November 02, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Nov. 2, 2016- Terex Corporation (NYSE:TEX) announced today that it will host an Analyst Meeting on December 13, 2016, at the Waldorf Astoria Hotel in New York City. Registration and breakfast will begin at 7:45 AM. Presentations will be followed by a lunch with management and conclude at approximately 2:00 PM. John L. Garrison, Terex President and Chief Executive Officer, along with Kevin P. Bradley, Senior Vice President and Chief Financial Officer and business Segment Presidents will provide insight into the Company’s financial and operating strategies as it transforms to a more focused, high performing company. As space is limited, Terex asks that investment analysts interested in attending please RSVP with complete business contact details to TerexAnalystDay@terex.com . About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver ...
October 31, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Oct. 31, 2016- Terex Corporation (NYSE:TEX) today announced third quarter 2016 income from continuing operations of $33.3 million , or $0.31 per share, on net sales of $1.1 billion . In the third quarter of 2015, the reported income from continuing operations was $30.3 million , or $0.28 per share, on net sales of $1.3 billion . Excluding after-tax charges of $3.9 million from restructuring and related actions, $5.3 million from divestiture related activities, and certain tax benefits of $22.0 million , income from continuing operations as adjusted for the third quarter of 2016 was $20.5 million , or $0.19 per share. This compares to income from continuing operations as adjusted of $48.3 million or $0.44 per share in the third quarter of 2015. The Glossary at the end of this press release contains further details regarding these non-GAAP measures. “Our Aerial Work Platforms (AWP) and Materials Processing (MP) segments performed in line with ...
October 25, 2016
Oct. 25, 2016- Terex Corporation (NYSE:TEX) today announced that Steve Filipov will assume the role of President of Terex Cranes effective immediately. Mr. Filipov will also continue with his responsibilities as President of the Terex Material Handling and Port Solutions segment until completion of the announced sale of that segment to Konecranes Plc . Ken Lousberg , currently President, Terex Cranes , will be leaving the Company to pursue other opportunities. “We thank Ken for his dedicated service and leadership over many years within the AWP segment, Terex China and his current position with Terex Cranes, and wish him the best in his future endeavors,” remarked John L. Garrison, Jr., President and Chief Executive Officer. Commenting on the new assignment for Mr. Filipov, Mr. Garrison added, “Steve is the right person to lead the turnaround efforts to improve our global cranes business. Steve started his career at Terex in the Company’s crane business and served as President of ...
October 21, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Oct. 21, 2016- Terex Corporation (NYSE:TEX) will host a one-hour conference call to review its third quarter 2016 financial results on Tuesday, November 1, 2016 at 8:00 a.m. ET . John L. Garrison, Jr. , President and Chief Executive Officer, will lead the call. The Company will release its financial results prior to 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 global manufacturer of lifting and material processing products and services that delivers lifecycle solutions to maximize customer return on ...
October 13, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Oct. 13, 2016- Terex Corporation (NYSE:TEX) today announced that its Board of Directors declared a quarterly dividend of $0.07 per share. The dividend is to be paid on December 19, 2016 to all stockholders of record as of the close of business on November 10, 2016 . About Terex Terex Corporation is a global manufacturer of lifting and material processing products and services that delivers lifecycle solutions to maximize customer return on investment. The company reports in three business segments: Aerial Work Platforms, Cranes, and Materials Processing. Terex delivers lifecycle solutions to a broad range of industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its ...
October 04, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Oct. 4, 2016- Terex Corporation (NYSE:TEX) announced that it has completed the sale of its German compact construction business to Yanmar Holdings Co., Ltd. for $60 million in cash. The German compact construction business manufactures and sells midi/mini excavators, wheeled excavators and compact wheel loaders. Included in the transaction is the manufacturing facility located in Crailsheim, Germany and the parts distribution center located in Rothenburg, Germany . “The completion of this transaction is another step in our strategy to focus our portfolio on those businesses that can consistently deliver returns in excess of our cost of capital,” commented John L. Garrison, Terex President and Chief Executive Officer. “Yanmar is a strong strategic buyer with the resources and capability to develop and grow the acquired business for the benefit of all stakeholders, including customers, distribution partners and employees.” Terex Corporation is a ...
October 03, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Oct. 3, 2016- Terex Corporation (NYSE:TEX) (" Terex ") announced today that it has received the requisite consents with respect to its previously announced consent solicitation from holders of its 6.00% Senior Notes due 2021 (the “2021 Notes”) and 6.50% Senior Notes due 2020 (the “2020 Notes” and together with the 2021 Notes, the “Notes”) to certain waivers from the asset sale covenants in the indentures governing the Notes (the “Proposed Waivers”). The consent solicitation expired at 5:00 p.m., New York City time, on September 30, 2016 (the “Expiration Time”). As of the Expiration Time, Terex had received the requisite consents needed to approve the Proposed Waivers to the indentures governing the Notes. These consents cannot be revoked. The complete terms and conditions of the consent solicitation are described in the Consent Solicitation Notice dated September 21, 2016 (the “Notice”), as modified by the Supplement dated September 26, 2016 (the ...
September 26, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Sep. 26, 2016- Terex Corporation (NYSE:TEX) (“Terex”), announced today that it has modified the terms of its previously announced solicitation of consents (the “Consent Solicitation”) from holders of its 6.00% Senior Notes due 2021 (the “2021 Notes”) and 6.50% Senior Notes due 2020 (the “2020 Notes” and together with the 2021 Notes, the “Notes”) to obtain certain waivers from the asset sale covenants in the indentures governing the Notes, as set forth in a Supplement to the Notice of Consent Solicitation, dated September 26, 2016 (the “Supplement”), and as discussed below. The Consent Solicitation is being made in accordance with the terms and subject to the conditions stated in the Notice of Consent Solicitation, dated September 21, 2016 (the “Notice”), as modified by the Supplement. The terms of the Consent Solicitation have been modified to remove the request to obtain a waiver from compliance with the asset sale covenants in the indentures with ...
September 21, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Sep. 21, 2016- Terex Corporation (NYSE:TEX) (“Terex”), announced today that it is soliciting consents from holders of its 6.00% Senior Notes due 2021 (the “2021 Notes”) and 6.50% Senior Notes due 2020 (the “2020 Notes” and together with the 2021 Notes, the “Notes”) to obtain certain waivers from the asset sale covenants in the indentures governing the Notes. In order to maximize Terex’s flexibility with its implementation of the previously announced disposition of its Material Handling and Port Solutions business to Konecranes Plc (the “MHPS Sale”) and the timing and use of the net cash payments received from the MHPS Sale or from the sale of shares of Konecranes Plc (the “Konecranes Shares”) received as partial consideration for the MHPS Sale, Terex is seeking to obtain a waiver from (a) the requirements that Terex and its restricted subsidiaries receive 75% of the consideration in the form of cash and cash equivalents for the MHPS Sale (the “75% Cash ...
August 08, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Aug. 8, 2016- Terex Corporation (NYSE:TEX) today announced that the proposed transactions for the sale of Terex’s Material Handling & Port Solutions business to Konecranes have received European Commission approval. The European Commission approval is conditioned on a commitment by Konecranes to divest their Stahl CraneSystems business. Konecranes has announced that it will begin this divestiture process immediately. Terex Corporation also announced today that the proposed transactions received early termination of the Hart-Scott-Rodino premerger waiting period by the U.S. Department of Justice. “The clearances granted by both the European Commission and U.S. antitrust regulators are an important step towards the completion of the planned divestiture of our MHPS segment,” said John L. Garrison , Terex Chief Executive Officer. “This also advances our effort to focus our organization on three business segments and simplify our operating structure.” ...
August 01, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Aug. 1, 2016- Terex Corporation (NYSE:TEX) today announced second quarter 2016 income from continuing operations of $109.6 million , or $1.00 per share, on net sales of $1.3 billion . In the second quarter a year ago, the reported income from continuing operations was $75.9 million , or $0.70 per share, on net sales of $1.4 billion . Excluding a benefit of $67.7 million related to the release of certain tax valuation allowances, after-tax charges of $19.4 million from restructuring and related actions, and after-tax charges of $8.9 million related to merger and divestiture activities, income from continuing operations as adjusted for the second quarter of 2016 was $70.2 million , or $0.64 per share. The Glossary at the end of this press release contains further details regarding these items. “Our second quarter results reflect a company in transition” said John L. Garrison, Terex President and CEO. “With the pending sale of our Material Handling & ...
July 22, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Jul. 22, 2016- Terex Corporation (NYSE:TEX) will host a one-hour conference call to review its second quarter 2016 financial results on Tuesday, August 2, 2016 at 8:30 a.m. ET . John L. Garrison, Jr. , President and Chief Executive Officer, will lead the call. The Company will release its financial results prior to 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 lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port ...
July 15, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Jul. 15, 2016- Terex Corporation (NYSE: TEX) today announced that its Board of Directors declared a quarterly dividend of $0.07 per share. The dividend is to be paid on September 19, 2016 to all stockholders of record as of the close of business on August 10, 2016 . About Terex Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information ...
June 20, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Jun. 20, 2016- Terex Corporation (NYSE:TEX) announced that it has agreed to sell its German compact construction business to Yanmar Holdings Co., Ltd. for cash proceeds of approximately $60 million . The German compact construction business manufactures and sells midi/mini excavators, wheeled excavators and compact wheel loaders. Included in the transaction is the manufacturing facility located in Crailsheim, Germany and the parts distribution center located in Rothenburg, Germany . The sale, which is subject to government regulatory approvals and other customary closing conditions, is targeted to close in the second half of 2016. “We are pleased to enter into this agreement with Yanmar, as they represent a strong strategic buyer for this business who values our quality designs, global team members and distribution partners,” commented John L. Garrison, Terex President and Chief Executive Officer. “For Terex, the sale of the German compact construction ...
May 27, 2016
Agreement to Sell the Material Handling & Port Solutions Business to Konecranes to Proceed May 27, 2016- Terex Corporation (NYSE:TEX) today announced discussions with Zoomlion Heavy Industry Science and Technology Co. (“Zoomlion”) regarding the purchase of Terex Corporation, either with or without the MHPS segment, have been terminated. Terex also announced that the sale of its Material Handling and Port Solutions business (“MHPS”) to Konecranes will proceed. The sale of MHPS to Konecranes for approximately $1.3 billion is subject to customary regulatory approvals and the approval of the shareholders of Konecranes, and is expected to close in January 2017. “The Board of Directors and Management of Terex worked diligently to determine if an appropriate transaction with Zoomlion, beneficial to Terex shareholders, was achievable,” commented David A. Sachs , Chairman of the Board of Terex. “Unfortunately, after many months of discussions, Zoomlion was unable to provide a fully ...
May 16, 2016
May 16, 2016- Terex Corporation (NYSE:TEX) today announced that it has agreed with Konecranes Plc ( Helsinki : KCR1V.HE) (“Konecranes”) to mutually terminate the Business Combination Agreement (“BCA”) the companies entered into on August 10, 2015 , without payment of a fee by either party. In connection with the termination of the BCA, Terex has signed a definitive agreement to sell its Material Handling and Port Solutions business (“MHPS”) to Konecranes for total consideration of approximately $1.3 billion. The consideration being paid is comprised of $820 million in cash and 19.6 million newly issued shares of Konecranes. Upon completion of the transaction, Terex will own approximately 25% of the outstanding shares of Konecranes and have the right to nominate two directors. The transaction, which is subject to customary regulatory approvals and the approval of the shareholders of Konecranes, is expected to close in January 2017. The agreement provides Terex with the ability to ...
May 13, 2016
May 13, 2016- Terex Corporation (NYSE: TEX) today announced that its Board of Directors declared a quarterly dividend of $0.07 per share. The dividend is to be paid on June 20, 2016 to all stockholders of record as of the close of business on June 10, 2016 . About Terex Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services . Terex uses its website ( www.terex.com ) and its Facebook page ( www.facebook.com/TerexCorporation ) to make information available to its investors and the ...
April 26, 2016
Apr. 26, 2016- Terex Corporation (NYSE:TEX) today announced a first quarter 2016 loss from continuing operations of $74.2 million, or $0.68 per share, on net sales of $1.4 billion. In the first quarter a year ago, the reported loss from continuing operations was $2.1 million, or $0.02 per share, on net sales of $1.5 billion. On an as adjusted basis, the first quarter loss from continuing operations was $5.6 million, or $0.05 per share, excluding after-tax charges totaling $59.7 million related to severance and restructuring actions, as well as $8.9 million related to ongoing merger and acquisition activities. The Glossary at the end of this press release contains further details regarding these items. “Our first quarter results were in-line with our expectations,” said John L. Garrison , Terex President and CEO. “Our Cranes and Material Handling & Port Solutions (MHPS) segments had a challenging quarter, impacted by soft markets. Our Aerial Work Platforms (AWP), Materials ...
April 14, 2016
WESTPORT, Conn. -(BUSINESS WIRE)-Apr. 14, 2016- Terex Corporation (NYSE:TEX) will host a one-hour conference call to review its first quarter 2016 financial results on Wednesday, April 27, 2016 at 8:30 a.m. ET . John L. Garrison, Jr. , President and Chief Executive Officer, will lead the call. The Company will release its financial results prior to 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 lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port ...
March 23, 2016
Mar. 23, 2016- Terex Corporation (NYSE:TEX) today announced that it has received a revised non-binding proposal from Zoomlion Heavy Industry Science and Technology Co. (“Zoomlion”) to acquire all of the outstanding shares of Terex for $31.00 per share in cash. The proposal is conditioned on, among other things, receipt of U.S. and Chinese regulatory approval and Zoomlion shareholder approval. The Terex Board of Directors, in consultation with its legal and financial advisors, has determined to pursue negotiations of definitive terms with Zoomlion to ascertain whether it can obtain a binding proposal from Zoomlion which provides for a high degree of closing certainty. There can be no assurance that a satisfactory proposal can be achieved. The Terex Board of Directors has not changed its recommendation in support of the proposed combination with Konecranes. Until such time as Terex’ existing agreement with Konecranes is terminated, Terex is prohibited from entering into an agreement ...
February 19, 2016
Feb. 19, 2016- Terex Corporation (NYSE: TEX) announced that Terex and Konecranes have determined that it would be prudent to pause the integration planning activities for the time being. This will allow the Terex management team to devote its attention to improving the Company’s operating results and delivering on management’s commitment to shareholders. The Terex Board of Directors has not changed its recommendation of the merger. Terex and Konecranes continue to move forward with all necessary filings to achieve antitrust, regulatory and shareholder approvals that are required to complete the merger transaction. About Terex Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, ...
February 16, 2016
Feb. 16, 2016- Terex Corporation (NYSE:TEX) today announced that its Board of Directors declared a quarterly dividend of $0.07 per share. The new quarterly cash dividend is an increase of approximately 17% over the 2015 quarterly dividend amount. The dividend is to be paid on March 18, 2016 to all stockholders of record as of the close of business on March 10, 2016 . About Terex Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services . Terex uses its website ( www.terex.com ) and its ...
February 16, 2016
Feb. 16, 2016- Terex Corporation (NYSE:TEX) today announced fourth quarter 2015 income from continuing operations was $14.6 million , or $0.13 per share, on net sales of $1.6 billion . In the fourth quarter of 2014, income from continuing operations was $79.9 million , or $0.71 per share, on net sales of $1.8 billion . Income from continuing operations as adjusted was $55.4 million , or $0.50 per share, in the fourth quarter of 2015 compared to $80.3 million , or $0.72 per share excluding the $0.49 per share tax benefit related to the ASV disposition and certain other items, in the fourth quarter of 2014. All per share amounts are on a fully diluted basis. (The Glossary at the end of this press release contains further details regarding these items.) For the full year 2015, Terex reported income from continuing operations of $142.5 million, or $1.30 per share, on net sales of $6.5 billion, compared to income from continuing operations of $259.0 million, or $2.27 per share, on net ...
February 01, 2016
Feb. 1, 2016- Terex Corporation (NYSE:TEX) will host a one-hour conference call to review its fourth quarter and year-end 2015 financial results on Wednesday, February 17, 2016 at 8:30 a.m. EST . John L. Garrison, Jr. , president and chief executive officer, will lead the call. The Company will release its financial results prior to 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 lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and ...
January 26, 2016
Jan. 26, 2016- Terex Corporation (NYSE:TEX) that it has received an unsolicited, non-binding acquisition proposal from Zoomlion Heavy Industry Science and Technology Co. (“Zoomlion”) to acquire all of the outstanding shares of Terex for $30.00 in cash. The proposal is conditioned on, among other things, receipt of US and Chinese regulatory approval and Zoomlion shareholder approval. Terex previously announced that it had entered into a Business Combination Agreement with Konecranes Plc providing for a combination of Terex and Konecranes. The Terex Board of Directors has not changed its recommendation of the proposed combination with Konecranes. Terex has entered into a confidentiality agreement with Zoomlion and is in discussions with Zoomlion regarding the proposal. Consistent with its fiduciary duties, the Terex Board of Directors, in consultation with its legal and financial advisors, is carefully reviewing the Zoomlion proposal to determine the course of action that it believes is ...