December 26, 2002
WESTPORT, Conn.-(BUSINESS WIRE)-Dec. 26, 2002-Terex Corporation (NYSE: TEX) announced today the appointment of Art Kaplan to the newly created position of President - Terex Roadbuilding, reporting directly to Ronald DeFeo, Terex's Chairman and Chief Executive Officer. Mr. Kaplan will be responsible for the worldwide operations of CMI Terex, including the manufacture and distribution of asphalt and concrete plants, concrete paving systems, and pavement profiling, reclaiming and stabilizing equipment. In addition, Mr. Kaplan will be responsible for the worldwide sales and service of asphalt pavers, which are manufactured by Terex's Cedarapids facility, and the sales and service of Terex compaction equipment in North America, which is manufactured by Terex's Benford facility. The Cedarapids group, which produces crushing and screening equipment through its Cedarapids, Simplicity and Jacques businesses, will remain the responsibility of Bill McClane, President of Cedarapids. Prior to ...
December 05, 2002
WESTPORT, Conn.-(BUSINESS WIRE)-Dec. 5, 2002-Terex Corporation (NYSE: TEX) stated today in response to a report in the media, it is not in discussions with respect to an acquisition of Daewoo Heavy Industries & Machinery Ltd. The Company generally does not respond to industry rumors, but given the level of inquiries received regarding this report, the Company felt it necessary to comment. Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with pro forma 2001 annual revenues of $3.4 billion. Terex is involved in a broad range of construction, infrastructure, recycling and mining-related capital equipment under the brand names of Advance, American, Amida, Atlas, Bartell, Bendini, Benford, Bid-Well, B.L. Pegson, Canica, Cedarapids, Cifali, CMI, Coleman Engineering, Comedil, CPV, Demag, Fermec, Finlay, Franna, Fuchs, Genie, Grayhound, Hi-Ranger, Italmacchine, Jaques, Johnson-Ross, Koehring, Lectra Haul, Load King, Lorain, Marklift, Matbro, Morrison, ...
October 24, 2002
Oct. 24, 2002-Terex Corporation (NYSE:TEX) today announced net income for the third quarter of 2002 of $9.8 million, or $0.22 per share, compared to a loss of $10.9 million, or $0.41 per share, for the third quarter of 2001. Excluding the impact of special items, income for the third quarter of 2002 was $13.9 million, or $0.31 per share, compared to $9.0 million, or $0.32 per share, for the third quarter of 2001. Special items in the third quarter of 2002 include: a loss on the early extinguishment of debt related to the refinancing of Terex's bank credit facility; restructuring actions primarily related to the consolidation of facilities within the light construction business; inventory valuation adjustments related to the acquisitions of Demag and Genie which do not reflect the ongoing performance of the businesses; the operating performance for certain businesses in the process of being sold or phased down, the equity loss on Terex's minority investment in Tatra, a.s.; and a ...
October 01, 2002
WESTPORT, Conn., Oct 1, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that its Board of Directors has added Helge H. Wehmeier as a member of the Terex Board. Mr. Wehmeier recently retired from Bayer AG, a diversified, international chemicals and health care group. Mr. Wehmeier had spent more than 35 years with Bayer AG in various positions of increasing responsibility, including senior management positions in both Europe and the United States. Mr. Wehmeier's most recent position was President and Chief Executive Officer, Bayer Corporation, a position he held since 1991. Mr. Wehmeier is an alumnus of the International Management Development Institute, Lausanne, Switzerland and Institut European d'Administration des Affaires, Fontainebleau, France. Mr. Wehmeier is also a director of PNC Financial Services Group, a diversified banking and financial services company. Commenting on the nomination of Mr. Wehmeier, Ronald M. DeFeo, Terex Chairman and Chief Executive ...
September 23, 2002
WESTPORT, Conn., Sep 23, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that the presentations given at the Terex Corporation Investor Meeting held on September 18, 2002 in New York City have been posted onto their website, www.terex.com under the Investor Relations section. These presentations by Terex's senior management team provide an overview of the company's current business activities, strategies and future outlook. The audio archives and presentations may contain forward-looking information based on Terex's current expectations. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond Terex's control, include among others: Terex's business is highly cyclical and weak general economic conditions may affect the sales of its products and its financial results; the sensitivity of construction and mining activity to interest rates, government spending and ...
September 19, 2002
WESTPORT, Conn., Sep 19, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that it has completed its previously announced acquisition of Genie Holdings, Inc. Genie is a leading worldwide manufacturer of aerial work platforms with 2001 sales of $575 million. Consideration for the acquisition is $75 million, payable $10.1 million in cash and $64.9 million in Terex common stock (approximately 3.2 million shares of Terex common stock). In addition, Terex will refinance approximately $175 million in Genie indebtedness with the proceeds of its recently announced incremental term loan. "We are very excited to welcome Genie to the Terex family." commented Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "Genie, with its strong global brand name and market share, positions us as one of the very few significant players in the aerial work platform business. Adding Genie to the Terex franchise increases our product and geographic diversification and creates one of ...
September 17, 2002
WESTPORT, Conn., Sep 17, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that Credit Suisse First Boston and Salomon Smith Barney Inc. are syndicating an incremental term loan for Terex in the principal amount of $210 million under Terex's existing secured bank credit facility. The new term loan will bear interest at the rate of Libor plus 250 basis points and mature on December 31, 2009. The net proceeds of the incremental term loan will be used primarily to refinance existing indebtedness of Genie Holdings, Inc. Terex announced the acquisition of Genie, a leading global manufacturer of aerial work platforms with 2001 revenues of $575 million, on July 19, 2002, and expects to complete the acquisition later this month. Safe Harbor Statement The above contains forward-looking information based on Terex's current expectations. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, ...
September 16, 2002
WESTPORT, Conn., Sep 16, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today the appointment of Phillip C. Widman as Senior Vice President and Chief Financial Officer and Joseph F. Apuzzo as President - Terex Financial Services, both positions reporting to Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. Mr. Widman served as Executive Vice President, Chief Financial Officer of Philip Services Corporation, an industrial outsourcing and metal services company with over 280 locations throughout North America and Europe and as an independent consultant since leaving there. Prior to joining Philip Services, Mr. Widman worked at Asea Brown Boveri Ltd. (ABB) for eleven years in various financial and operational capacities in the transportation, power generation and power distribution businesses. During his last two years at ABB, he served as Vice President, Chief Financial Officer and Supply Management of its $5 billion diverse businesses in the United States. ...
September 11, 2002
WESTPORT, Conn.-(BUSINESS WIRE)-Sept. 11, 2002-Terex Corporation (NYSE: TEX) announced today a new operating structure organizing the company into four primary reporting groups: Terex Cranes, Terex Construction, Terex Mining, and Terex Roadbuilding and Utility Products. Upon the completion of the previously announced acquisition of Genie Industries, Inc., Terex will add Terex Aerial Work Platforms as a fifth reporting group. Financial data for Terex for 1999, 2000, 2001 and the first six months of 2002, reflecting the new operating structure, is attached to this release. "The purpose of these changes is to strengthen the company's ability to service our customers and to provide a better return to our shareholders," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "Over the past twelve months we have grown as a company and have added over $1.5 billion in pro forma revenues through eight completed or announced acquisitions. These acquisitions have continued to ...
August 30, 2002
WESTPORT, Conn., Aug 30, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has completed the acquisition of Demag Mobile Cranes GmbH & Co KG, a leading manufacturer of mobile telescopic and lattice boom cranes. "We are pleased to welcome Demag to the Terex group," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "Besides being financially attractive, the Demag acquisition fills certain strategic needs within our Crane group. Demag improves our position in the all-terrain crane market, a market category that has seen growth over the past several years, and provides leading market positions in the 300-ton to 1,600-ton lattice boom crane category. The Demag acquisition not only strengthens the Terex franchise, which has become one of the leaders in the construction and mining equipment sector, but also positions us to compete as a leading worldwide global crane company." Fil Filipov, President of Terex Cranes, will assume ...
August 21, 2002
WESTPORT, Conn., Aug 21, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has received approval from the U.S. Federal Trade Commission and the European Commission for the acquisition of Demag Mobile Cranes GmbH & Co. KG ("Demag"). Demag, which manufactures and distributes telescopic and lattice boom cranes, is one of the leading mobile crane producers worldwide, with 2001 revenues of approximately $360 million. The transaction is anticipated to close on or about August 30, 2002. Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2001 annual revenues in excess of $1.8 billion. Terex is involved in a broad range of construction, infrastructure, recycling and mining-related capital equipment under the brand names of Advance, American, Amida, Atlas, Bartell, Bendini, Benford, Bid-Well, B.L. Pegson, Canica, Cedarapids, Cifali, CMI, Coleman Engineering, Comedil, CPV, Fermec, Finlay, Franna, Fuchs, Grayhound, Hi-Ranger, ...
August 09, 2002
WESTPORT, Conn., Aug 9, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that Ronald M. DeFeo, Chairman, President and Chief Executive Officer, and Joseph F. Apuzzo, Chief Financial Officer, have certified the Company's financial reports in compliance with both a Securities and Exchange Commission directive and the new Sarbanes-Oxley Act of 2002. The certifications delivered to the SEC today in compliance with SEC Order No. 4-460 covered Terex's 2001 annual report on Form 10-K, Terex's 2002 proxy statement, all Form 8-K reports filed since the 10-K, and Terex's Form 10-Q reports for the first two quarters of 2002. An additional certification for the Form 10-Q report for Terex's quarter ended June 30, 2002 as required by the Sarbanes-Oxley Act of 2002 was also filed today along with the Form 10-Q report. Terex has also filed copies of all of these certifications with the SEC today as exhibits to a Current Report on Form 8-K. Terex Corporation is a diversified global ...
July 25, 2002
WESTPORT, Conn., Jul 25, 2002 (BUSINESS WIRE) - - Reports record quarterly revenues of $690 million Terex Corporation (NYSE:TEX) today announced net income for the second quarter of 2002 of $5.2 million or $0.12 per share, compared to net income of $12.0 million or $0.43 per share for the second quarter of 2001. Excluding the impact of restructuring and other special items, income for the second quarter of 2002 was $20.5 million or $0.47 per share, compared to $14.2 million or $0.51 per share for the second quarter of 2001. Special items in the second quarter of 2002 relate primarily to the previously announced restructuring charge for the closure of the Terex Mining manufacturing facility in Tulsa, Oklahoma and the write down of certain assets within the light construction group, European lifting group and EarthKing subsidiary. These items were partially offset by a foreign exchange gain related to a forward purchase of Euros to hedge the Company's pending acquisition of Demag Mobile ...
July 19, 2002
WESTPORT, Conn., Jul 19, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has signed an Agreement and Plan of Merger with Genie Holdings, Inc., a leading global manufacturer of aerial work platforms with 2001 revenues of $575 million. The purchase consideration will be $75 million, consisting of $64.9 million in Terex common stock and $10.1 million in cash, subject to adjustment. In accordance with the agreement, the exchange ratio of Terex shares for Genie shares will be based upon the average closing price for Terex common stock for the ten consecutive trading days prior to the closing date. Based on the current share price of Terex common stock, Terex expects to issue approximately 3.2 million shares of its common stock to Genie shareholders. In addition, Terex will refinance approximately $195 million of Genie debt. The transaction is subject to customary closing conditions, including regulatory approval, and is anticipated to close in the third quarter ...
July 09, 2002
WESTPORT, Conn., Jul 9, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE :TEX ) today announced that Ronald M. DeFeo, Chairman and Chief Executive Officer of Terex Corporation will be participating in a taped interview with John McGinty, Credit Suisse First Boston's equity research analyst for machinery, on Tuesday, July 9, 2002 at 1:30 PM to discuss Terex's business and conditions in the construction equipment industry. Immediately following the meeting, the interview and presentation materials will be available at http://www.netroadshow.com/custom/csfb/terex.html and will also be archived for replay on the Company's website at www.terex.com . The webcast may contain forward-looking information based on Terex's current expectations. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond Terex's control, include among others: Terex's business is highly cyclical and weak general ...
May 29, 2002
WESTPORT, Conn., May 29, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) announced today plans to relocate the manufacturing and assembly of its Terex Mining haul trucks and parts distribution operations currently performed at Terex Mining's facility in Tulsa, Oklahoma. These moves are expected to reduce fixed overhead and production costs by approximately $2.7 million annually. In connection with this action, Terex expects to take an accounting charge of approximately $6.4 million, of which approximately $1.3 million is estimated to be the net cash impact. Manufacturing, assembly and parts distribution activities will be relocated to other Terex facilities or third party suppliers. Terex Mining anticipates no customer service or delivery disruptions as a result of the relocation. Terex Mining's leadership, engineering and support staff will remain headquartered in Tulsa. "The current market environment for surface mining trucks requires a change in structure for Terex to remain ...
May 17, 2002
WESTPORT, Conn., May 17, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has entered into an agreement to acquire Demag Mobile Cranes GmbH & Co. KG ("Demag"). Demag, which manufactures and distributes telescopic and lattice boom cranes, is one of the leading mobile crane producers worldwide, with 2001 revenues of approximately $360 million. The transaction is subject to customary closing conditions, including regulatory approval, and is anticipated to close at the end of the second quarter or early in the third quarter of 2002. "The acquisition of Demag is an excellent opportunity for us," commented Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "From a strategic perspective, it improves our position in the all-terrain crane market, which has been a growing market category over the past several years, and gives us a product offering that fills gaps in the current Terex crane product line. When combined with our rough terrain and truck ...
April 24, 2002
WESTPORT, Conn., Apr 24, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) today announced that it will participate in Bear Stearns Eleventh Annual Credit Research Conference at The Waldorf Astoria Hotel in New York City on April 24, 2002. The meeting will include a presentation by Joseph F. Apuzzo, Chief Financial Officer. A live webcast of this presentation can be accessed on Wednesday, April 24, 2002 at 2:15 p.m. (EST) on the Terex Corporation website, www.terex.com under the Investor Relations section. Listeners should go to this site at least 15 minutes before this event to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available for 30 days by accessing the above address. There is no charge to access the event. The webcast may contain forward-looking information based on Terex's current expectations. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. ...
April 23, 2002
WESTPORT, Conn.-(BUSINESS WIRE)-April 23, 2002-Terex Corporation (NYSE: TEX) today announced first quarter 2002 net income of $16.9 million or $0.44 per share, compared to $10.1 million or $0.37 per share for the first quarter of 2001. Excluding special items, income for the first quarter of 2002 was $7.0 million, or $0.18 per share, compared to $12.4 million, or $0.45 per share, for the first quarter of 2001. Special items in the first quarter of 2002 include a $1.2 million restructuring charge and $10.7 million of income related to the write-off of negative goodwill, while the first quarter of 2001 includes $2.3 million related to a loss on retirement of debt. Fully diluted weighted average shares outstanding for the first quarter of 2002 was 38.7 million, compared to 27.4 million for the first quarter of 2001. Net sales for the first quarter of 2002 were $582.0 million, a 22% increase over the first quarter of 2001. A financial summary is shown below: Terex Corporation: - First ...
April 23, 2002
WESTPORT, Conn., Apr 23, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has closed on the sale of 5.35 million shares of common stock offered by the Company, which includes the exercise of the over allotment granted to the underwriter of 346,700 shares. The net proceeds to the Company from the offering is approximately $113.4 million and will be used to repay outstanding indebtedness and for general corporate purposes, including acquisitions. 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. 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 2001 annual revenues in excess of $1.8 billion. Terex is involved in a broad range of construction, infrastructure, recycling and mining-related capital equipment under the ...
April 18, 2002
WESTPORT, Conn.-(BUSINESS WIRE)-April 18, 2002-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 $21.75 per share with net proceeds to the Company of approximately $106 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 April 23, 2002. "We remain committed to growing the Company and increasing shareholder value through internal growth, cost saving initiatives and acquisitions," commented Ronald M. DeFeo, Terex Corporation's Chairman and CEO. "This equity offering, the proceeds of which will be used to repay outstanding indebtedness and for general corporate purposes including acquisitions will improve the Company's balance sheet and position the Company to take advantage of opportunities in the marketplace. We were particularly encouraged with the ...
April 17, 2002
WESTPORT, Conn., Apr 17, 2002 (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 including acquisitions. Credit Suisse First Boston is the sole underwriter for the offering. When available, copies of the prospectus supplement and prospectus relating to the offering may be obtained from Credit Suisse First Boston, Prospectus Department, Level 1B, 11 Madison Avenue, New York, NY 10010, telephone number 212-325-2580. 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 an effective 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 ...
February 25, 2002
WESTPORT, Conn., Feb 25, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it will participate in Salomon Smith Barney's Fifteenth Annual Global Industrial Manufacturing Conference at The Grand Hyatt Hotel in New York City on February 26, 2002. The meeting will include a presentation by Ronald M. DeFeo, Terex's Chairman, President and Chief Executive Officer and Joseph F. Apuzzo, CFO. A live webcast of this presentation can be accessed on Tuesday, February 26, 2002 at 9:45 a.m. (EST) at the following Web address: http://www.veracast.com/ssb/2002/industrial-manufacturing/27105568.cfm. Listeners should go to this site at least 15 minutes before this event to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available for 30 days by accessing the above address. There is no charge to access the event. Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2001 ...
February 21, 2002
- Earnings per share in the fourth quarter, before non-recurring items, was $0.14, in line with previous guidance - Cash flow from operations for the quarter was $18.5 million - Net debt to book capital fell to 57% WESTPORT, Conn., Feb 21, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) today reported full year 2001 net income of $12.8 million, or $0.44 per share, compared to 2000 net income of $95.1 million, or $3.41 per share. Excluding the impact of restructuring charges and special items, earnings per share for the full year 2001 and 2000 were $1.39 and $2.82, respectively. Impacting the full year EPS was the approximately 9.4 million shares issued in the fourth quarter increasing the weighted average fully diluted number of shares from 27.7 million for the nine months ended September 30, 2001 to 28.9 million for the year ended December 31, 2001. Net sales for the full year 2001 were $1,812.5 million, a 12% decrease from 2000 net sales of $2,068.7 million. Excluding the impact ...
January 24, 2002
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 24, 2002-Terex Corporation (NYSE: TEX) today announced that it will make a strategic investment in Tatra, a.s., an internationally recognized manufacturer of on/off-road heavy-duty vehicles for commercial and military applications. Tatra, which is based in the Czech Republic, had estimated 2001 revenues of approximately $157 million. Terex will acquire 40.61% of Tatra from SDC International, Inc. (OTCBB:SDCN), who recently purchased 91.61% of Tatra from the Czech government. The remaining shares of Tatra, approximately 8%, are publicly held. "This investment provides Terex with opportunities on many fronts," commented Ronald M. DeFeo, Chairman and Chief Executive Officer of Terex. "It immediately expands our presence in the defense and government truck markets without the significant development costs and time delays associated with new products. This investment provides avenues into Central and Eastern Europe as well as China, where Tatra has ...
January 22, 2002
WATERTOWN, SD, January 22, 2002 – Terex-Telelect, Inc. today announced that it has acquired Pacific Utility Equipment Co., a distributor of Telelect products. Pacific Utility, based in Portland, Oregon, performs final assembly, distribution, equipment rental and after-market service for the utility, telecommunications, and municipal markets. From nine locations, Pacific Utility provides services to the following states: Oregon, Washington, Alaska, California, Nevada, Utah, Idaho, Wyoming, Montana, Arizona, and Hawaii. “We are very excited about the Pacific Utility acquisition,” commented Ernie Verebelyi, Group President-Terex Americas. “Pacific Utility has done a fine job developing the West Coast market for Telelect products, but with the consolidation underway within the utility industry we believe that this acquisition will give Telelect the opportunity to address some strategic needs in our distribution channel. It provides Telelect more direct access to many customers who are ...
January 15, 2002
WESTPORT, Conn., Jan 15, 2002 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has completed the previously announced acquisitions of Atlas Weyhausen and The Schaeff Group. Atlas Weyhausen is a leading German manufacturer of wheeled excavators and truck mounted articulated cranes and The Schaeff Group is a leading German manufacturer of compact construction equipment, including mini and midi excavators, compact wheel loaders, and a full range of scrap material handlers. "We are delighted to welcome Atlas and Schaeff to the Terex family of businesses," commented Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "The acquisitions fit with Terex's strategy of diversifying both the products and geographic range of our customer offerings. In addition to adding approximately $400 million in new revenue, the acquisitions also help address a strategic issue for the Company by increasing our presence in Germany, Europe's largest construction market. Atlas and ...