December 26, 2012
Dec. 26, 2012- Terex Corporation (NYSE: TEX) today announced that it has completed its previously announced redemption of the approximately $120 million principal amount of its 8% Senior Notes due 2017 which remained outstanding. The total cash paid was $125.8 million , and included a call premium as set forth in the indenture of 4.00% plus accrued and unpaid interest of $9.111 per $1,000 principal amount at the redemption date. These notes were originally issued in November 2007 . As previously disclosed, on November 26, 2012, approximately $680 million in aggregate principal amount of the Notes were validly tendered and accepted for purchase by the Company. HSBC Bank USA , National Association, trustee for the Notes, acted as the paying agent for the Company in connection with this redemption. Terex Corporation is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials ...
November 26, 2012
Nov. 26, 2012- Terex Corporation (NYSE: TEX) today announced that it has completed the issuance of $850,000,000 principal amount of 6.0% senior notes due 2021. Terex also announced the initial results of its previously announced tender offer for its 8% senior subordinated notes due 2017. Pursuant to the terms of the tender offer, the consent offer expired at 5:00 p.m., New York City time, on November 21, 2012. Based on final information provided to the Company by Global Bondholder Services, the Depositary for the 8% Notes, approximately $680 million in aggregate principal amount of the 8% Notes were validly tendered and accepted for purchase by the Company. As part of the tender offer, Terex also received the requisite consents from the holders of the 8% Notes for certain proposed amendments that would eliminate or modify certain covenants and events of default as well as other provisions contained in the indenture governing the 8% Notes. Holders who validly tendered their notes will ...
November 08, 2012
Nov. 8, 2012- Terex Corporation (NYSE: TEX) today announced that it priced $850 million in new financing, not including underwriting discounts and commissions or other offering expenses. The $850 million principal amount of Senior Notes due 2021 priced at 6.00% at an issue price of 100%. The public offering is expected to close on November 26, 2012, subject to customary closing conditions. The Company intends to use the net proceeds of this offering together with other funds to finance the purchase of the Company’s outstanding 8% senior subordinated notes due 2017. The Company intends to use any remaining proceeds for general corporate purposes. The Company intends to offer and sell these securities under the shelf registration statement filed with the Securities and Exchange Commission on November 2, 2012. When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from: Credit Suisse Securities (USA) LLC , Attention: ...
November 08, 2012
Nov. 8, 2012- Terex Corporation (NYSE: TEX) announced today that Raimund Klinkner has been appointed to its Board of Directors. Dr. Klinkner is the Managing Partner of the IMX Institute for Manufacturing Excellence GmbH , a consultancy firm specialized in production and logistics, and is Chairman of the German Manufacturing Excellence Board since 2004. In addition, Dr. Klinkner is President of the German Logistics Association as well as a honorary professor for production logistics at the Berlin Technical University and has held that position since 2003. “We are very pleased to have Raimund Klinkner join our Board of Directors. Dr. Klinkner is a seasoned CEO with the ability to see the big picture on a strategic level and a highly regarded supply chain specialist,” said Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. “As Terex has continued to increase its geographic diversification, Dr. Klinkner’s international experience, particularly his experience and insight into the ...
November 07, 2012
Nov. 7, 2012- Terex Corporation (“Terex” or the “Company”) (NYSE: TEX) today announced that Terex International Financial Services Corporation , a subsidiary of the Company, intends to offer, subject to market and other conditions, Euro denominated senior notes maturing in May 2021 . Together with another financing transaction announced today by the Company, Terex intends to raise approximately $850 million and to repurchase its outstanding 8% senior subordinated notes. This news release does not constitute a notice of redemption or an obligation to issue a notice of redemption. The Euro denominated senior notes will be offered and sold outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Act”) and to qualified institutional buyers in the United States pursuant to Rule 144A . The notes have not been, and will not be, registered under the Act, or any state securities laws, and may not be offered or sold in the United States absent ...
November 07, 2012
Nov. 7, 2012- Terex Corporation (NYSE: TEX) today announced that it intends to offer, subject to market and other conditions, U.S. Dollar denominated senior notes maturing in May 2021 . Terex intends to raise approximately $850 million from two separate financing transactions. The net proceeds of the U.S. Dollar denominated offering together with other funds will be used to finance the purchase of the Company’s outstanding 8% senior subordinated notes due 2017. The Company intends to use any remaining proceeds for general corporate purposes. This news release does not constitute a notice of redemption or an obligation to issue a notice of redemption. Terex intends to offer and sell the U.S. Dollar denominated senior notes under the Company's shelf registration statement filed with the Securities and Exchange Commission on November 2, 2012. When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from: Credit Suisse , ...
November 07, 2012
Nov. 7, 2012- Terex Corporation (“Terex” or the “Company”) (NYSE: TEX) today announced that it will commence a tender offer (the “Tender Offer”) to purchase for cash any and all of its outstanding 8% senior subordinated notes due 2017 (the “Notes”). In conjunction with the Tender Offer, Terex is soliciting (the “Solicitation”) consents (the “Consents”) to certain proposed amendments to the indenture governing the Notes (as amended and supplemented from time to time, the “Indenture”) to eliminate most of the covenants, certain events of default applicable to the Notes and certain other provisions contained in the Indenture (the “Proposed Amendments”). The following table summarizes the material pricing terms for the Tender Offer and Solicitation for each $1,000 principal amount of Notes: CUSIP/ISIN Nos.   Outstanding Principal Amount   Title of Security   Consent Expiration   Tender Offer Consideration*   Consent Payment   Total Consideration* 880779AU7/ ...
October 24, 2012
Oct. 24, 2012- Terex Construction , a business segment of Terex Corporation (NYSE:TEX), announced today the completion of a new Supply Agreement with Takeuchi Manufacturing (U.S.), Ltd. for the supply of eight new models of Takeuchi Branded Skid Steer Loaders. This agreement will provide Takeuchi with a comprehensive range of high specification, high performance, vertical and radial lift Skid Steers Loaders to complement their existing line of Compact Equipment. Takeuchi’s current distribution and support channels will handle sales, rental and parts supply and customer support needs for the new skid steer loaders. Clay Eubanks , President of Takeuchi US said: “After an extensive review process, we selected Terex to supply us with these new skid steer loaders ranging in operating weight from 6,500 lbs. to 8,600 lbs., and rated operating capacity ranges from 1,500 lbs. to 3,000 lbs. We will support our customer’s parts and service needs in the same way as we do our other products today. ...
October 24, 2012
Oct. 24, 2012- Terex Corporation (NYSE: TEX) today announced income from continuing operations of $30.2 million , or $0.27 per share for the third quarter of 2012, as compared to income from continuing operations of $36.9 million , or $0.33 per share for the third quarter of 2011. Excluding the costs associated with the debt repayments and certain other items in the quarter, income from continuing operations as adjusted in the third quarter of 2012 was $0.62 per share. Excluding the gain on the sale of Bucyrus International shares and certain other items, income from continuing operations as adjusted in the third quarter of 2011 was $0.30 per share. The glossary at the end of this press release contains further details regarding these items. Net sales were $1,822.0 million in the third quarter of 2012, an increase of 1.0% from $1,803.6 million in the third quarter of 2011. Excluding the impact of the acquisition of Demag Cranes AG, net sales decreased approximately 8%, of which 5.4% ...
October 22, 2012
Oct. 22, 2012- Terex Corporation (NYSE: TEX) today announced that Phil Widman will be retiring as Senior Vice President and Chief Financial Officer. Mr. Widman will continue as Chief Financial Officer of the Company into the first half of 2013 to oversee the year-end accounting close and annual audit process, the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and to facilitate an orderly transition of his responsibilities. The Company has initiated a search to identify a Chief Financial Officer and expects to conclude the search process expeditiously. “During his ten years as Chief Financial Officer of Terex, Phil has been a key contributor to the Company’s growth and success,” said Ron DeFeo, Terex Chairman and Chief Executive Officer. “Phil’s personal commitment to the highest standards of financial integrity has helped define Terex’s finance organization and our Company as a whole. We thank Phil for his many contributions to Terex over the ...
October 17, 2012
Oct. 17, 2012- Terex Corporation (NYSE:TEX) will release its third quarter 2012 financial results on Wednesday, October 24, 2012 after market close. The Company will host a one-hour conference call to review the financial results on Thursday, October 25, 2012 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 reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex ...
October 12, 2012
Oct. 12, 2012- Terex Corporation (NYSE: TEX) today announced it has completed an amendment to its credit facility that is expected to reduce annual interest cost by approximately $7 million . As a result of this amendment, the Company’s U.S. Dollar denominated term loans will be priced at LIBOR plus 3.5% with a 1% LIBOR floor and the Company’s Euro denominated term loans, at EURIBOR plus 4% with a 1% EURIBOR floor. As of June 30, 2012 , the Company had $453 million of U.S. Dollar denominated term loans outstanding, priced at LIBOR plus 4% with a 1.5% LIBOR floor and $249 million of Euro denominated term loans outstanding, priced at EURIBOR plus 4.5% with a 1.5% EURIBOR floor. These loans were originally issued in August 2011 . Additionally, the amendment to the credit agreement also provides, among other things, reduced pricing on performance guarantees and greater flexibility for the Company in issuing additional debt under the credit agreement. Phil Widman , Senior Vice President ...
October 01, 2012
Oct. 1, 2012- Terex Corporation (NYSE: TEX) today announced that it has completed the previously announced redemption of the approximately $300 million principal amount outstanding of its 10-7/8% Senior Notes due 2016, effective September 28, 2012 . The total cash paid was $347.3 million , and included a make whole call premium as set forth in the indenture of 12.27% plus accrued and unpaid interest of $35.34 per $1,000 principal amount at the redemption date. These notes were originally issued in May 2009 . As previously disclosed, during the third quarter of 2012, the Company also purchased 25% of the principal amount outstanding of its 4% Convertible Notes. Phil Widman, Senior Vice President and Chief Financial Officer indicated, "These actions reflect our continuing focus on cash generation to improve our capital structure and financial performance." HSBC Bank USA , National Association, trustee for the Notes, acted as the paying agent for the Company in connection with this ...
August 29, 2012
WESTPORT, Conn., Aug 29, 2012 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) today announced that it will redeem all of the outstanding $300 million 10-⅞% Senior Notes due 2016, effective September 28, 2012. As set forth in the indenture for the Notes, Terex will pay holders the principal amount, a premium to be calculated under the make-whole provisions of the indenture, plus accrued interest of $35.34 per $1,000 principal amount at the redemption date. The Notes were issued in May 2009. HSBC Bank USA, National Association, trustee for the Notes, will act as the paying agent for the Company in connection with the redemption of the Notes. "As we have indicated, we remain focused on improving earnings and generating cash flow to facilitate debt reduction," says Ron DeFeo, Terex Chairman and CEO. "This redemption of our highest cost debt, combined with our recent buy-back of approximately 25% of our outstanding convertible notes, demonstrates progress in reducing our future interest ...
July 25, 2012
Jul. 25, 2012- Terex Corporation (NYSE: TEX) today announced income from continuing operations of $83.6 million , or $0.75 per share for the second quarter of 2012, as compared to income from continuing operations of $0.9 million , or $0.01 per share for the second quarter of 2011. Excluding the impact of restructuring and other costs and the gain on the sale of Bucyrus International shares, income from continuing operations as adjusted in the second quarter of 2011 was $0.10 per share. The glossary at the end of this press release contains further details regarding these items. There were certain items in the second quarter of 2012 that, in the aggregate, did not have a significant impact on income from continuing operations. Net sales were $2,011.5 million in the second quarter of 2012, an increase of 35.2% from $1,488.2 million in the second quarter of 2011. Excluding the impact of the acquisition of Demag Cranes AG, net sales increased approximately 11% from the comparable prior ...
July 18, 2012
Jul. 18, 2012- Terex Corporation (NYSE:TEX) will release its second quarter 2012 financial results on Wednesday, July 25, 2012 after market close. The Company will host a one-hour conference call to review the financial results on Thursday, July 26, 2012 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 reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. ...
June 12, 2012
Jun. 12, 2012- Terex Corporation (NYSE: TEX) is introducing Terex Port Solutions at TOC in Antwerp . As part of the Terex Material Handling and Port Solutions segment of the company, this group will unite Terex and Gottwald Port Technology as a single source for serving customers operating in the port business. Both are global leaders in the port equipment industry and are renowned for world-class quality, innovation and service. As part of this transition to a cohesive market vision, Gottwald Port Technology products will be branded Terex ® Gottwald. "Both Terex and Gottwald are well recognized as significant suppliers to the port industry, and we can best serve customers as a unified organization that is committed to a single purpose and identity," says Klaus Peter Hoffmann, Leader of Terex Port Solutions. "By moving forward together, we believe Terex Port Solutions will offer more innovative products and services that aim to provide the highest return on investment, allowing our ...
May 31, 2012
May. 31, 2012- Terex Corporation (NYSE: TEX) is pleased to announce that they have successfully built and delivered their first locally produced Rough Terrain crane in Brazil . "We are excited about our continued commitment and investments in the Latin American market," stated Steve Filipov, President of Terex Developing Markets. "Our ability to design, engineer and execute this launch was the result of leveraging our existing production facilities and human resources in Brazil. We are expanding our footprint and product range to further support our customers and team members in one of our most important regions," said Mr. Filipov. "We are accelerating our growth agenda in Brazil and across Latin America with this move of direct, in market manufacturing. We are also expanding our Terex Cranes product support and aftermarket coverage to ensure a responsive structure for servicing our customer's needs. Early reaction to the announcement has been fantastic and we will look to add ...
May 04, 2012
May. 4, 2012- Russian Machines and Terex Corporation (NYSE:TEX) today announced they have completed the formation of a joint venture company for the manufacture of construction and roadbuilding equipment in Russia . Under the agreement, the joint venture will manufacture, market and sell certain Terex products and all Russian Machines construction and roadbuilding products in Russia , as well as distribute certain products manufactured by Terex and exported into Russia . The companies first announced their intention to form a joint venture in the second quarter of 2011. Ronald M. DeFeo, Chairman and Chief Executive Officer, Terex Corporation, said: "The Russian and CIS remain long-term attractive markets and the demand for fundamental infrastructure upgrade across the region is clear. This Joint Venture allows us to be closer to the customer and provide localized products to an increasingly important customer base." Steve Filipov , President of Terex Developing Markets, added: "This ...
April 25, 2012
WESTPORT, Conn., Apr 25, 2012 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) today announced income from continuing operations of $20.5 million, or $0.18 per share for the first quarter of 2012, as compared to income from continuing operations of $5.0 million, or $0.04 per share for the first quarter of 2011. Excluding the impact of a write down of an acquisition related note receivable of approximately $12 million, or $0.11 per share, income from continuing operations as adjusted was approximately $33 million, or $0.29 per share in the first quarter of 2012. Excluding certain items, loss from continuing operations as adjusted was a loss of $20.3 million, or a loss of $0.17 per share, in the first quarter of 2011. The glossary at the end of this press release contains further details regarding these items. Net sales were $1,819.4 million in the first quarter of 2012, an increase of 44.8% from $1,256.2 million in the first quarter of 2011. Excluding the impact of the acquisition of ...
April 20, 2012
WESTPORT, Conn., Apr 20, 2012 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) today announced that the Domination and Profit and Loss Transfer Agreement (DPLA) between Terex and Demag Cranes was registered in the commercial register on April 18, 2012 and is now effective. Following Terex's purchase of approximately 82% of the shares outstanding of Demag Cranes AG in 2011, Demag Cranes' management board and Terex signed the DPLA in January 2012 that was then approved by Demag Cranes shareholders last month. The effectiveness of the DPLA allows Terex to fully integrate Demag Cranes, including the ability to direct operational decisions as well as pooling of any and all financial profits and cash flows. Remaining shareholders can now either tender their shares for EUR 45.52 per share or receive an annual guaranteed dividend payment. As a fifth segment of Terex Corporation, Demag Cranes has been consolidated from a financial reporting standpoint for the last few quarters and now following ...
April 18, 2012
WESTPORT, Conn., Apr 18, 2012 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) will release its first quarter 2012 financial results on Wednesday, April 25, 2012 after market close. The Company will host a conference call to review the financial results on Thursday, April 26, 2012 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 reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and ...
March 27, 2012
Mar. 27, 2012- Terex Corporation (NYSE: TEX) today announced that it has completed its previously announced financing, with total net proceeds to Terex of approximately $295 million . Details of the public offering are: $300 million aggregate principal amount of 6.50% Senior Unsecured Notes due 2020 at an issue price of 100%. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of Terex Corporation, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This press release contains forward-looking information based on the current expectations of Terex Corporation . 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 ...
March 22, 2012
Mar. 22, 2012- Terex Corporation (NYSE: TEX) today announced that it is seeking approximately $300 million in new financing. The company intends to offer, subject to market and other conditions, $300 million in senior unsecured notes. The company intends to use the net proceeds of this offering for general corporate purposes and in conjunction with the domination and integration process of Demag Cranes AG . Terex intends to offer and sell these securities under the Company's existing shelf registration statement filed with the Securities and Exchange Commission in November 2010 and amended on April 8, 2011. When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from: Credit Suisse , Attention: Prospectus Department, One Madison Avenue , Floor 1B, New York, NY 10010, Newyork.prospectus@credit-suisse.com , 800-221-1037; Goldman, Sachs & Co. , DG3 / Diversified Global Graphics Group , 100 Burma Road , Jersey City, ...
March 22, 2012
Mar. 22, 2012- Terex Corporation (NYSE: TEX) today announced that it priced $300 million in new financing, not including underwriting discounts and commissions or other offering expenses. The $300 million principal amount of Senior Unsecured Notes due 2020 priced at 6.5% at an issue price of 100%. The public offerings are expected to close on March 27, 2012, subject to customary closing conditions. The company intends to use the net proceeds of this offering for general corporate purposes and in conjunction with the domination and integration process of Demag Cranes AG. Terex intends to offer and sell these securities under the Company's existing shelf registration statement filed with the Securities and Exchange Commission in November 2010 and amended on April 8, 2011. When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from: Credit Suisse , Attention: Prospectus Department, One Madison Avenue , Floor 1B, New ...
March 21, 2012
Mar. 21, 2012- Terex Corporation (NYSE: TEX) announced today that it has partnered with China SINOMACH Heavy Industry Corporation (Sinomach) as its new strategic partner for Sichuan Changjiang Engineering Crane Co., Ltd (SCE). SCE Crane is a leading producer of on-highway truck cranes in China , with a product range from 8 to 160 ton lifting capacity. A signing ceremony was held by Terex , China SINOMACH Heavy Industry Corporation , and Luzhou Shenli to formally announce the agreement on March 21 . Through this cooperation, Sinomach has invested into SCE, and will own over 50% of the business going forward. As a strategic partner to Terex, Sinomach will help accelerate both domestic and overseas market development through existing relationships, as well as extensive international projects and wide domestic sales channels. In addition to the Sinomach global network, SCE will continue to have access to the overseas sales channels and engineering capabilities of Terex Cranes to improve ...
February 15, 2012
Feb. 15, 2012- Terex Corporation (NYSE: TEX) today announced income from continuing operations of $38.8 million , or $0.35 per share, on net sales of $6,504.6 million for the full year 2011, as compared to a net loss from continuing operations of $215.5 million , or $1.98 per share, on net sales of $4,418.2 million for the full year 2010. Excluding the impact of certain items in the full year 2011, income from continuing operations as adjusted would have been approximately $51 million , or $0.46 per share. Excluding the impact of certain items in the full year 2010, loss from continuing operations as adjusted would have been approximately $140 million , or $1.29 per share. The Glossary at the end of this press release contains further details regarding these items. For the fourth quarter of 2011 loss from continuing operations was $4.0 million, or $0.03 per share, compared to a loss from continuing operations of $32.5 million, or $0.30 per share for the fourth quarter of 2010. ...
February 06, 2012
Feb. 6, 2012- Terex Corporation (NYSE:TEX) will release its fourth quarter and year-end 2011 financial results on Wednesday, February 15, 2012 after market close. The Company will host a conference call to review the financial results on Thursday, February 16, 2012 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 reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials ...