December 13, 2010
WESTPORT, Conn., Dec 13, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it will redeem all $297.6 million principal amount outstanding of its 7-3/8% Senior Subordinated Notes due 2014, effective January 15, 2011. As set forth in the indenture for these notes, Terex will pay holders 101.229 percent of the principal amount plus accrued and unpaid interest up to the redemption date. The calling of these notes brings the total amount of debt repayments announced since September 30, 2010 to approximately $570 million from the outstanding indebtedness at the end of the third quarter of approximately $1,973 million. These notes were originally issued in November 2003. Ronald M. DeFeo, Chairman and CEO of Terex, commented, "As I have recently indicated, Terex is taking a balanced approach to capital allocation in reviewing potential acquisitions and debt reduction opportunities. Our liquidity position allows us to pursue attractive bolt-on acquisitions while also
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December 07, 2010
WESTPORT, Conn., Dec 07, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today issued the following statement concerning a verdict in the patent infringement lawsuit brought against Powerscreen International Distribution Limited ("Powerscreen") and Terex Corporation ("Terex") by Metso Minerals Inc. ("Metso Minerals") in United States District Court for the Eastern District of New York. "Terex and Powerscreen are disappointed by the adverse jury verdict Monday in the lawsuit brought by Metso Minerals against Powerscreen and Terex. The lawsuit involved the claim by Metso Minerals that the folding side conveyor of Powerscreen screening plants violates a patent held by Metso in the United States. We do not agree that the accused Powerscreen mobile screening plants or their folding conveyor infringe the subject patent held by Metso Minerals. These types of patent cases are very complex and we strongly believe that verdict is contrary to both the law and the facts. Accordingly, Terex
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November 05, 2010
WESTPORT, Conn., Nov 05, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) announced today that it has completed its previously announced offers to purchase, at par, its 10-7/8% senior notes due 2016 and 7-3/8% senior subordinated notes due 2014. Pursuant to the terms of the offers to purchase, both offers expired at 3:00 p.m., New York City, time on November 3, 2010. Based on final information provided to the Company by HSBC Bank USA, the Depositary for the offers, $60,000 in aggregate principal amount of the 10-7/8% senior notes and $2,359,000 in aggregate principal amount of the 7-3/8% senior subordinated notes were validly surrendered and accepted for purchase by the Company. Holders who validly surrendered their notes will receive 100% of the principal amount of such notes plus accrued and unpaid interest thereon up to but not including the date of payment. Terex Corporation is a diversified global manufacturer operating in four business segments: Aerial Work Platforms,
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October 11, 2010
WESTPORT, Conn., Oct 11, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) will release its third quarter 2010 financial results on Wednesday, October 20, 2010 after market close. The Company will host a conference call to review the financial results on Thursday, October 21, 2010 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, http://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 operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials
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October 05, 2010
WESTPORT, Conn., Oct 05, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) announced today that it has entered into an amendment to its bank credit facility. The Company previously announced on September 24, 2010 its intention to pursue an amendment to its bank credit facility. The amendment permits Terex to make par offers for its 10-7/8% senior notes due 2016 (the "Senior Notes") and its 7-3/8% senior subordinated notes due 2014 (the "Senior Subordinated Notes") in accordance with the governing indentures and to redeem or repurchase debt if the minimum liquidity of the Company is greater than $250 million. In addition, the amendment removes the previous $200 million annual limitation on acquisitions and provides the Company with added flexibility in certain other restrictive covenants. In connection with the amendment, the Company is prepaying approximately $270 million principal amount of its term loans under the credit facility with a portion of the net proceeds from the sale of
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September 24, 2010
WESTPORT, Conn., Sep 24, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) announced today that it is seeking an amendment to its bank credit facility primarily to gain greater flexibility for the use of the proceeds from the sale of the Terex mining business that was concluded earlier this year. The proposed amendment will provide the Company with added flexibility in various restrictive covenants, including the Company's ability to prepay, redeem or repurchase debt, and make acquisitions. Pursuant to the amendment, Terex would also prepay 100% of the outstanding principal amount of its term loans under the credit facility of approximately $270 million. Terex Corporation is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes, and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining, shipping, transportation,
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August 17, 2010
WESTPORT, Conn., Aug 17, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that it has entered into an agreement to acquire 65 percent control of the privately held Shandong Topower Heavy Machinery Company located in Jinan, China, a company which currently manufactures lattice boom crawler cranes in the 70 to 360 ton class. Terex also announced that it has entered into an agreement with Fujian South Highway Machinery Company (NFLG) to establish a mobile materials processing equipment manufacturing joint venture in Quanzhou, China. "These actions further escalate the growth opportunity for Terex in China, which has been steadily expanding with the addition of our Terex Port Equipment facility in Xiamen, and our new Aerial Work Platforms factory, nearing completion in Changzhou," said Ron DeFeo, Terex Chairman and Chief Executive Officer. "We are enthusiastic about these ventures and the additional potential they bring to participate in the significant infrastructure
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July 21, 2010
WESTPORT, Conn., Jul 21, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced a net loss from continuing operations for the second quarter of 2010 of $13.1 million, or $0.12 per share, compared to a net loss from continuing operations of $99.6 million, or $1.00 per share, for the second quarter of 2009. Contributing to the second quarter 2010 net loss from continuing operations were (i) pre-tax charges of approximately $11 million associated with restructuring programs and manufacturing realignment in certain businesses and (ii) a pre-tax provision of approximately $7 million for expected historical foreign duty and related obligations for certain products. Additionally, the Company recognized in Other Income a pre-tax benefit of approximately $12 million associated with marking to market derivative instruments intended to partially mitigate risks associated with 5.8 million shares of the common stock of Bucyrus International, Inc. acquired in connection with the
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July 13, 2010
WESTPORT, Conn., Jul 13, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) will release its second quarter 2010 financial results on Wednesday, July 21, 2010 after market close. The Company will host a conference call to review the financial results on Thursday, July 22, 2010 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, http://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 operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials
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July 06, 2010
WESTPORT, Conn., Jul 06, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has received notification from the United States Department of Justice that the criminal antitrust investigation of Terex concerning practices in the U.S. rock crushing and screening equipment industry has been concluded without any charges being filed or monetary fines assessed against Terex or any of its subsidiaries, officers or employees. Ronald M. DeFeo, Terex Chairman and Chief Executive Officer commented, "Terex fully cooperated with the government in its investigation and we are pleased the matter has been brought to a conclusion without further action and is now behind us." Terex Corporation is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes, and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining,
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June 07, 2010
WESTPORT, Conn., Jun 07, 2010 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) today announced the successful completion of the consent solicitation (the "Consent Solicitation") relating to its 8% Senior Subordinated Notes Due 2017 (the "Notes") (CUSIP No. 880779AU7; ISIN No. US880779AU73). Launched on May 24, 2010, the purpose of the Consent Solicitation was to obtain the necessary consents for a waiver of the Limitation on Sales of Assets and Subsidiary Stock covenant in the indenture governing the Notes in advance of any potential obligation to make an offer to repurchase the Notes with the proceeds from the Company's previously announced disposition of its mining equipment business to Bucyrus International, Inc. The Consent Solicitation expired June 4, 2010 at 5:00 p.m., New York City time. As of the expiration time of the Consent Solicitation, the Company had received the consent of holders representing a majority in aggregate principal amount of the Notes outstanding. Therefore,
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May 24, 2010
WESTPORT, Conn., May 24, 2010 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) today announced that it is soliciting consents from the holders of its 8% Senior Subordinated Notes Due 2017 (the "Notes") (CUSIP No. 880779AU7; ISIN No. US880779AU73). The Company is seeking consents (the "Consent Solicitation") for a waiver of the Limitation on Sales of Assets and Subsidiary Stock covenant in the indenture governing the Notes in advance of any potential obligation to make an offer to repurchase the Notes with the proceeds from the Company's previously announced disposition of its mining equipment business to Bucyrus International, Inc. The terms and conditions of the consent solicitation are described in the Notice of Consent Solicitation dated May 24, 2010 (the "Notice of Consent Solicitation"). In the event that certain conditions of the Consent Solicitation are satisfied or waived, including, among other things, the receipt of the requisite consents of a majority in aggregate principal
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April 21, 2010
WESTPORT, Conn., Apr 21, 2010 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) today announced net income for the first quarter of 2010 of $539.9 million, or $4.98 per share, compared to a net loss of $74.9 million, or $0.79 per share, for the first quarter of 2009. During the first quarter of 2010, the Company recognized a net gain on the disposition of its Mining business of $620.4 million, or $5.72 per share. The Company reported a net loss from continuing operations for the first quarter of 2010 of $79.0 million, or $0.73 per share, compared to a net loss from continuing operations of $98.5 million, or $1.04 per share, for the first quarter of 2009. Contributing to the 2010 net loss from continuing operations were (i) pre-tax charges of approximately $12 million associated with restructuring programs and a continued reduction in production levels in certain businesses, (ii) a pre-tax expense of approximately $8 million associated with marking to market derivative instruments
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April 15, 2010
WESTPORT, Conn., Apr 15, 2010 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) announced today that it has completed the previously announced divestment of the Terex Atlas heavy construction equipment and knuckle-boom crane manufacturing operations located in Germany to Atlas Maschinen GmbH. Fil Filipov, a former Terex executive, is the Chairman of Atlas Maschinen. Divested in the transaction were crawler, wheel and rail excavators, knuckle-boom truck loader cranes and Terex(R) Atlas branded material handlers. The completion of the transfer of the Terex Atlas United Kingdom sales and service business is expected to occur in the coming weeks. Terex compact equipment made in Germany, namely mini and midi-excavators and compact wheel loaders, as well as the Terex Fuchs(R) material handler line, remain with Terex as part of the Construction business segment. Also not part of the transaction are Terex(R) rigid and articulated trucks, backhoe-loaders and other products manufactured in the
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April 14, 2010
WESTPORT, Conn., Apr 14, 2010 (BUSINESS WIRE) -Terex Corporation (NYSE:TEX) will release its first quarter 2010 financial results on Wednesday, April 21, 2010 after market close. The Company will host a conference call to review the financial results on Thursday, April 22, 2010 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, http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.terex.com&esheet=6249240&lan=en_US&anchor=www.terex.com&index=1&md5=d46280d6d26d067a8887ef48279b3b5f. 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
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March 25, 2010
WESTPORT, Conn., Mar 25, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) has announced that it is the presenting sponsor for Confronting the Crisis: Solving our Regional Transportation Infrastructure Issues, the third conference it has held in conjunction with Iona College on the topic of infrastructure investment in the United States. To be held April 8 on the Iona campus in New Rochelle, New York, the conferencewill focus on how the Tri-State Region's outmoded transportation infrastructure is affecting the economy and quality of life and what can be done to address the problems. "In my lifetime, we have moved from a time when we understood that investment in infrastructure enabled economic growth to the point where we have allowed our nation's highways, bridges and rails to deteriorate such that our ability to efficiently and safely move people and goods is seriously impaired," says Terex Chairman and CEO Ron DeFeo. "The 2010 Iona Infrastructure Conference stands as an example
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March 11, 2010
WESTPORT, Conn., Mar 11, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) announced today that it has entered into an agreement to divest the Terex Atlas heavy construction equipment, which is located in Ganderkesee, Germany, and knuckle-boom crane and related components businesses, which have operations in Vechta and Delmenhorst, Germany. Also included as part of this transaction are the sales and service business located in Bradford, United Kingdom, and the Terex minority ownership position in the Atlas Chinese joint venture. Terms of the transaction are not being disclosed, although the business is being divested with an agreed-upon amount of capital to be transferred with the business. The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2010. "The Atlas divestiture is another important step forward in the strategic repositioning of Terex," said Ron DeFeo, Terex Chairman and Chief Executive Officer.
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February 19, 2010
WESTPORT, Conn., Feb 19, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced that it has completed the previously announced sale of its Mining business to Bucyrus International (NASDAQ: BUCY) for $1 billion in cash plus approximately 5.8 million shares of Bucyrus common stock. The products 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 closing of this transaction marks a positive step toward the transformation of Terex Corporation into a machinery and industrial products business," said Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. "Our focus going forward is on product and market niches where we can maintain and build superior customer propositions with high returns on capital for our shareholders. This transaction
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February 17, 2010
WESTPORT, Conn., Feb 17, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE: TEX) today announced a net loss from continuing operations for the fourth quarter of 2009 of $114.8 million, or $1.06 per share, compared to a net loss of $452.3 million, or $4.78 per share, for the fourth quarter of 2008. Net sales were $1,058.0 million in the fourth quarter of 2009, a decrease of 36.1% from $1,656.1 million in the fourth quarter of 2008. Net sales decreased approximately 41% from the comparable prior year period when adjusting for the translation effect of foreign currency exchange rate changes. Results exclude the Mining and Load King trailer businesses, which are classified as Discontinued Operations in our financial statements. During the fourth quarter of 2009, the Company incurred pre-tax charges of approximately $27 million associated with restructuring programs and a continued reduction in production levels. Goodwill impairment charges recorded during the fourth quarter of 2008 reduced
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February 04, 2010
WESTPORT, Conn., Feb 04, 2010 (BUSINESS WIRE) - Terex Corporation (NYSE:TEX) will release its fourth quarter and year-end 2009 financial results on Wednesday, February 17, 2010 after market close. The Company will host a conference call to review the financial results on Thursday, February 18, 2010 at 8:30 a.m. EST. Ronald M. DeFeo, Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company's website, http://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 operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and
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