December 20, 2009
WESTPORT, Conn., Dec 20, 2009 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has signed a definitive agreement to sell its mining business to Bucyrus International Inc. (NASDAQ: BUCY), for $1.3 billion in cash. The products to be divested by Terex in the transaction include hydraulic mining excavators, electric drive mining trucks, track and rotary blasthole drills, and the highwall miner, as well as the related parts and aftermarket service businesses, including the company-owned distribution locations. The transaction, which is subject to customary regulatory approvals, is expected to close in the first quarter of 2010. "This transaction accelerates the transformation of Terex Corporation as we move from a Construction and Mining Equipment Company to a Machinery and Industrial Products business," said Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "Going forward, we will focus on products and services where we can maintain and build superior
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November 10, 2009
Nov. 10, 2009- Terex Corporation (NYSE: TEX) today announced that it will participate in the Citi Industrial Manufacturing & Transportation Conference at the Citigroup Offices at 388 Greenwich Street in New York City on Thursday, November 12, 2009 . The meeting will include a presentation at 1:30 PM EST by Ronald DeFeo , Chairman and Chief Executive Officer and Tom Gelston , Vice President, Investor Relations. A live webcast and slide presentation from this conference can be accessed 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. Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion . Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction ,
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November 09, 2009
Nov. 9, 2009- Terex Corporation (NYSE:TEX) today announced that it will participate in the Robert W. Baird Industrial Conference at the Four Seasons Hotel in Chicago, Illinois on Wednesday, November 11, 2009 . The meeting will include a presentation at 8:20 AM CST by Phil Widman , Senior Vice President and Chief Financial Officer and Tom Gelston , Vice President, Investor Relations. A live webcast and slide presentation from this conference can be accessed 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. Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion . Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction , Terex Cranes, and Terex
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November 09, 2009
Nov. 9, 2009- Terex Corporation (NYSE: TEX) will host a conference call to review the Company’s progress and preparation for the Tier IV engine emission standards on Tuesday, November 10, 2009 at 11:00 a.m. EST . Ronald M. DeFeo, Chairman and Chief Executive Officer and Jacob Thomas , Senior Vice President Product Development, Marketing and Terex Business System will host the call. A simultaneous webcast of this call, including an accompanying presentation, will be available on the Company’s website, www.terex.com. To listen to the call, select “Investor Relations” in the “About Terex” section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company’s website under “Audio Archives” in the “Investor Relations” section of the website. This webcast and conference call will not include a general operational update, comments on 2009 results or earnings
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October 21, 2009
Oct. 21, 2009- Terex Corporation (NYSE: TEX) today announced a net loss for the third quarter of 2009 of $103.1 million , or $0.95 per share, compared to net income of $93.8 million , or $0.96 per share, for the third quarter of 2008. Net sales were $1,226.1 million in the third quarter of 2009, a decrease of 51.2% from $2,514.6 million in the third quarter of 2008. Net sales decreased approximately 49% from the comparable prior year period when adjusting for the translation effect of foreign currency exchange rate changes which more than offset the net sales relating to the acquisition of the port equipment businesses of Fantuzzi Industries and Noell Crane since late July 2009 . During the third quarter of 2009, the Company incurred after-tax charges of approximately $19 million , or $0.18 per share, associated with restructuring programs and a continued reduction in production levels. All per share amounts are on a fully diluted basis. “This was a disappointing quarter but we feel
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October 15, 2009
Oct. 15, 2009- Terex Corporation (NYSE: TEX) will release its third quarter 2009 financial results on Wednesday, October 21, 2009 after market close. The Company will host a conference call to review the financial results on Thursday, October 22, 2009 at 8:30 a.m. EDT . Ronald M. DeFeo , Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company’s website, www.terex.com. To listen to the call, select “Investor Relations” in the “About Terex” section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company’s website under “Audio Archives” in the “Investor Relations” section of the website. Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion. Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials
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October 08, 2009
Oct. 8, 2009- Terex Corporation (NYSE: TEX) today announced that George Ellis has been named President, Terex Construction , effective immediately. He will report to Tom Riordan , Terex President and Chief Operating Officer. “George is extremely well versed in equipment manufacturing and was already leading the Roadbuilding portion of our Terex Construction operations,” said Mr. Riordan. ”In addition, his knowledge of and insight into the construction market, as well as his ability to lead change and improvement make him very well suited to lead Terex Construction back to a position of profitability.” Mr. Ellis, 49, was most recently Senior Vice President, Terex Business System, with additional responsibilities leading the Company’s Roadbuilding, Manufacturing Services and Health Safety & Environment organizations. Mr. Ellis joined Genie Industries as a site director in 2000. After the Terex acquisition of Genie Industries in 2002, he became General Manager of the Southaven
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September 14, 2009
Sep. 14, 2009- Terex Corporation (NYSE: TEX) today announced that it will participate in the J.P. Morgan Diversified Industries Conference at the J.P. Morgan Conference Center at 383 Madison Avenue in New York City on Wednesday, September 16, 2009 . The meeting will include a presentation at 1:30 PM EDT by Ronald DeFeo , Chairman and Chief Executive Officer and Tom Gelston , Vice President, Investor Relations. A live webcast and slide presentation from this conference can be accessed 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. Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion . Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction ,
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August 31, 2009
Aug. 31, 2009- Terex Corporation (NYSE: TEX) today announced that it will participate in the Morgan Stanley Global Industrials Unplugged Conference at the Crowne Plaza Times Square in New York City on Wednesday, September 2, 2009 . The meeting will include a presentation at 2:45 PM EDT by Thomas Riordan , President and Chief Operating Officer and Tom Gelston , Vice President, Investor Relations. A live webcast and slide presentation from this conference can be accessed 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. Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion . Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction , Terex Cranes, and
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August 12, 2009
WESTPORT, CT, August 12, 2009 –Terex Corporation (NYSE: TEX) today announced that the previously announced agreement in principle it has reached with the Staff of the United States Securities and Exchange Commission (“SEC”), has now been approved by the Commission. This agreement is subject to court approval, and will become final upon entry by the court of a final decree. This settlement concludes the SEC’s investigation of Terex related mainly to (1) certain transactions between Terex and United Rentals, Inc. that took place in 2000 and 2001, and one transaction between United Rentals, Inc. and one of Terex’s subsidiaries that took place in 2001 before that subsidiary was acquired by Terex, and (2) the circumstances of the restatement of certain of Terex’s financial statements for the years 2000-2004. Under the terms of the settlement, Terex consented, without admitting or denying the SEC’s allegations, to the entry of a judgment which enjoins Terex from committing or aiding and
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August 06, 2009
Terex Corporation today announced that it will be consolidating the manufacturing of the equipment made at its Terex Cedarapids plant in Cedar Rapids, Iowa, into other Terex facilities in North America. Engineering, sales and service functions for materials processing equipment now made at the plant will be retained at the facility for the foreseeable future. “The worldwide recession has greatly reduced construction equipment orders. As a result, manufacturing capacity across the company is greater than needed to meet foreseeable market demand,” said Tom Riordan, Terex President and Chief Operating Officer. “The decision to move manufacturing from Cedar Rapids was not an easy one because we know this action affects team members and their families. Over the last several months, the plant has instituted temporary shutdowns, reduced positions and placed team members on indefinite layoff. These actions were not sufficient given market conditions and our need to ensure that manufacturing
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July 27, 2009
Jul. 27, 2009- Terex Corporation (NYSE: TEX) today announced that it has completed the acquisition of the port equipment businesses of Fantuzzi Industries S.a.r.l and Noell Crane for net consideration of approximately €155 million. Financial arrangements were made with existing financial creditors of Fantuzzi to provide Terex with long-term financing on favorable terms for substantially all of the acquisition price. “We are quite pleased that Fantuzzi and Noell and their team members are now part of the Terex Cranes family,” said Rick Nichols, President, Terex Cranes. “Fantuzzi and Noell are unquestionably leaders in the design, manufacture and service of port equipment, and although the global economy is slow today, the longer term prospects for intermodal transportation remain very attractive and substantial in scope. This acquisition also helps diversify our Cranes business, and expands the product offering of Terex Cranes to the port industry beyond our current stacker product
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July 22, 2009
Jul. 22, 2009- Terex Corporation (NYSE: TEX) today announced a net loss for the second quarter of 2009 of $77.6 million , or $0.78 per share, compared to net income of $236.3 million , or $2.32 per share, for the second quarter of 2008. Net sales were $1,320.2 million in the second quarter of 2009, a decrease of 55.0% from $2,935.9 million in the second quarter of 2008. Adjusting for the translation effect of foreign currency exchange rate changes, net sales decreased approximately 49% from the comparable prior year period. During the second quarter of 2009, the Company incurred after-tax charges of $31.4 million , or $0.32 per share, associated with restructuring programs and a continued reduction in production levels. Additionally, as previously disclosed, the Company and the U.S. Securities and Exchange Commission (“SEC”) Staff have reached a tentative agreement in principle to resolve the SEC’s concerns which would require, among other things, that the Company pay a penalty.
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July 13, 2009
Jul. 13, 2009- Terex Corporation (NYSE:TEX) will release its second quarter 2009 financial results on Wednesday, July 22, 2009 after market close. The Company will host a conference call to review the financial results on Thursday, July 23, 2009 at 8:30 a.m. EDT . Ronald M. DeFeo , Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company’s website, www.terex.com. To listen to the call, select “Investor Relations” in the “About Terex” section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company’s website under “Audio Archives” in the “Investor Relations” section of the website. Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion. Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials
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June 19, 2009
Jun. 19, 2009- Terex Corporation (NYSE: TEX) today announced that it will participate in the Wachovia Securities Mid-Year Equity Conference at The InterContinental Boston in Boston, Massachusetts on Tuesday, June 23, 2009 . The meeting will include a presentation at 4:00 PM EDT by Ronald DeFeo , Chairman and Chief Executive Officer and Tom Gelston , Vice President, Investor Relations. A live webcast and slide presentation from this conference can be accessed 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. Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion . Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction , Terex Cranes, and Terex
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June 03, 2009
Jun. 3, 2009- Terex Corporation (NYSE: TEX) today announced that it has completed its previously announced financing, with total net proceeds to Terex of approximately $612 million . Details of the public offerings are: $300 million principal amount of 10.875% Senior Notes due 2016 at an issue price of 97.633%. 12.65 million shares of common stock, priced at $13.00 per share to the public. As previously disclosed, Terex had granted the underwriters an option to purchase up to an additional 1.65 million shares of common stock to cover any over-allotments in excess of the original 11 million shares. The underwriters elected to exercise this option in full. $172.5 million principal amount of 4.00% Convertible Senior Subordinated Notes due 2015. As previously disclosed, Terex had granted the underwriters an option to purchase up to an additional $22.5 million principal amount of Convertible Notes to cover any over-allotments in excess of the original $150 million principal amount of
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May 29, 2009
May. 29, 2009- Terex Corporation (NYSE: TEX) today announced that it priced approximately $600 million in new financing, not including underwriting discounts and commissions or other offering expenses. Details of the previously announced public offerings are: $300 million principal amount of 10.875% Senior Notes due 2016 at an issue price of 97.633%. 11 million shares of common stock, priced at $13.00 per share to the public. Terex has granted the underwriters an option to purchase up to an additional 1.65 million shares of common stock to cover any over-allotments. $150 million principal amount of 4.00% Convertible Senior Subordinated Notes due 2015. In certain circumstances and during certain periods, the Convertible Senior Subordinated Notes will be convertible at an initial conversion rate of 61.5385 shares of common stock per $1,000 principal amount of convertible notes, equivalent to an initial conversion price of approximately $16.25 per share of common stock, subject to
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May 27, 2009
May. 27, 2009- Terex Corporation (NYSE:TEX) announced today that it has reached agreement on an amendment to its bank credit facility, with the effectiveness of the amendment being conditional on the successful completion of its previously announced capital markets transactions. Pursuant to the amendment, Terex would reduce its domestic revolving credit commitments under the credit facility by $150 million, prepay approximately $58 million principal amount of its term loans under the credit facility, and increase the interest rates charged under its credit facility. The amendment would also eliminate certain existing financial covenants dealing with the Company’s consolidated leverage ratio and consolidated fixed charge coverage ratio, and instead require the Company to maintain liquidity of not less than $250 million on the last day of each fiscal quarter through June 30, 2011, and thereafter, maintain a specified senior secured leverage ratio. Additionally, the amendment provides
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May 27, 2009
May. 27, 2009- Terex Corporation (NYSE:TEX) today announced that it is seeking approximately $600 million in new financing. The company intends to offer, subject to market and other conditions, $300 million in senior notes, $150 million in senior subordinated convertible notes and 11 million shares of Terex common stock. Terex intends to use the net proceeds from the offering to pay down certain outstanding amounts under its senior credit facility and for general corporate purposes. Terex intends to grant the underwriters an option to purchase up to an additional $22.5 million in convertible notes and 1,650,000 shares of common stock to cover over-allotments, if any. Terex intends to offer and sell these securities under the Company's existing shelf registration statement filed with the Securities and Exchange Commission in July 2007 and amended on November 6, 2007. When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be
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April 21, 2009
Apr. 21, 2009- Terex Corporation (NYSE: TEX) today announced a net loss for the first quarter of 2009 of $74.9 million , or $0.79 per share, compared to net income of $163.3 million , or $1.59 per share, for the first quarter of 2008. Net sales were $1.30 billion in the first quarter of 2009, a decrease of 45% from $2.36 billion in the first quarter of 2008. Adjusting for the translation effect of foreign currency exchange rate changes, net sales decreased 37% from the comparable prior year period. During the first quarter of 2009, the Company incurred after-tax charges of $30 million , or $0.32 per share, associated with restructuring programs and a continued reduction in production levels. All per share amounts are on a fully diluted basis. “The turmoil from the global credit crisis and economic slowdown has quickly and deeply impacted sales for our industry, with certain sectors down almost 75% from year ago levels,” commented Ron DeFeo, Terex Chairman and Chief Executive Officer.
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April 09, 2009
Apr. 9, 2009- Terex Corporation (NYSE:TEX) will release its first quarter 2009 financial results on Tuesday, April 21, 2009 after market close. The Company will host a conference call to review the financial results on Wednesday, April 22, 2009 at 8:30 a.m. EDT . Ronald M. DeFeo , Chairman and CEO, will host the call. To access the call, dial 1-877-726-6603 on April 22, 2009 at least 10 minutes before the call is scheduled to begin. International participants should dial 1-706-634-5517. A simultaneous webcast of this conference call will also be available at www.terex.com in the Investor Relations section of the website. A replay will be available shortly after the live call and can be accessed until Wednesday, April 29, 2009 at 5:00 p.m. EDT . To access the telephone replay, please dial 1-800-642-1687 (International 1-706-645-9291) and enter conference id #93775219. To access the web replay of the call, go to the Investor Relations section of the Company’s website at www.terex.com .
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April 01, 2009
Apr. 1, 2009- Terex Corporation (NYSE: TEX) today announced that it has agreed on a term sheet to acquire the port equipment businesses of Fantuzzi Industries and Noell Crane for net consideration of approximately €175 million. The Fantuzzi and Noell businesses are global leaders in the design, manufacture, and service of port equipment. Term sheets have also been agreed with the existing financial creditors to the Fantuzzi group for long-term financing on favorable terms to provide substantially all of the funds necessary to complete the transaction. The term sheets are non-binding and it is the intention of the parties to work to enter into agreements and complete the transaction within the next few weeks. Terex initially announced the acquisition of the Fantuzzi and Noell businesses in August of 2008 for total consideration of approximately €215 million and subsequently announced in December of 2008 that it was terminating the acquisition due to the existence of a material adverse
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February 27, 2009
Feb. 27, 2009- Terex Corporation (NYSE: TEX) today announced that it will participate in the ISI Industrial Conference at The Waldorf Astoria Hotel in New York, New York on Tuesday, March 3, 2009 . The meeting will include a presentation at 8:30 AM EST by Ronald DeFeo , Chairman and Chief Executive Officer and Laura Kiernan , Director, Investor Relations. A live webcast and slide presentation from this conference can be accessed 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. Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion . Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction , Terex Cranes, and Terex Materials Processing & Mining.
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February 25, 2009
Feb. 25, 2009- Terex Corporation (NYSE:TEX) announced today that it has entered into an amendment of its existing credit agreement to ease the fixed charge coverage ratio covenant during 2009 and the first quarter of 2010. As previously disclosed, the Company sought the amendment from its bank group because it anticipated a risk of not complying with this covenant as early as the end of the first quarter of 2009. Phil Widman, Terex Senior Vice President and Chief Financial Officer, stated, “We are pleased with the support demonstrated by our bank group regarding the amendment to our credit agreement. We believe the amendment helps to address the short-term concern with our fixed charge coverage ratio covenant and provides the flexibility needed to manage the Company during these challenging times.” Additional information concerning the amendment to the credit agreement, including the entire amendment, can be found under the Company’s related Form 8-K filing with the Securities and
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February 24, 2009
An economic recovery bill with significant infrastructure spending may have just been passed by Congress and signed into law by the President, but participants in the upcoming March 4 Rebuilding America's Infrastructure for Global Competitiveness conference agree that the nation needs to re-think the way we plan and invest in infrastructure initiatives, putting politics aside and making "smart" choices for a new century. "The Obama Administration understands that the US economy and infrastructure need more than asphalt for pot-holed streets and steel girders for bridges. We need a stimulus package that addresses future needs and national competitiveness," said Gerry Mooney, IBM General Manager of Global Government and Education. "Rather than simply rebuild, we can transform and innovate with technology that can manage our infrastructure intelligently, creating high value skills for Americans in the process. This is a cost-effective long-term solution." Mooney will be addressing the
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February 11, 2009
Feb. 11, 2009- Terex Corporation (NYSE: TEX) today announced a net loss for the fourth quarter of 2008 of $421.5 million , or $4.46 per share. The net loss in the fourth quarter includes pre-tax non-cash charges of $459.9 million , or $4.84 per share, for the impairment of goodwill. These charges were in the Company’s Construction, Roadbuilding and Utility Products businesses. Additionally, the Company incurred pre-tax charges of $21.8 million , or $0.24 per share, primarily associated with a reduction in production levels in the fourth quarter of 2008. These results compare to net income of $174.0 million , or $1.67 per share, for the fourth quarter of 2007. All per share amounts are on a fully diluted basis. Net sales for the fourth quarter of 2008 dropped by approximately 20% to $2.08 billion versus $2.59 billion in the fourth quarter of 2007, as declining demand in the Company’s Aerial Work Platforms, Construction and Materials Processing businesses continued. The translation
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February 03, 2009
Announces Conference Call on 2008 Results Terex Corporation (NYSE:TEX) announced that it expects its earnings for 2008 to be approximately 5% below the low end of its previous full year guidance of between $5.69 and $5.79 per fully diluted share. This revised guidance excludes charges associated with the reduction of our production levels, asset impairments and certain other items. Comparable earnings for the full year 2007 were $5.85 per fully diluted share. Although not yet finalized, the Company expects to record a non-cash impairment charge of certain of the Company’s goodwill, identifiable intangibles and other non current assets principally related to its Construction, Roadbuilding and Utilities businesses. This impairment charge is estimated to be approximately $600 million , only a portion of which will be tax affected. We are currently in compliance with all of the financial covenants under our bank credit facilities and indentures and this impairment charge will not affect
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January 30, 2009
Terex Corporation (NYSE: TEX) today announced that it will participate in the J.P. Morgan Global High Yield & Leveraged Finance Conference at The Loews Miami Beach in Miami, FL on Tuesday, February 3, 2009 . The meeting will include a presentation at 11:15 AM EST by Phil Widman , Senior Vice President and Chief Financial Officer and Kurt Goddard , Manager, Investor Relations. A live webcast and slide presentation from this conference can be accessed 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. Terex Corporation is a diversified global manufacturer with 2007 net sales of more than $9.1 billion . Terex operates in five business segments: Terex Aerial Work Platforms, Terex Construction , Terex Cranes, Terex
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