December 10, 2003
Dec. 10, 2003-Terex Corporation (NYSE: TEX) today announced it has terminated discussions with Caterpillar regarding the sale of Terex's mining truck business to Caterpillar and that Terex will not acquire Caterpillar's mining shovel intellectual property. Discussions ended due to an inability to come to financial terms satisfactory to all parties. Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer, commented, "We were unable to conclude this deal because of a difference in value. We believe the process has validated the quality of our truck and shovel products. However, the complexity of this transaction, coupled with a need to sell various distribution entities to third party Caterpillar dealers, shifted too much of the risk to Terex shareholders, and I felt this outweighed the strategic logic of the transaction." Mr. DeFeo continued, "We will continue in the mining business with what we believe is the superior electric truck and hydraulic shovel combination in the world.
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November 25, 2003
Nov. 25, 2003-Terex Corporation (NYSE: TEX) today announced that it has completed the issuance of $300,000,000 principal amount of 7.375% Senior Subordinated Notes due 2014. As previously announced on November 10, 2003, the notes were issued with a coupon of 7.375% and a yield to maturity of 7.5%. Terex used $100,000,000 of the proceeds from the issuance of the notes to prepay a portion of its existing bank term loans. Terex also prepaid an additional $100,000,000 of its existing bank term loans with cash on hand. Terex also completed an amendment of its existing bank credit facility. The amendment, among other things, permits the redemption of Terex's 8.875% Senior Subordinated Notes due 2008 with proceeds from the issuance of the new notes, allows for the repurchase of Terex's 10.375% Senior Subordinated Notes due 2011 on or after April 1, 2006, and modifies certain financial covenants for the second half of 2004 and 2005. Terex announced today that it will redeem the remaining
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November 14, 2003
Nov. 14, 2003-Terex Corporation (NYSE: TEX) today announced that Steve Filipov has been named President of Terex Cranes effective January 1, 2004. Mr. Filipov has served most recently as Group President of Terex Cranes International. "This is a natural transition, as Steve has worked in the crane business for over 8 years and has strong customer and industry expertise," stated Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. In his new position, Mr. Filipov will oversee the worldwide operations of the Terex Cranes business. "I am pleased to accept this new challenge and look forward to taking Terex Cranes to the next level as an industry leader," commented Mr. Filipov. "We have had a successful and difficult year in 2003, considering the economics in the crane business. Following the acquisition of Demag Mobile Cranes a little over one year ago, we restructured the business and have built a strong base for our segment going into 2004." In a related move, Dani Goldsmith
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November 14, 2003
Nov. 14, 2003-Terex Corporation (NYSE: TEX) today announced that Chris Ragot, currently President of Terex Utilities, has been given additional responsibility for the Terex Roadbuilding and Terex Advance Mixer businesses effective immediately. Reporting to Chris will be Art Kaplan, President of Terex Roadbuilding, and Alan Scholebo, acting General Manager at Terex Advance Mixer. "I am excited about this opportunity," commented Chris Ragot. "Terex has a great value proposition for customers in the roadbuilding industry, and I look forward to working with the Terex Roadbuilding and Terex Advance Mixer teams to strengthen our position in this sector." "These businesses are all within our Mining, Roadbuilding, Utility Products and Other segment and there are some natural customer and marketplace synergies that we can begin to harvest," commented Ronald M. DeFeo, Chairman and Chief Executive Officer of Terex Corporation. "Chris has recently managed the successful integration of the Terex
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November 14, 2003
Nov. 14, 2003-Terex Corporation (NYSE:TEX) today announced that effective January 1, 2004, Fil Filipov, currently President and CEO of Terex Cranes, will retire from full time employment with the Company. Mr. Filipov will continue, through a newly formed consulting company focused on restructuring activities, to serve Terex as a consultant working on special projects. Mr. Filipov has committed to consult with the Company for a period of three years for a minimum of 26 weeks a year. Initially, Mr. Filipov and his company will assist with the restructuring, integration and operation of Tatra, the Company's newest acquisition, a manufacturer of on/off road heavy-duty vehicles located in the Czech Republic. As part of this assignment, Mr. Filipov will continue in his role as Chairman of the Supervisory Board of Tatra. "Fil has been an important part of Terex and I expect him to continue to make a meaningful contribution to the Company in the future as a consultant," commented Ronald M.
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November 10, 2003
Nov. 10, 2003-Terex Corporation (NYSE: TEX) today announced that it priced $300,000,000 principal amount of Senior Subordinated Notes due 2014. The notes will be issued with a coupon of 7.375% and will have a yield to maturity of 7.5%. Terex intends to use the net proceeds from the offering to prepay the remaining $200,000,000 in principal amount outstanding of its 8.875% Senior Subordinated Notes due 2008 and to prepay approximately $100,000,000 of its existing bank term loans. Terex also intends to prepay an additional $100,000,000 of its existing bank term loans with cash on hand. The result of these transactions will be to reduce total debt by $100,000,000. In addition, $200,000,000 in principal amount of the Notes will be swapped to a floating rate similar to that paid by Terex under its existing credit facility. The transactions are expected to close during the fourth quarter of 2003. Terex will take a pre-tax charge of approximately $5,500,000 in the fourth quarter due to the
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November 10, 2003
WESTPORT, Conn., Nov 10, 2003 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it intends to issue approximately $300,000,000 principal amount of Senior Subordinated Notes Due 2013. Terex intends to use the net proceeds from the offering to prepay all of the remaining $200,000,000 principal amount of its 8.875% Senior Subordinated Notes due 2008 and to prepay $100,000,000 of its existing bank term loans. Terex also intends to prepay an additional $100,000,000 in principal amount of its existing bank term loans with cash on hand. 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
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November 06, 2003
Nov. 6, 2003-Terex Corporation (NYSE: TEX) today announced that it will participate in the Baird Industrial Technology Conference at The Four Seasons Hotel in Chicago, Illinois on Wednesday, November 12, 2003. The meeting will include a presentation by Ronald DeFeo, Chairman and Chief Executive Officer, and Phil Widman, Senior Vice President and Chief Financial Officer. A live webcast of this presentation can be accessed on Wednesday, November 12, 2003 at 12:40 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 60 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
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November 06, 2003
WESTPORT, Conn., Nov 6, 2003 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) today announced that Tom Gelston, who has been serving as Terex's Director of Business Development and working primarily on acquisitions, has been appointed to the position of Director, Investor Relations and Corporate Communications. Mr. Gelston will have responsibility for all corporate and division communications, including investor relations and external and internal communications. Kevin O'Reilly, who has been serving as Terex's Vice President, Investor Relations and Corporate Communications, has been named Chief Financial Officer for the Terex Construction division. "I am very pleased that Tom has accepted this new assignment," said Phil Widman, Chief Financial 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 five years since he joined Terex, he has worked closely with and earned the
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October 22, 2003
Oct. 22, 2003-Terex Corporation (NYSE:TEX) today announced net income for the third quarter of 2003 of $14.5 million, or $0.29 per share, compared to net income of $9.8 million, or $0.22 per share, for the third quarter of 2002. Excluding the impact of special items, net income for the quarter was $16.5 million, or $0.33 per share, compared to $13.9 million, or $0.31 per share, for the third quarter of 2002. Net sales for the third quarter of 2003 were $872.3 million, an increase of 35% from net sales of $644.0 million for the third quarter of 2002. Special items for the third quarter of 2003 primarily include the current period costs of previously announced restructuring initiatives. Special items for the third quarter of 2002 primarily 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
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October 08, 2003
Oct. 8, 2003-You are invited by Terex Corporation (NYSE: TEX) to participate in a conference call to review its third quarter 2003 financial results. The live call will begin on Thursday, October 23, 2003 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO will host the call. To access it, call (877) 726-6603 on Thursday, October 23, 2003 at least 10 minutes before the call is scheduled to begin. To accommodate our audiences in earlier time zones or anyone unable to listen, there will be a replay of the teleconference. The replay will be available shortly after the conclusion of the call and can be accessed until Thursday, October 30, 2003 at 6:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #3164043. International participants should call (706) 634-5517 at least 15 minutes before the start of the conference call. To access the replay, please call (706) 645-9291 and enter conference id #3164043. Terex Corporation will be
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October 06, 2003
Oct. 6, 2003-Terex Corporation (NYSE: TEX) today announced that it will participate in the Deutsche Bank Global High Yield Conference at The Phoenician Hotel in Scottsdale, Arizona, on October 9, 2003. The meeting will include a presentation at 1:30 PM by Phil Widman, Senior Vice President and Chief Financial Officer. The slide presentation from the conference can be accessed beginning Thursday, October 9, 2003 on the Terex Corporation website, www.terex.com under the Investor Relations section. The presentation 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, 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, infrastructure and mining
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September 08, 2003
WESTPORT, Conn., Sep 8, 2003 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it will participate in the JP Morgan Industrials/Services Conference at the InterContinental The Barclay Hotel in New York, New York, on September 9, 2003. The meeting will include a presentation at 2:00 PM by Ron DeFeo, Chairman and Chief Executive Officer and Phil Widman, Senior Vice President and Chief Financial Officer. The slide presentation from the conference can be accessed beginning Tuesday, September 9, 2003 on the Terex Corporation website, www.terex.com under the Investor Relations section. The presentation 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, 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
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September 03, 2003
Sept. 3, 2003-Terex Corporation (NYSE: TEX) today announced that it has acquired an additional 51% of the outstanding common shares of the Czech Republic company Tatra a.s., an internationally recognized manufacturer of on/off-road heavy-duty vehicles for commercial and military applications with 2002 revenues of approximately $138 million. The acquisition brings Terex's total ownership in Tatra to approximately 71%. Terex purchased the additional shares from SDC International, Inc. "We view Tatra as an integral part of our ongoing military strategy," commented Ronald M. DeFeo, Chairman and Chief Executive Officer of Terex. "We knew when we initially invested in Tatra as a minority shareholder that the company needed to be restructured. Tatra needed greater working capital funding in the near term than prior ownership was able to provide, which has led to our recent decision to acquire the additional equity. The acquisition announced today makes Terex the controlling shareholder of
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July 23, 2003
- Net sales of over $1 billion in second quarter - Cash flow from operations of $70 million in the quarter; $184 million year-to-date - Net debt decreased $163 million from December 31, 2002 July 23, 2003-Terex Corporation (NYSE: TEX) today announced a net loss for the second quarter of 2003 of $49.1 million, or $1.02 per share, compared to net income of $5.2 million, or $0.12 per share, for the second quarter of 2002. Excluding the impact of special items, net income for the quarter was $24.7 million, or $0.50 per share, compared to $20.5 million, or $0.47 per share, for the second quarter of 2002. Special items for the second quarter of 2003, which are explained in more detail later in this release, primarily include an impairment charge and product rationalization within the Roadbuilding group, facility consolidation in the tower crane and Powerscreen businesses and a loss on the early retirement of debt. Special items for the second quarter of 2002 primarily included costs
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July 18, 2003
July 18, 2003-Terex Corporation (NYSE: TEX) today announced that it has entered into an agreement with Daewoo Heavy Industries and Machinery to distribute crawler excavators and wheel loaders under the Terex brand in North America. The agreement includes crawler excavators from 13 to 47-ton operating weights and wheel loaders with bucket capacities from 2.0 to 5.3 cubic yards. Terex Chairman and Chief Executive Officer Ronald M. DeFeo commented, "This agreement fills a gap in our product line with cost-effective and reliable products, and now our full product offering is one of the most complete in the industry. Our dealers can now focus on a full Terex product line and deliver on our mission of providing the highest investment returns for users of construction equipment." Jae-Shin Yang, President and CEO of Daewoo, commented, "We are pleased to have Terex as a partner in this important market in addition to our existing distribution network. Customers in North America are
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July 10, 2003
July 10, 2003-You are invited by Terex Corporation (NYSE: TEX) to participate in a conference call to review its second quarter 2003 financial results. The live call will begin on Thursday, July 24, 2003 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO will host the call. To access it, call (877) 726-6603 on Thursday, July 24, 2003 at least 10 minutes before the call is scheduled to begin. To accommodate our audiences in earlier time zones or anyone unable to listen, there will be a replay of the teleconference. The replay will be available shortly after the conclusion of the call and can be accessed until Thursday, July 31, 2003 at 6:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #1650863. International participants should call (706) 634-5517 at least 15 minutes before the start of the conference call. To access the replay, please call (706) 645-9291 and enter conference id #1650863. Terex Corporation will be releasing its
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July 01, 2003
- Recently announced mining transaction - Second quarter restructuring charges and goodwill impairment - Second quarter and full year 2003 earnings - Completes $50 million redemption of Senior Subordinated Notes July 1, 2003-Terex Corporation (NYSE: TEX)- Terex Corporation, along with announcing today that it has entered into an agreement in principle with Caterpillar, Inc. (NYSE: CAT) to realign its mining truck and mining shovel businesses, is also providing an update with respect to recent operating activities and the current business environment for its products. Complete details will be available and discussed during the Company's second quarter 2003 conference call, which is scheduled for July 24th at 8:30 a.m., Eastern Time. During the second quarter of 2003, the Company continued, extended and initiated numerous restructuring activities due to the near term business outlook of several of its operations. These activities included a further product and inventory rationalization
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July 01, 2003
July 1, 2003-Caterpillar Inc. (NYSE: CAT) and Terex Corporation (NYSE: TEX) announced that they have reached a non-binding agreement in principle for Caterpillar to acquire Terex's worldwide electric drive mining truck business, and for Terex to acquire Caterpillar's 5000-Series mining shovel intellectual property. Their respective Boards of Directors have authorized commencement of due diligence and the negotiation of a definitive agreement. Caterpillar will acquire Terex's eight-model line of DC and AC electric drive mining trucks. The trucks will continue to be sold under the familiar Payhauler and Unit Rig brand names, and will be distributed and supported through Caterpillar dealers worldwide. Terex will purchase the intellectual property, including patents and designs, for Caterpillar's 5110B, 5130B and 5230B models of hydraulic excavator mining shovels. Under a marketing agreement, Terex will continue to manufacture its seven-model O&K line of hydraulic mining shovels for
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June 03, 2003
WESTPORT, Conn., Jun 3, 2003 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) today announced that it will participate in The Bear Stearns Global Credit Conference at The Waldorf Astoria in New York, New York, on June 4, 2003. The meeting will include a presentation by Phil Widman, Senior Vice President and Chief Financial Officer. The slide presentation from the conference can be accessed beginning Wednesday, June 4, 2003 on the Terex Corporation website, www.terex.com under the Investor Relations section. The presentation 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, many of which are beyond Terex's control, include among others: Terex's business is highly cyclical and continuing weak general economic conditions may affect the sales of its products and its financial results; construction and mining activity are affected
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May 29, 2003
May 29, 2003-Terex Corporation (NYSE: TEX) today announced that it will redeem $50 million in principal amount of its 8 7/8% senior subordinated notes due 2008. These senior subordinated notes will be redeemed at a price of 104.438% of principal amount, for a total of approximately $52.2 million. The date for redemption of the senior subordinated notes has been set for June 30, 2003. "Our focus on working capital accelerated the generation of cash flow from operations in the first quarter of 2003," commented Phil Widman, the Company's Senior Vice President and Chief Financial Officer. "The announcement today of our intention to redeem $50 million of our senior subordinated notes is consistent with our previously stated commitment to reduce our total debt by $200 million during 2003." Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2002 annual revenues of $2.8 billion. Terex is involved in a broad range of construction, infrastructure,
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April 23, 2003
- Sales increased 59% to $928 million in the quarter - Cash flow from operations was $115 million - Net debt decreased $100 million from December 31, 2002 April 23, 2003-Terex Corporation (NYSE: TEX) today announced net income for the first quarter of 2003 of $12.5 million, or $0.26 per share, compared to a net loss of $107.2 million, or $2.77 per share, for the first quarter of 2002. Excluding the impact of special items, net income for the quarter was $15.6 million, or $0.32 per share, compared to $7.0 million, or $0.18 per share, for the first quarter of 2002. Special items for the first quarter of 2003 include charges for previously announced restructuring actions, inventory valuation adjustments related to the Demag and Genie acquisitions and the write down of certain assets within the EarthKing subsidiary, offset partially by a favorable ruling on a legal claim. Special items for the first quarter of 2002 include restructuring charges and the impact of adopting SFAS No. 141
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April 09, 2003
WESTPORT, Conn., Apr 9, 2003 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that its joint venture, American Truck Company (ATC), has been selected as the preferred bidder by the Ministry of Defense of Israel (IMOD) to supply the Israel Defense Forces with 315 medium tactical trucks and associated support. The anticipated order value is in excess of $50 million. The announcement follows the conclusion of a lengthy competition between ATC and other U.S. truck manufacturers that included extended testing of vehicles and an evaluation of after-market support capabilities. ATC will immediately enter into formal discussions with IMOD to finalize the contract details, which are expected to be completed during the first half of 2003. The parties anticipate that the contract will be funded under the United States Foreign Military Sales program. The procurement includes a combination of cargo carriers (some with material handling cranes) incorporating ATC's high mobility 11.5
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April 08, 2003
Thursday, April 24, 2003 8:30 a.m. Eastern Time WESTPORT, Conn., Apr 8, 2003 (BUSINESS WIRE) - You are invited by Terex Corporation to participate in a conference call to review its first quarter 2003 financial results. The live call will begin on Thursday, April 24, 2003 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO will host the call. To access it, call (877) 726-6603 on Thursday, April 24, 2003 at least 10 minutes before the call is scheduled to begin. To accommodate our audiences in earlier time zones or anyone unable to listen, there will be a replay of the teleconference. The replay will be available shortly after the conclusion of the call and can be accessed until Tuesday, April 29, 2003 at 6:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id no.9670202. International participants should call (706) 634-5517 at least 15 minutes before the start of the conference call. To access the replay, please call (706) 645-9291
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March 31, 2003
March 31, 2003-Terex Corporation (NYSE:TEX) today announced that it will participate in the Deutsche Bank Securities 2003 Basic Industries Conference at The Grand Hyatt in New York, New York, on April 1, 2003. The meeting will include a presentation by Ron DeFeo, Chairman and Chief Executive Officer and Phil Widman, Senior Vice President and Chief Financial Officer. A live webcast of this presentation can be accessed on Tuesday, April 1, 2003 at 9:30 a.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 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
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March 31, 2003
March 31, 2003-Terex Corporation (NYSE:TEX) today announced that it will participate in the Deutsche Bank Securities 2003 Basic Industries Conference at The Grand Hyatt in New York, New York, on April 1, 2003. The meeting will include a presentation by Ron DeFeo, Chairman and Chief Executive Officer and Phil Widman, Senior Vice President and Chief Financial Officer. A live webcast of this presentation can be accessed on Tuesday, April 1, 2003 at 9:30 a.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 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
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March 10, 2003
WESTPORT, Conn., Mar 10, 2003 (BUSINESS WIRE) - Terex Utilities, Inc. today announced that it has acquired Commercial Body Corporation and Combatel Distribution Inc., distributors of Telelect products. Commercial Body and Combatel perform final assembly, distribution, equipment rental, and after-market service for the utility and telecommunications markets in the Southern United States. "We are very pleased with the Commercial Body and Combatel acquisition," commented Chris Ragot, President of Terex Utilities. "The addition of Commercial Body and Combatel, when combined with our existing distributor Telelect Southeast Distribution, Inc., allows Terex Utilities the ability to offer our customers increased capabilities and services over the entire southern region of the United States through Terex Utilities - South. The acquisition exemplifies Terex Utilities' goal of providing customers with single source access to a variety of safe and reliable products and services to help customers
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March 07, 2003
WESTPORT, Conn., Mar 7, 2003 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it will participate in the Salomon Smith Barney Sixteenth Annual Global Industrial Manufacturing Conference at The Grand Hyatt Hotel in New York, New York on March 12, 2003. The meeting will include a presentation by Ron DeFeo, Chairman and Chief Executive Officer and Phil Widman, Senior Vice President and Chief Financial Officer. A live webcast of this presentation can be accessed on Wednesday, March 12, 2003 at 11:15 a.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 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
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February 19, 2003
WESTPORT, Conn., Feb 19, 2003 (BUSINESS WIRE) - - Cash generated from operations for 2002 was $70 million - Net debt decreased in the fourth quarter by $88 million Terex Corporation (NYSE: TEX) today announced a net loss for the full year 2002 of $132.5 million, or $3.07 per share, compared to net income of $12.8 million, or $0.44 per share, for the full year 2001. Excluding the impact of special items, net income for the full year 2002 was $46.8 million, or $1.06 per share, compared to $40.1 million, or $1.39 per share, for the full year 2001. Special items for the full year 2002 include net charges of $179.3 million (approximately $18 million of which is cash) and primarily relates to the impact of adopting SFAS No. 141 "Business Combinations" and SFAS No. 142 "Goodwill and Other Intangible Assets", an extraordinary loss on the retirement of debt related to the Company's bank refinancings, and restructuring initiatives at certain business units. Special items for the full year 2001
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February 06, 2003
WESTPORT, Conn., Feb 6, 2003 (BUSINESS WIRE) - You are invited by Terex Corporation to participate in a conference call to review its year-end 2002 financial results. The live call will begin on Thursday, February 20, 2003 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO will host the call. To access it, call (877) 726-6603 on Thursday, February 20, 2003 at least 10 minutes before the call is scheduled to begin. To accommodate our audiences in earlier time zones or anyone unable to listen, there will be a replay of the teleconference. The replay will be available shortly after the conclusion of the call and can be accessed until Tuesday, February 25, 2003 at 6:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #8303014. International participants should call (706) 634-5517 at least 15 minutes before the start of the conference call. To access the replay, please call (706) 645-9291 and enter conference id #8303014. Terex
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February 03, 2003
WESTPORT, Conn., Feb 3, 2003 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it will participate in the Lehman Brothers Twentieth Annual Industrial Select Conference at The Loews Miami Beach Hotel in Miami, Florida on February 5, 2003. The meeting will include a presentation by Phil Widman, Senior Vice President and Chief Financial Officer. A live webcast of this presentation can be accessed on Wednesday, February 5, 2003 at 10:30 a.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,
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January 23, 2003
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 23, 2003-Terex Corporation (NYSE: TEX): Terex Details Fourth Quarter 2002 Restructuring Charges Comments on Fourth Quarter 2002 Cash, Debt and Earnings Comments on 2003 Outlook by Segment Terex Corporation (NYSE: TEX) announced today that it will be hosting a conference call at 8:30 a.m., Eastern Time, on Friday, January 24, 2003, to detail fourth quarter 2002 restructuring charges, provide commentary on fourth quarter 2002 performance, and review its operating outlook for 2003 by segment. "We are having this call to review for investors where we stand given the significant changes that are underway within our company," stated Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "We continue to operate in a challenging environment, and with Genie, Demag and the other acquisitions and savings programs implemented in 2002, we wanted to review these items with investors earlier than was previously planned. We will provide a detailed review of
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January 15, 2003
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 15, 2003-Terex Corporation (NYSE:TEX) announced today the appointment of Harry Newman to the position of Director of Sales, Terex Financial Services, reporting directly to Joseph F. Apuzzo, President - Terex Financial Services. Mr. Newman's initial focus will be assisting with sales and financing in the Terex Roadbuilding business. Prior to accepting this position, Mr. Newman served as National Sales and Marketing Manager for Astec Financial Services, Inc. since 1996. Prior to joining Astec, Mr. Newman worked at GE Capital for eight years. Commenting on the announcement, Mr. Apuzzo said, "Harry's in-depth knowledge of the roadbuilding industry and competitive playing field, as well as his strong customer relationships, will be a great addition to the Terex Financial Services team. I believe our ability to attract strong industry veterans like Harry is instrumental in developing our business and delivering value to the customer." Mr. Newman said, "I
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January 10, 2003
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 10, 2003-Terex Corporation (NYSE: TEX) announced today the formation of Terex Financial Services. This financial services unit will offer Terex customers a complete line of financial products and services to assist in the acquisition of Terex equipment. In North America, Terex Financial Services will work with a dedicated team from GE Vendor Financial Services (VFS), a leading financial services and solutions provider. Commenting on the announcement, Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer, said, "Terex Financial Services represents an important advance in Terex's ability to provide a full range of products and services to our customers, and also to level the competitive playing field. The formation of Terex Financial Services in coordination with a strong business partner will enable us to offer financial products, services and cost-effective financing solutions to our customers to meet their business needs. Further, it will
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January 08, 2003
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 8, 2003-The Board of Directors of Terex Corporation (NYSE:TEX), a global manufacturer of heavy equipment for the construction, mining, and aggregates industries, today announced the election of former U.S. Congressman J.C. Watts, Jr., 45, to the Company's Board. Congressman Watts represented Oklahoma's 4th District in the U.S. House of Representatives for eight years until January 7, 2003. Widely recognized for his unique leadership abilities, Congressman Watts was elected Chairman of the House Republican Conference, the fourth highest position in that body, in 1998 and was re-elected to the post unanimously two years later. He served on a number of key committees during his tenure in Congress, including the Armed Services Committee, the Select Homeland Security Committee, the Military Readiness Subcommittee, and the Procurement Subcommittee. As a rising star in his party, Congressman Watts also served as Honorary Co-Chairman of the 2000 Republican
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January 06, 2003
WESTPORT, Conn.-(BUSINESS WIRE)-Jan. 6, 2003-Terex Corporation (NYSE: TEX) announced today the retirement of Marvin Rosenberg from the Terex Corporation Board of Directors, effective at the conclusion of 2002. Mr. Rosenberg has been a Terex Board member since 1992. Previously, Mr. Rosenberg served as Terex's Senior Vice President, Secretary and General Counsel from 1994 until his retirement as an active employee at the end of 1997. Prior to that, Mr. Rosenberg was Secretary and General Counsel of Terex from 1987 through 1994. Commenting on the announcement, Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer, said, "Mr. Rosenberg has been an important advisor to Terex for over 15 years. Mr. Rosenberg has been instrumental in the transformation of Terex into the diversified multinational corporation it is today. I would like to thank Marvin for his years of dedication and service to Terex and wish him all the best in the future." Terex Corporation is a diversified global
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