December 15, 2006
Dec. 15, 2006-Terex Corporation (NYSE: TEX) today announced that its Board of Directors has authorized a share repurchase program, under which the Company may purchase up to $200 million of the Company's outstanding common shares through June 30, 2008. Purchase may be made at the Company's discretion from time to time in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit. Additionally, Terex today announced that it will redeem all $200 million principal amount outstanding of its 9-1/4% Senior Subordinated Notes due 2011, effective January 15, 2007. As set forth in the indenture for these notes, Terex will pay holders 104.625 percent of the principal amount plus accrued and unpaid interest up to the redemption date. At September 30, 2006, the notes being called represented $200 million of Terex's $792 million of long-term debt. These notes were originally issued in December 2001. Ronald M. DeFeo, Chairman and CEO of Terex, ...
December 13, 2006
Dec. 13, 2006-Terex Corporation (NYSE:TEX) today announced that Robert G. Isaman will join the Company as President, Terex Construction, effective January 2, 2007. Mr. Isaman will be based in Westport, CT and will report directly to Tom Riordan, who will be joining Terex as President and Chief Operating Officer in January 2007, as previously announced. "I am pleased to welcome Bob Isaman to Terex, where his proven industrial sales, operations and general management skills will be a great addition to our management team," said Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "Bob's international experience in the Asia Pacific region and Russia, as well as his track record with lean manufacturing initiatives, will allow him to become a key contributor to the future success of Terex. The Terex management team is a strong one and Bob will add some additional dimensions to our team that are particularly needed at this point in time." Fergus Baillie, who has been Acting ...
November 27, 2006
Nov. 27, 2006-Terex Corporation (NYSE: TEX) today announced that it will participate in the Bear Stearns Commodities and Capital Goods conference at the Bear Stearns Headquarters, 383 Madison Avenue, in New York, NY on Thursday, November 30, 2006. The meeting will include a presentation by Phil Widman, Senior Vice President and Chief Financial Officer of Terex, and Brian Henry, Senior Vice President, Finance and Business Development of Terex. A live webcast of this presentation can be accessed on Thursday, November 30, 2006 at 11:30 AM (EST) on the Terex Corporation website, www.terex.com, under the Investor Relations section. Additionally, a slide presentation from the conference will be available beginning on Thursday, November 30, 2006, on the Terex website 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 ...
November 13, 2006
Nov. 13, 2006-Terex Corporation (NYSE:TEX) today announced that Tom Riordan will join the Company in the newly created position of President and Chief Operating Officer effective January 1, 2007. Mr. Riordan will be based in Westport, Connecticut and will report directly to Ronald M. DeFeo, who will continue to serve as the Company's Chairman and Chief Executive Officer. Mr. Riordan began his career at Borg-Warner Automotive, where he held various manufacturing positions. After leaving Borg-Warner, Mr. Riordan was at J.I. Case, where he held a series of technical engineering, plant management and component manufacturing positions, culminating in a role as Vice President, European Manufacturing. Mr. Riordan later became President of Portland, Oregon based Consolidated Sawmill Machinery International. In 1997, Mr. Riordan joined SPX Corporation, where he held a series of division and segment president assignments leading to his most-current position as Executive Vice President and Chief ...
November 06, 2006
WESTPORT, Conn., Nov 06, 2006 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it will participate in the Baird Industrial conference at The Four Seasons Hotel, in Chicago, IL on November 7, 2006. The meeting will include a presentation by Phil Widman, Senior Vice President and Chief Financial Officer, and Kurt Goddard, Manager, Financial Planning and Analysis. A live webcast of this presentation can be accessed on Tuesday, November 7, 2006 at 3:05 PM (CST) on the Terex Corporation website, www.terex.com, under the Investor Relations section. Additionally, a slide presentation from the conference will be available beginning on Tuesday, November 7, 2006 on the Terex website 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 90 days by accessing the above address. Terex ...
October 30, 2006
Oct. 30, 2006-Terex Corporation (NYSE: TEX) today announced that it will participate in the Goldman Sachs Capital Goods conference at The Grand Hyatt, in New York, NY on November 1, 2006. The meeting will include a presentation by Ronald DeFeo, Chairman, President and Chief Executive Officer, and Tom Gelston, Director of Investor Relations. A live webcast of this presentation can be accessed on Wednesday, November 1, 2006 at 9:30 AM (EST) on the Terex Corporation website, www.terex.com, under the Investor Relations section. Additionally, a slide presentation from the conference will be available beginning on Wednesday, November 1, 2006 on the Terex website 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 90 days by accessing the above address. Terex Corporation is a diversified global ...
October 25, 2006
Oct. 25, 2006-Terex Corporation (NYSE: TEX) today announced net income for the third quarter of 2006 of $101.0 million, or $0.98 per share, compared to net income of $51.9 million, or $0.51 per share, for the third quarter of 2005. Net income for the third quarter of 2006 included a $16.6 million pre-tax charge related to the early extinguishment of the Company's 10-3/8% senior subordinated notes and senior debt facilities, which negatively impacted earnings per share by $0.11, and a loss on the disposition of the Tatra business, net of tax, of $7.7 million, which negatively impacted earnings per share by $0.07. All per share amounts reflect the July 2006 two-for-one split of the Company's common stock and are on a fully diluted basis. Net sales for Terex reached $1,903.7 million in the third quarter of 2006, an increase of 27.4% from $1,494.8 million in the third quarter of 2005. Debt, less cash and cash equivalents, decreased by $206.9 million from December 31, 2005 levels, ...
October 17, 2006
Oct. 17, 2006-You are invited by Terex Corporation to participate in a conference call to review its third quarter 2006 financial results. The live call will begin on Thursday, October 26, 2006 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO, will host the call. To access the call, call (877) 726-6603 on Thursday, October 26, 2006 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, November 2, 2006 at 5:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #8548092. 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 #8548092. Terex Corporation will be releasing ...
October 03, 2006
Oct. 3, 2006-Terex Corporation (NYSE:TEX) today announced that Tim Ford has joined the Company as President, Terex Aerial Work Platforms. Mr. Ford will be based in Westport, Connecticut and will report directly to the Company's Chairman and Chief Executive Officer, Ronald M. DeFeo, and through December 31, 2006, also to Robert Wilkerson. Mr. Wilkerson, who has been serving as President, Terex Aerial Work Platforms, will continue with the Company reporting to Mr. DeFeo, and will help with customer and other growth initiatives. Mr. DeFeo commented, "I am pleased to welcome Tim to this critical leadership role where he will be a key contributor to the future success of Terex. His demonstrated leadership ability and experience with implementing lean initiatives will be instrumental in further expanding the global footprint of the Terex Aerial Work Platforms segment and continuing to drive down costs. Tim also has the right personality to take charge of Genie and the rest of the AWP ...
October 03, 2006
WESTPORT, Conn., Oct 03, 2006 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that it has concluded the sale of its entire direct and indirect ownership interest of 80.5% in Tatra a.s. to Blue River s.r.o. for approximately $26.2 million in cash plus the repayment of all inter-company debt owed to Terex by Tatra of approximately $31.6 million. Additionally, Blue River s.r.o. will assume all third part indebtedness of Tatra, which totals approximately $22 million. Terex had previously identified Tatra, a Czech-based manufacturer of heavy duty on and off road trucks, as non-core to Terex's future operations. The buyer, Blue River s.r.o., is a Czech-based consortium of four international private investors, led by a member of Tatra's Supervisory Board. "Terex's management team regularly evaluates current operations and future opportunities to determine the most appropriate allocation of resources," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. ...
August 14, 2006
Aug. 14, 2006-Terex Corporation (NYSE: TEX) today announced that it has completed the previously announced redemption of the remaining $200 million principal amount of its 10-3/8% Senior Subordinated Notes due 2011, effective August 14, 2006. The total cash paid was $218 million, and included a call premium of 5.188% as set forth in the indenture for these Notes plus accrued interest of $38.33 per $1,000 principal amount at the redemption date. At June 30, 2006, the Notes being called represented $200 million of the Company's $1.1 billion of debt. The 10-3/8% Notes were originally issued March 29, 2001. The Bank of New York, trustee for the Notes, acted as the paying agent for the Company in connection with this redemption. Safe Harbor Statement This press release 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 ...
July 26, 2006
Record revenue of $2.1 billion, an increase of 18% versus the second quarter of 2005 Earnings per share increased 66% to $1.16 versus the prior year's second quarter Backlog increased 67% versus June 30, 2005, to $2.4 billion Conference call to be held to discuss this release on Thursday, July 27, at 8:30 a.m. July 26, 2006-Terex Corporation (NYSE: TEX): Terex Corporation (NYSE: TEX) today announced net income for the second quarter of 2006 of $119.2 million, or $1.16 per share, compared to net income of $71.2 million, or $0.70 per share, for the second quarter of 2005. Net income for the second quarter of 2006 included a $3.6 million net charge related to the early extinguishment of $100 million of the Company's 10-3/8% senior subordinated notes, which negatively impacted earnings per share by $0.04. All per share amounts reflect the July 2006 two-for-one split of the Company's common stock. Net sales reached $2,080.6 million in the second quarter of 2006, an increase of 18.3% from ...
July 20, 2006
July 20, 2006-You are invited by Terex Corporation to participate in a conference call to review its second quarter 2006 financial results. The live call will begin on Thursday, July 27, 2006 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO, will host the call. To access the call, call (877) 726-6603 on Thursday, July 27, 2006 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, August 3, 2006 at 5:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #3296922. 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 #3296922. Terex Corporation will be releasing its ...
July 17, 2006
July 17, 2006-Terex Corporation (NYSE: TEX) today announced that it has entered into a new senior lending facility, which includes a revolving line of credit of $700 million and new senior term debt of $200 million. The co-lead arrangers for the new senior lending facility were Credit Suisse Securities (USA) LLC, UBS Securities LLC and Citigroup Global Markets Inc. Terex utilized the proceeds of its new senior term debt and cash on hand to pay in full its previously outstanding senior term debt of approximately $229 million. In addition, Terex announced that it will redeem the remaining $200 million outstanding principal amount of its 10-3/8% Senior Subordinated Notes due 2011, effective August 14, 2006. As set forth in the indenture for these Notes, Terex will pay holders 105.188 percent of the principal amount plus accrued and unpaid interest of approximately $38.33 per $1,000 principal amount at the redemption date. These Notes were originally issued on March 29, 2001. "Our new ...
June 30, 2006
June 30, 2006-Terex Corporation (NYSE: TEX) today announced that it has completed the previously announced redemption of $100 million principal amount of its $300 million 10-3/8% Senior Subordinated Notes due 2011, effective June 30, 2006. The total cash paid was $107.8 million, and included a call premium of 5.188% as set forth in the indenture for these Notes plus accrued and unpaid interest of $25.65 per $1,000 principal amount at the redemption date. At March 31, 2006, the Notes being called represented $100 million of the Company's $1.1 billion of debt. The 10-3/8% Notes were originally issued March 29, 2001. As previously stated, Terex plans to be in a position to redeem the remaining $200 million principal amount of the 10-3/8% Notes in the near future. The Bank of New York, trustee for the Notes, acted as the paying agent for the Company in connection with this redemption. Safe Harbor Statement This press release may contain forward-looking information based on Terex's current ...
June 02, 2006
June 2, 2006-Terex Corporation (NYSE: TEX) today announced that it will participate in the JP Morgan Basics & Industrials Conference at the Hilton Hotel located in New York City on Tuesday, June 6, 2006. The meeting will include a presentation by Phil Widman, Senior Vice President and Chief Financial Officer, and Tom Gelston, Director of Investor Relations. A live webcast of this presentation can be accessed on Tuesday, June 6, 2006 at 3:30 PM ET on the Terex Corporation website, www.terex.com, under the Investor Relations section. Additionally, a slide presentation from the conference will be available beginning on Tuesday, June 6, 2006 on the Terex website 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 90 days by accessing the above address. There is no charge to access the event. ...
June 01, 2006
WESTPORT, Conn., Jun 01, 2006 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that its Board of Directors has authorized a two-for-one split of the Company's common stock. Record holders of Terex's common stock at the close of business on June 15, 2006, will receive one additional share of common stock for every share of Terex common stock they own as of that date. The Company anticipates that the additional shares resulting from the split will be issued on or about July 14, 2006. The two-for-one split will increase the number of Terex's outstanding shares of common stock from approximately 50.2 million to approximately 100.4 million. Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer, stated, "We are pleased to take this action as a result of our solid operating results and our strong outlook for 2006 and beyond. We hope that the additional shares will improve the trading volume and liquidity of Terex common stock." Safe Harbor Statement This press release ...
May 31, 2006
May 31, 2006-Terex Corporation (NYSE: TEX) today announced that it will redeem $100 million of its $300 million 10-3/8% Senior Subordinated Notes due 2011, effective June 30, 2006. As set forth in the indenture for the Notes, Terex will pay holders 105.188 percent of the principal amount plus accrued and unpaid interest of $25.65 per $1,000 principal amount at the redemption date. At March 31, 2006, the Notes being called represented $100 million of the Company's $1.1 billion of debt. The Notes were originally issued March 29, 2001. As previously stated, Terex plans to be in a position to redeem the remaining $200 million of the 10-3/8% Notes in the near future. The Bank of New York, trustee for the Notes, will act as the paying agent for the Company in connection with the redemption of the Notes. Safe Harbor Statement This press release may contain forward-looking information based on Terex's current expectations. Because forward-looking statements involve risks and uncertainties, ...
May 31, 2006
May 31, 2006-Terex Corporation (NYSE: TEX) today announced that it has filed its Quarterly Report on Form 10-Q for the period ended March 31, 2006 with the Securities and Exchange Commission. With the completion of this filing, Terex is now current with all of its annual and quarterly periodic filings with the SEC. In addition, Terex will no longer be deemed a late filer by the New York Stock Exchange. Terex Corporation is a diversified global manufacturer with 2005 revenue of $6.4 billion. Terex operates in five business segments: Terex Construction, Terex Cranes, Terex Aerial Work Platforms, Terex Materials Processing & Mining, and Terex Roadbuilding, Utility Products and Other. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of ...
May 17, 2006
WESTPORT, Conn., May 17, 2006 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has filed its Annual Report on Form 10-K for the year ended December 31, 2005 as well as its quarterly reports on Form 10-Q for the first, second and third quarters of 2005. Terex also confirmed 2005 revenues of $6.4 billion and announced net income of $188.5 million, or $3.69 per share, for 2005, as compared with 2004 revenues of $5.0 billion and net income of $324.1 million, or $6.34 per share(1). Excluding the impact of special items, net income was $208.7 million, or $4.08 per share, in 2005(2), compared to net income of $123.1 million, or $2.41 per share, for 2004. The tax rate for 2005 was 33.1%, excluding $5.5 million of tax expense related to the repatriation of cash in accordance with the American Jobs Creation Act, which has been identified as a special item. Stockholders' equity as of December 31, 2005 was $1,161 million, and the Company's return on invested capital(3) for ...
May 16, 2006
May 16, 2006-Terex Corporation (NYSE: TEX) announced today that it expects to complete and file its Annual Report on Form 10-K for the year ended December 31, 2005, as well as its quarterly reports on Form 10-Q for the periods ended March 31, 2005, June 30, 2005 and September 30, 2005, by the end of the day tomorrow. Additionally, Terex expects to complete and file its Form 10-Q for the quarterly period ended March 31, 2006 in the near future. The Company has obtained an extension of its waiver from its senior bank lending group that allows the Company until May 31, 2006 to provide its lenders with its financial information for the year ended December 31, 2005. Safe Harbor Statement The press release contains forward-looking information based on Terex's current expectations. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Actual events or the actual future results of Terex may differ materially from any forward looking ...
May 04, 2006
Record revenue of $1.75 billion, an increase of 21% Earnings per share increased 166% to $1.57 when compared with March 31, 2005 Backlog increased 36% versus March 31, 2005, to $2.14 billion Conference call to be held to discuss this release on Friday, May 5 at 10:00 a.m. May 4, 2006-Terex Corporation (NYSE: TEX): Terex Corporation (NYSE: TEX) today announced net income for the first quarter of 2006 of $80.6 million, or $1.57 per share, compared to net income of $29.9 million, or $0.59 per share, for the first quarter of 2005. Net income was $30.3 million, or $0.59 per share, for the first quarter of 2005, excluding special items. There were no special items during the first quarter of 2006. Special items for the first quarter of 2005 included charges for investigation costs associated with the Company's internal review and the restatement of its financial statements and charges relating to the closure of certain Terex Utilities branches. As discussed in the "Capital Structure and ...
May 02, 2006
May 2, 2006-You are invited by Terex Corporation (NYSE:TEX) to participate in a conference call to review its first quarter 2006 financial results. The live call will begin on Friday, May 5, 2006 at 10:00 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO, will host the call. To access the call, call (877) 726-6603 on Friday, May 5, 2006 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 Friday, May 12, 2006 at 5:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #8800254. 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 #8800254. Terex Corporation will be releasing its first ...
April 28, 2006
April 28, 2006-Terex Corporation (NYSE: TEX) today announced that it expects first quarter 2006 earnings, excluding special items, to be in excess of its previously indicated guidance, and to now be in the range of $1.55-$1.60 per share, assuming an effective tax rate of 35%, on net sales of approximately $1.75 billion. Due to its improved expectations of first quarter performance, and given management's current outlook for the performance of its businesses for the remainder of 2006, Terex is also increasing its fiscal year 2006 earnings per share guidance range to $6.40-$6.80 per share, excluding special items and assuming an effective tax rate of 35%, from the $5.85-$6.35 per share range announced earlier this month. Terex now anticipates approximately 52% of its earnings being delivered in the first half of the year and the balance occurring in the second half of the year. Net debt (consisting of long-term debt, including current portion of long-term debt, less cash and cash ...
April 26, 2006
April 26, 2006-Terex Corporation (NYSE: TEX) announced today that it has acquired a 50% interest in Sichuan Changjiang Engineering Crane Co., Ltd., based in Luzhou, Sichuan Province, China. Changjiang Crane is a leading producer of on-highway truck cranes in China, with a product range from 8 to 160 ton lifting capacity. The senior management of Changjiang Crane will own the remaining 50% interest in the company. Changjiang Crane will become part of the global operations of the Terex Cranes operating segment, and Terex expects to consolidate the results of Changjiang Crane with those of the Terex Cranes segment. Currently, Chinese regulations generally limit foreign enterprises from owning more than 50% of domestic companies that produce on-highway vehicles, including truck cranes. If and when regulations permit, Terex has the right to acquire the remaining 50% of Changjiang Crane. Steve Filipov, President of Terex Cranes, commented "There is significant opportunity to grow this ...
April 06, 2006
April 6, 2006-Terex Corporation (NYSE: TEX) announced that it will sign a letter of intent today with Shenhua Group Corporation Limited, a wholly state-owned Chinese company, for the manufacture and delivery of TEREX|Unit Rig rigid off-highway haul trucks. The trucks will be delivered and on-going service and support provided by Terex NHL Mining Equipment Co. Ltd., a new joint venture company established between Terex and Inner Mongolia North Hauler Joint Stock Company Limited, located in Baotou, Inner Mongolia. The joint venture company will also participate in certain aspects of the fabrication and component manufacturing for these trucks, which will be supplied to a new Haerwusu open pit coal mine operated by Shenhua Zhungeer Energy Company Limited located near Hohhot, Inner Mongolia. The letter of intent will be signed today during a formal ceremony in Los Angeles, California to be attended by Her Excellency Madam Wu Yi, Vice Premier of the Peoples Republic of China, Member of the ...
April 03, 2006
WESTPORT, Conn., Apr 03, 2006 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it expects first quarter 2006 earnings, excluding special items, to be in excess of its previously indicated guidance, with the results expected to exceed $1.20 per share, assuming an effective tax rate of 35%. Due to its improved performance in the first quarter, and given management's current outlook for the performance of the business for the remainder of 2006, Terex also is increasing its fiscal year 2006 earnings per share guidance range to $5.85-$6.35 per share, excluding special items and assuming an effective tax rate of 35%, from the $5.50-$6.00 per share range, excluding special items, announced earlier this year. Due to the expected increase in first quarter earnings, Terex's timing for earnings will now be more in-line with the prior year, with approximately 50% of earnings being delivered in the first half of the year and 50% in the second half of the year. "We continue to ...
March 10, 2006
WESTPORT, Conn., Mar 10, 2006 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it will participate in the Citigroup Small & Mid-Cap Conference at the Four Seasons Hotel located in Las Vegas, Nevada on Tuesday, March 14, 2006. The meeting will include a presentation by Chuck Snavely, Vice President Finance, Treasury and Risk Management, and Tom Gelston, Director of Investor Relations. A live webcast of this presentation can be accessed on Tuesday, March 14, 2006 at 2:25 PM (PST) on the Terex Corporation website, www.terex.com, under the Investor Relations section. Additionally, a slide presentation from the conference will be available beginning on Tuesday, March 14, 2006 on the Terex website 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 90 days by accessing the above ...
March 09, 2006
Record revenue in 2005 of $6.4 billion Full-year 2005 earnings expected to increase approximately 64% versus 2004, excluding special items Net debt at December 31, 2005 decreased $209 million to $571 million Backlog increased 62% compared with 2004, to $1,643 million Conference call to be held to discuss this release on Friday, March 10 at 8:30 a.m. March 9, 2006-Terex Corporation (NYSE: TEX): Terex Corporation (NYSE: TEX) today announced updated full year 2005 earnings per share guidance in a range of $3.90 to $4.00, excluding special items. This assumes an effective tax rate of 35%, which will likely change upon finalization of the Company's 2005 financial results, which should be completed within several weeks. Additionally, Terex expects to report 2005 revenue of approximately $6.4 billion, an increase of roughly 28% from revenue of $5.0 billion for 2004. Net debt (defined as total debt less cash) decreased by $209 million during the year, with $192 million of this reduction ...
March 09, 2006
WESTPORT, Conn., Mar 09, 2006 (BUSINESS WIRE) - Terex Corporation (TEX:NYSE) has announced that Hyeryun Lee Park has joined the Company in the newly created position of President, Terex Asia. Ms. Lee Park will report directly to the Company's Chairman and Chief Executive Officer, Ronald M. DeFeo. Ms. Lee Park will work closely with Terex's operating segments to accelerate the Company's growth in Asia. She will divide her time between offices in Beijing and in Chicago. "Hyeryun has consulted with Terex over several years and is uniquely qualified to help us grow our business in Asia," said Mr. DeFeo. "Asian GDP is forecast to grow faster than the rest of the world for the foreseeable future, so Terex's long-term growth will be enhanced by greater exposure to Asian markets. The development of our Asian business is one of the top areas for value creation in our organization, and when accomplished in conjunction with our on-going initiatives in global supply chain management, marketing, ...
March 07, 2006
March 7, 2006-You are invited by Terex Corporation (NYSE: TEX) to participate in a conference call that will provide an update on Terex's 2005 financial performance as well as a 2006 outlook. The live call will begin on Friday, March 10, 2006 at 8:30 a.m., Eastern Time. Ronald M. DeFeo, Chairman and CEO, will host the call. To access the call, call (877) 726-6603 on Friday, March 10, 2006 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 Friday, March 17, 2006 at 5:00 p.m., Eastern Time. To access the replay, please call (800) 642-1687 and enter conference id #6133500. 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 ...
February 17, 2006
Feb. 17, 2006-Terex Corporation (NYSE: TEX) today announced that it has completed the restatement of its financial statements for the years ended December 31, 2000, 2001, 2002 and 2003, the filing of its Annual Report on Form 10-K, including its audited financial statements, for the year ended December 31, 2004, and the filing of its quarterly reports for the first, second and third quarters of 2004. Terex has placed an updated list of questions and answers on its website, www.terex.com, in the Investor Relations section, to provide a summary of the items contained in the restatement. Terex also confirms 2004 revenues of $5.0 billion and announced net income of $324.1 million, or $6.34 per share, for 2004, as compared with 2003 revenues of $3.9 billion and restated net loss of $226.6 million, or ($4.75) per share, for 2003. Excluding the impact of special items for 2004, net income was $123.1 million, or $2.41 per share, in 2004, compared to net income of $48.8 million, or $0.99 per ...
February 16, 2006
WESTPORT, Conn., Feb 16, 2006 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that it has obtained a waiver from its senior bank lending group that allows the Company until March 1, 2006, to provide its lenders with its financial information for the year ended December 31, 2004, as well as the quarters ended March 31, 2005, June 30, 2005 and September 30, 2005. As previously announced, Terex is restating its financial results for 2000, 2001, 2002 and 2003. Terex has completed its review of additional items in its historical financial documents, and is working with its auditors to complete their work on the Company's financial statements. Upon final audit approval, the Company intends to file its Annual Report on Form 10-K for the year ended December 31, 2004, including the restatement impacts on financial results for 2000, 2001, 2002 and 2003, and its quarterly reports for the periods ending March 31, 2004, June 30, 2004 and September 30, 2004. Terex expects to make ...
January 16, 2006
Jan. 16, 2006-Terex Corporation (NYSE: TEX) announced today that Jon Carter has been named Vice President, Controller and Chief Accounting Officer of Terex Corporation. Since February 2005, Mr. Carter has been serving in the role of Acting Controller and Chief Accounting Officer of Terex. "Jon is a great addition to our corporate finance team," commented Phil Widman, Terex's Senior Vice President and Chief Financial Officer. "He has been instrumental in assisting me with the restatement activities, as well as developing the corporate finance team. Jon brings to this role both a public accounting background and, more recently, operational finance experience from leading the financial team in the Aerial Work Platforms Segment. We look forward to Jon driving our process improvement in both the financial reporting and control areas by taking on this leadership position," added Mr. Widman. Prior to his current responsibilities, Mr. Carter served as Chief Financial Officer of the Terex ...
January 10, 2006
Jan. 10, 2006-Terex Corporation (NYSE: TEX) announced today that, effective at the start of the first quarter of 2006, it has realigned certain of its operations in an effort to strengthen its ability to service customers and to recognize certain organizational efficiencies. The Mobile Crushing and Screening Group, consisting of Powerscreen, Terex Finlay and Terex Pegson and formerly part of the Terex Construction Segment, will now be consolidated within the Terex Materials Processing & Mining Segment. Additionally, the European telehandlers business of TerexLift, formerly part of the Terex Construction Segment, will now become part of the Terex Aerial Work Platforms Segment. "The purpose of these changes is to strengthen Terex's ability to service our customers in these product categories, and to ultimately provide a better return to our shareholders," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "The new organizational structure not only aligns us ...
January 05, 2006
Jan. 5, 2006-Terex Corporation (NYSE:TEX) has announced that Katia Facchetti has joined the Company in the newly created position of Senior Vice President and Chief Marketing Officer. She will be based in Westport, Connecticut and will report directly to the Company's Chairman and Chief Executive Officer, Ronald M. DeFeo. Mr. DeFeo commented, "This organizational move highlights two specific important points. First, Marketing as a core function of Terex needs to be elevated to a strategic and integrating force within the Company. This position will lead this change. Secondly, we are delighted to have attracted someone of Katia's talent to Terex. Coming from outside the construction equipment industry, she will bring a fresh perspective to many of our business challenges." "I expect that 2006 will be a year of planning, learning and focus," added Mr. DeFeo. "We need to learn more about our customers, distribution, and our overall value proposition, specifically by product type and ...
January 05, 2006
Jan. 5, 2006-Terex Corporation (NYSE: TEX) announced today that, effective January 3, 2006, Kevin Barr has been named Senior Vice President, Human Resources of Terex Corporation. Mr. Barr previously had been Vice President, Human Resources of Terex. Mr. Barr joined Terex as the Company's top Human Resources officer in September 2000. "Since joining the Company, Kevin has led dramatic changes to the HR process and helped establish the value of this function as a foundation of the Terex Business System," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "Under Kevin's leadership, we have re-invented the entire HR activity, including establishing many new development and control processes. We still have a lot of work to do, but HR now has an equal seat at the table with our other business functions. We all realize that our future depends on the quality of the people in this organization and our commitment to helping every person realize their full potential," added ...