanding indebtedness and for general corporate purposes. Ronald M. DeFeo, Terex Corporation's Chairman and CEO commented, "We are pleased with the execution of this transaction and the demand and interest in Terex, as evident by the exercise of the over allotment. We remain committed to improving Terex's capital structure and enhancing the Terex franchise." Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2000 revenues in excess of $2 billion. Terex is involved in a broad ...
December 05, 2001
WESTPORT, Conn., Dec 5, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has completed the sale of 5 million shares of common stock at a price to the public of $17.50 with net proceeds to the Company of $83.75 million. The Company has granted the underwriter an option to purchase up to an additional 750,000 shares to cover over allotments. Terex expects the issuance and delivery of the shares to occur on December 10, 2001. "We remain committed to our objective to continue to improve Terex's capital structure," commented Ronald M. DeFeo, Terex Corporation's Chairman and CEO. "This equity offering, the proceeds of which will be used primarily to repay debt, will strengthen our balance sheet and improve leverage ratios. We were particularly encouraged with the demand and execution of the offering during such uncertain times." Salomon Smith Barney was the sole underwriter for the offering. When available, copies of the prospectus supplement and prospectus ...
December 05, 2001
WESTPORT, Conn., Dec 5, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced the public offering of 5.0 million shares of common stock. The proceeds from this offering will be used by the Company to repay outstanding indebtedness and for general corporate purposes. Salomon Smith Barney is the sole underwriter for the offering. When available, copies of the prospectus supplement and prospectus relating to the offering may be obtained from Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York, 11220. These documents will also be filed with the Securities and Exchange Commission and will be available at the SEC's Website at http: www.sec.gov. The shares will be issued pursuant to a shelf registration statement that was previously filed. This press release shall not constitute an offer to sell or a solicitation of an offer to buy shares of Terex common stock. An offering of Terex common stock will be made only by means of a ...
November 26, 2001
WESTPORT, Conn., Nov 26, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it will acquire Atlas Weyhausen and The Schaeff Group. Atlas Weyhausen is a leading German manufacturer of wheeled excavators and truck mounted articulated cranes with estimated 2001 revenues of approximately $180 million. The Schaeff Group is a leading German manufacturer of compact construction equipment and a full range of scrap material handlers with estimated 2001 revenues of approximately $220 million. Both of these transactions are anticipated to close during the fourth quarter of 2001 or early in 2002. "The acquisition of Atlas Weyhausen and The Schaeff Group provides an enormous opportunity for us," commented Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "We expect these acquisitions will add $400 million in annual revenues and will be accretive by $0.25 - $0.30 per share after planned cost reductions are implemented. These acquisitions will also provide ...
November 05, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Nov. 5, 2001-Terex Corporation (NYSE: TEX), a global manufacturer of construction equipment, today announced its entry into the power generation industry with its new line of diesel generators. This product line will be marketed under the name Terex Power and offer a complete line of diesel generators up to 2000KW. The product line will include models for stationary applications, as well as units designed for mobile application for rental channels. "Terex Power is a new addition to the Terex family," said Ronald M. DeFeo, Chairman and Chief Executive Officer of Terex. "We have designed in high quality while keeping the cost low through our OEM arrangement with Detroit Diesel and Terex's corporate purchasing power. We believe that the growing worldwide need for dependable power is a market that Terex is well suited to serve." Stationary generators are produced to meet both prime power and standby applications. A wide range of options are available to ...
October 24, 2001
Cash generated from operations was $66 million for the quarter WESTPORT, Conn.-(BUSINESS WIRE)-Oct. 24, 2001-Terex Corporation (NYSE: TEX) today reported third quarter net income before restructuring charges of $9.0 million, or $0.32 per share. The restructuring charges recorded in the third quarter amounted to an after-tax charge of $19.9 million, or $0.71 per share. As previously announced, the restructuring relates to the consolidation of 11 facilities and other cost reduction initiatives with anticipated savings of approximately $40 million annually. Net income for the third quarter of 2000, excluding special items, was $17.5 million or $0.63 per share. Net income for the first nine months of 2001, excluding restructuring charges and special items, was $35.6 million, or $1.29 per share, compared to $63.6 million, or $2.26 per share, in the first nine months of 2000. A financial summary is shown below: Terex Corporation Third Quarter Year-to-Date - (dollars in millions, except per ...
October 09, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Oct. 9, 2001-Terex Corporation (NYSE: TEX) today announced that it has expanded the scope of its previously announced restructuring efforts to include a series of actions that are expected to result in cost reductions in excess of $40 million annually, with recognition of the benefits expected to begin early in 2002. These actions include the consolidation of production activities of eleven facilities (four from the recently acquired CMI Corporation) and personnel reductions at several of the Company's other business units. The estimated restructuring charge is between $30 and $35 million (cash portion estimated at less than $10 million) and will be recorded over the third and fourth quarters of 2001. "This restructuring is the next step in a process which began with the announcement of Terex's new operating structure back in April of this year," said Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "Given the number of acquisitions we have ...
October 05, 2001
WESTPORT, Conn., Oct 5, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced its plans for restructuring the operations of CMI Corporation, which Terex acquired on October 1, 2001. The plan calls for integrating the production of four existing CMI facilities into CMI's Oklahoma City location, as well as other cost reduction initiatives. The restructuring plan will reduce personnel by approximately 500 and is expected to generate cost savings in excess of $20 million. The restructuring plan will be implemented immediately with full integration accomplished within nine months. The four CMI facilities impacted by the integration are located in Brownwood, Texas, Champaign, Illinois, Cedar Falls, Iowa and Opglabbeek, Belgium. "The integration of these facilities will improve capacity utilization at the Oklahoma City facilities, which have over 700,000 square feet of covered space. We will also reduce overhead costs," commented Fil Filipov, Terex Executive Vice President and ...
October 04, 2001
WESTPORT, CT, Oct 4, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that they received full production approval from the United States Marine Corp for 569 TX51-19M material handlers. The TX51-19M is Terex's light capability rough terrain forklift. The order including spare parts and options is estimated at $30 million with delivery of the first units scheduled for the first quarter of 2002 with completion by year-end. "We are very pleased that Terex has received production approval for this important contract," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "This is a significant step for Terex with the U.S. Military and our people have worked very hard over the last eighteen months designing and testing the TX51-19M to meet the high standards of the United States Marine Corp. We believe our successful execution of this order and the performance of our equipment under demanding conditions will lead to further opportunities with the ...
October 01, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Oct. 1, 2001-Terex Corporation (NYSE: TEX) today announced that it has completed the acquisition of CMI Corporation (NYSE: CMI), a manufacturer and marketer of a wide variety of mobile equipment and materials processing equipment for the road building and heavy construction industry. As the closing consolidated net debt of CMI was less than the $75.25 million threshold included in the merger agreement, each outstanding share of CMI common stock will be converted into 0.16 of a share of Terex common stock in connection with the merger. Accordingly, Terex expects to issue approximately 3.6 million shares of Terex common stock in connection with the merger. CMI will now operate as a subsidiary of Terex. "We are delighted to welcome CMI to Terex's family of businesses," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "The acquisition of CMI is an excellent fit with our infrastructure business and the integration of CMI's portfolio ...
August 30, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Aug. 30, 2001-Terex Corporation (NYSE: TEX) announced today that it has received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act relating to its proposed merger with CMI Corporation (NYSE: CMI). The CMI shareholder's meeting has been scheduled for September 28, 2001, and the merger is expected to be consummated in early October. CMI is a leading manufacturer of a broad range of leading-edge automated machines for the construction and maintenance of highways, city streets and county roads, parking lots and bridges, with 2000 revenues in excess of $225 million. Products include asphalt and concrete mixing plants, road profiling and reclaiming equipment, concrete paving systems and landfill compactors and grinders. Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2000 revenues in excess of $2 billion. Terex is involved in a broad range of construction, infrastructure, ...
August 28, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Aug. 28, 2001-Terex Corporation (NYSE:TEX) announces the appointment of Thys De Beer as President of Terex Mining. Mr. De Beer will report to Terex's Chairman and Chief Executive Officer, Ronald M. DeFeo. Terex Mining manufactures and sells high capacity surface mining trucks and large hydraulic mining shovels. Terex ranks as one of the top surface mining equipment manufacturers worldwide. This core division of Terex has manufacturing facilities in the United States and Germany. Thys De Beer, who is 54, joins Terex from Metso Minerals Inc., formerly known as Nordberg, Inc., where he was President and CEO from 1993 to 1999 and named Chairman of the Board in 1999. Prior to joining Nordberg, Mr. De Beer worked in the coal, gold and hard metal mining industry for 17 years working for Rand Mines Pty., Ltd., a major global mining company. Ernie Verebelyi, currently Group President for the Americas and Mining, will continue as Group President for the Americas. ...
August 27, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Aug. 27, 2001-Terex Corporation (NYSE: TEX) announced today that it has launched the Internet site, www.terexminingparts.com for surplus and discontinued Terex Mining parts. "Terex Mining, a leading manufacturer of high capacity surface mining trucks and large hydraulic excavators, is committed to manufacturing and marketing high quality capital equipment designed to improve our customers' productivity and return on invested capital," said Howard Jaffe, Vice President, Parts Sales for Terex Mining. "We utilized IT Rapid Solutions to design and build a marketplace where buyers can efficiently access Terex Mining products and services while allowing the Company to better manage surplus and discontinued inventory." Mr. Jaffe added, "As a result of Terex purchasing and/or fabricating at a reduced cost or due to an overstock situation in our inventory, we have available through the Terex Mining Internet site spares and components to offer our customers at ...
July 26, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-July 26, 2001- Earnings per share before non-recurring items in line with previously announced expectations of $0.50 to $0.55 Second half outlook for 2001 remains unchanged Terex Corporation (NYSE: TEX) today reported second quarter net income before non-recurring items of $14.2 million, or $0.51 per share, in line the Company's previously stated expectations of $0.50 to $0.55 per share before non-recurring items for the second quarter of 2001. The second quarter results exclude an after-tax $2.2 million, or a $0.08 per share, one-time charge for the cost associated with the return of five trucks by a mining customer. Net sales for the second quarter were $439.3 million. A financial summary is shown below: Second Quarter - (dollars in millions, except per share amounts) 2001 2000 - % of % of sales sales - - Net sales (1).................$ 439.3 - $ 593.5 - ============ ============ Gross profit (1)..............$ 80.2 18.3% $ 106.6 18.0% ...
July 25, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-July 25, 2001-Terex Corporation (NYSE: TEX) today announced that Kevin O'Reilly, who is currently Terex's controller has been promoted to the position of Vice President, Investor Relations and Corporate Communications. Mr. O'Reilly will have responsibility for all corporate and division communications including investor relations, external and internal communications. Jack Lascar, who is currently Vice President, Investor Relations and Corporate Communications, has been named Vice President and General Manager for the Terex Light Construction. "I am very pleased that Kevin has accepted this new assignment," said Ronald M. DeFeo, Chairman and Chief Executive Officer of Terex Corporation. "He comes into this position with strong analytical tools and a very good knowledge of the company and its business units. Over the past three years, since he joined Terex from PricewaterhouseCoopers, he has worked closely with and earned the respect of the organization. ...
July 13, 2001
WESTPORT, CT, July 13, 2001 – Terex Corporation announced today the availability of consulting services for the entire Terex organization through I.T. Rapid Solutions, LLC. I.T. Rapid Solutions, a subsidiary of EarthKing, Inc. and part of the Terex family, specializes in the complete life cycle of Information Technology project management. I.T. Rapid Solutions is a group of senior level I.T. specialists serving in the areas of business analysis, database design, implementation/integration, project management and hosting. The group has formalized contractual relationships with many providers of additional services and hundreds of technical skill sets, and is positioned to provide complete customer solutions. The company focuses on I.T. projects in the construction, aggregates, mining, earthmoving, and recycling industries. Current companies that use I.T. Rapid Solutions include Terex, Terex Mining, Compass (an Asplundh division), Martin Marietta Materials, FleetEdge, EarthKing, ...
June 28, 2001
WESTPORT, Conn., Jun 28, 2001 (BUSINESS WIRE) - Terex: - Terex announces restructuring actions with the planned closure of four manufacturing plants - Annual savings from operational integration expected to reach approximately $10 to $15 million Terex Corporation (NYSE: TEX) today announced that it has revised its expected second quarter and full-year 2001 earnings per share from continuing operations as a result of continuing challenging market conditions in the North American construction and global mining industries. The Company anticipates that its second quarter earnings per share from continuing operations before non-recurring items will be in the $0.50 to $0.55 range. The expected second quarter results represent a 10% to 20% improvement over the first quarter of 2001. At this point in time, the Company expects results for the second half of 2001 to be very similar to those of the first half. Since reporting its first quarter results in late April, Terex has been impacted by an ...
June 28, 2001
WESTPORT, Conn., Jun 28, 2001 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that it has signed a definitive merger agreement with CMI Corporation (NYSE: CMI). The merger agreement provides for an exchange of all the outstanding shares of CMI, at an exchange rate of 0.16 share of Terex common stock for each share of CMI common stock, subject to a downward adjustment in the event the consolidated net debt of CMI exceeds $75.25 million at closing. As a result of this transaction, Terex is expected to issue a maximum of approximately 3.5 million shares of its common stock to CMI shareholders. The transaction, which is subject to customary closing conditions including CMI shareholder and regulatory approval, is expected to close during the third quarter of 2001. CMI is a leading manufacturer of a broad range of leading-edge automated machines for the construction and maintenance of highways, city streets and county roads, parking lots and bridges, with 2000 revenues in ...
April 26, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-April 26, 2001- Earnings per share in line with previously announced expectations Terex announces a major reorganization of its operational structure Terex Corporation (NYSE:TEX) today announced first quarter 2001 income of $12.4 million, or $0.45 per share, from continuing operations, within the Company's previously stated expectations of $0.45 to $0.55 per share for the first quarter of 2001. The first quarter results of $12.4 million in income exclude a $2.3 million, or a $0.08 per share, after-tax write-off for unamortized debt issuance costs resulting from the $194 million in debt paydown by the Company during the first quarter of 2001. Net sales for the first quarter were $477.4 million, down $76.1 million from the first quarter of 2000. A financial summary is shown below: Terex Corporation: - First Quarter - (Dollars in millions, except per share amounts) 2001 2000 - - % of % of Sales Sales Sales $ 477.4 $ 553.5 =========== =========== Gross ...
April 24, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-April 24, 2001-Terex Corporation (NYSE: TEX) announced today that Unit Rig, a division of Terex Mining, has successfully launched its new 150-ton payload model MT-3300 AC drive haulage truck at the IMERYS mine in Sylacauga, Alabama. The four giant trucks, sold and delivered to IMERYS in December 2000, were formally commissioned in special ceremonies at the historic marble quarry, a notably difficult operating environment with high rolling resistance and continuous steep grades. The 40-foot-long MT-3300, a unique hauling vehicle, is the only AC drive truck of its size in the world. It was designed to compete in a market that has historically used mechanical drive trucks. The major benefits of Terex's groundbreaking new model include substantially lower operating costs, superior power-to-weight ratio, higher sustainable speeds on grade, and improved downhill performance when loaded or unloaded. Among the MT-3300's other striking characteristics are ...
April 23, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-April 23, 2001- Ernie Verebelyi named Group President, Terex Mining and Americas Colin Robertson named President, Terex Europe Terex Corporation (NYSE: TEX) announced today a new operating structure effective May 1, 2001. Ernie R. Verebelyi, President Terex Earthmoving has been named Group President, Terex Mining and Americas. Mr. Verebelyi will lead the global Terex Mining business, as well as all North and South American-based business units. In this new capacity, he will be responsible for all operations, manufacturing, and sales/marketing activities for Terex products sold in the Americas. Ernie will also lead our light construction division, the parts business, as well as our businesses in Australia and Asia. Colin Robertson, Managing Director for both the Construction and Powerscreen group, has been named President, Terex Europe. In this new capacity, Mr. Robertson will be responsible for all European-based business units. Based in Motherwell, ...
April 23, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-April 23, 2001-Terex Corporation (NYSE: TEX) announced today that effective May 1, 2001, Fil Filipov becomes Executive Vice President of Terex Corporation reporting to Ronald M. DeFeo, Terex's Chairman and CEO. In this new capacity, Fil will assume a special assignment in which he will be responsible for restructuring and investment activities for the Company in order to accelerate growth and improve earnings. "Fil has the perfect background for this position," commented Ron DeFeo. "Over the past eight years, Fil has been instrumental in both restructuring Terex and building the most diversified lifting business in he world. In 2000, the lifting business had revenues of nearly $1 billion with an operating margin of 10%. When Fil started managing this business, it was one-tenth its current size and losing money." Ron DeFeo added, "In this newly established position, Fil will help us acquire and later run a variety of strategic opportunities that we feel ...
April 12, 2001
BOSTON-(BUSINESS WIRE)-April 12, 2001- Customers gain broader range of services to help reduce development costs The Boston Internet Group, Inc. (BIG) today announced it has broadened the range of eBusiness and traditional services and products it can offer clients by entering into a strategic partnership with I.T. Rapid Development Group, LLC, a B2B consulting firm and a subsidiary of the $2 Billion Terex Corporation (NYSE:TEX). The partnership expands the Internet professional services of both companies and gives clients a more complete range of e-business services. Clients can now work with the Boston Internet Group from concept to implementation and on to deployment and support using the best solutions available. These services include defining business strategies, branding, design and application development, plus the new addition of end-to-end collaborative services and products for the management of code and content for e-business, as well as networking and fault-tolerant ...
March 23, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-March 23, 2001-Terex Corporation (NYSE: TEX) today announced that it has priced $300,000,000 principal amount of Senior Subordinated Notes Due 2011 and is increasing its Revolving Credit Facility maturing March 2004 from $125 million to $300 million. The notes will be issued at par with a coupon of 10.375%. The size of the deal was increased from the original $200 million as a result of strong demand for the Terex notes and reflects investors' confidence in Terex's long term outlook. Terex intends to use the net proceeds from the Note offering to prepay a portion of its existing term loans and for general corporate purposes. The increase in the Revolving Credit Facility will provide the Company with greater operating flexibility. Terex Corporation is offering these Senior Subordinated Notes pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the "Act"), and they will not initially be registered under the Act. Accordingly, ...
March 14, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-March 14, 2001-Terex Corporation (NYSE:TEX) today announced that it intends to issue approximately $200,000,000 principal amount of Senior Subordinated Notes Due 2011 and increase the availability under its existing $125 million Revolving Credit Facility maturing March 2004 to $300 million. Terex also is negotiating an amendment to its existing bank credit agreements to provide the Company with greater operating flexibility. Terex intends to use the net proceeds from the Note offering to prepay a portion of its existing term loans. The increase in the Revolving Credit Facility will allow Terex to reduce the amount of cash balances and total debt it has been carrying on its balance sheet. It is intended that Terex Corporation will offer these 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 registered under the Act. Accordingly, these Senior ...
March 14, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-March 14, 2001-Terex Corporation (NYSE: TEX) announced today that it has agreed to make a $1.2 million equity investment into FleetEdge, a B2B fleet management system focused on providing business intelligence for users of construction equipment. "This investment will allow Terex to develop a presence in fleet management services," said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "We recently announced the launching of EarthKing, an independent and unbiased Internet marketplace for the construction and mining equipment industry. FleetEdge provides EarthKing with a fleet management system that is custom configured for our customers' equipment fleets, designed to be easily implemented, maintained and managed from anywhere in the world with an Internet connection. FleetEdge's complete service provides the business intelligence to help fleet managers tackle one of the most challenging aspects of their business, equipment management. We ...
February 20, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Feb. 20, 2001- Earnings per share in 2000, excluding special items, were $2.82 Earnings per share in the fourth quarter, excluding special items, reached $0.55 Net debt reduced by 30%, or $300 million Cash flow from operations increased to a record high $200 million in 2000 Terex Corporation (NYSE: TEX) today reported full year 2000 net income of $95.1 million, or $3.41 per share, compared to 1999 net income of $172.9 million, or $6.75 per share. Results for 2000 include special items that in the aggregate amounted to a net of $0.59 per share, and results for 1999 include special items that in the aggregate amounted to a net of $2.59 per share. Net sales in 2000 reached a record $2,068.7 million, up $212.1 million or 11.4% over 1999. On a comparable tax basis with 2000 and excluding special items, earnings per share in 2000 were $2.82, compared to earnings per share in 1999 of $3.15. Excluding special items, Terex reported earnings per share of $4.16 in ...
January 26, 2001
WESTPORT, CT-(BUSINESS WIRE)-January 26, 2001-Terex Corporation (NYSE: TEX) announced today that it has agreed to make an equity investment into SourceRight.com, a B2B e-commerce industrial supply company, focused on the cost-effective supply of materials and supplies to the construction and mining industries. "This investment will allow Terex to develop an e-presence in the materials and supplies business," said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "We recently announced the launching of EarthKing, an independent and unbiased Internet marketplace for the construction and mining equipment industry. SourceRight provides EarthKing with a comprehensive source of supplies and materials, tailored to its target markets. SourceRight's approach to driving down supply chain waste, simplifying the purchasing process and aggressive pricing will provide real, tangible savings for EarthKing's customers. We are particularly pleased with the SourceRight relationship because ...
January 25, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 25, 2001-Terex Earthmoving, a business unit of Terex Corporation (NYSE: TEX) announced today the introduction of TERENET, a new and innovative Internet-based Product Support System for use by Terex Americas Dealers and Distributors. Terex Americas is the North and South American marketing arm of Terex's Scottish-based off-highway trucks operation. "TERENET provides worldwide access via a single, multi-lingual source to a series of support systems for the benefit of our dealers," said Colin Robertson, Managing Director of Terex Construction. "This Product Support System, which does not require a licensing fee, provides our dealers with the ability to locate and order parts and service procedures for all current and non-current products in the articulated truck, rigid frame truck and scraper models." This system also provides online warranty administration, where dealers can submit and monitor the progress of warranty claims, receive updated product ...
January 18, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 18, 2001-Terex Corporation (NYSE: TEX) announced today that it has agreed to make a $3.0 million equity investment into TaskPoint, a B2B marketplace for light construction equipment, attachments, and related products. "This investment will allow Terex to develop an e-presence in the light equipment and attachments business," said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "We recently announced the launching of EarthKing, an independent and unbiased Internet marketplace for the construction and mining equipment industry. Our relationship with TaskPoint should help EarthKing accelerate its e-presence in the light construction equipment and attachments area. Our association with TaskPoint will effectively lower the overall costs to acquire light equipment and attachments and better serve the needs of our customers." "We are pleased that TaskPoint's vision, business model, and team have attracted Terex as a strategic investor," ...
January 17, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 17, 2001-Terex Corporation (NYSE: TEX) announced today that it has officially launched EarthKing's Internet site (www.earthking.com). Over the next several weeks, EarthKing will roll out its e-commerce capabilities as an independent and unbiased Internet marketplace for the construction and mining equipment industry. EarthKing will use the Internet and technology to provide real savings to its customers in the selection, acquisition, management and disposition of their equipment and parts. Over the past six months, EarthKing has developed agreements with several "Best-in-Class" strategic partners to participate within the EarthKing alliance to ensure the reliable delivery of quality and cost-effective services to its customers. "Our vision was to create an independent Company that will provide new tools for equipment owners and operators to maximize their return on investment. We have accomplished that!" said Ronald M. DeFeo, Terex's Chairman and ...
January 16, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 16, 2001-Terex Earthmoving, a unit of Terex Corporation (TEX: NYSE), today announced that it has entered into a strategic alliance with FFE Minerals USA Inc., (FFEM), a member of the FLS Industries A/S group of companies. With $150 million in revenues worldwide, the FFEM group, based in Bethlehem, Pennsylvania, has been one of the world's leading suppliers since 1903 of mineral processing equipment such as grinding mills, hoists, crushing, pyroprocessing and separation technologies. Terex Earthmoving's revenues have grown from $456 million in 1998 to an estimated $1.1 billion in 2000. In a joint statement, Ernie Verebelyi, President of Terex Earthmoving, and George Robles, President and CEO of FFE Minerals said, "This agreement capitalizes on the complementary product and geographic strengths of each organization with the objective of improving revenue growth. We can now offer more comprehensive material movement and processing packages to mining ...
January 03, 2001
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 3, 2001-Terex Corporation (NYSE: TEX) announced today that it has acquired Fermec Holdings Limited, a leading European manufacturer of loader backhoes based in the UK. Fermec was sold by CNH as a condition for the European Commission to approve the Case-New Holland merger. "This acquisition is an excellent fit with Terex's strategy of diversifying both the products and geographic range of our customer offerings," said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "With approximately $80 million in revenues, this acquisition gives us the opportunity to implement our low cost operating model in a new product line. The Fermec loader backhoe product line has a long history and reputation for quality. Furthermore, the Fermec product line is sold to many of the same rental and construction customers as other Terex equipment in Europe." Ernie Verebelyi, President of Terex Earthmoving added, "Similar to other small to medium-sized ...