November 13, 2017
BEIJING -(BUSINESS WIRE)-Nov. 13, 2017- Terex Corporation (NYSE:TEX) joined 27 other companies on the U.S. Trade Mission to China led by President Donald Trump and Secretary of Commerce Wilbur Ross and hosted by China President Xi Jinping . The mission’s purpose was to promote commercial opportunities for U.S. business in China . This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171113005680/en/ Front Row - left: John Garrison , CEO & President of Terex Corporation ; right: YIN Yaping, President of Xuzhou Handler Special Vehicles Co., Ltd. Back Row - left to right: Wilbur Ross , U.S. Secretary of Commerce; WANG Yang, Vice Premier of China; ZHONG Shan, China Minister of Commerce Photo Credit: Chinese State Council ( www.gov.cn ) Joining Terex at official trade delegation events were Xuzhou Handler Special Vehicles Co., Ltd., the distributor for Terex® Utilities products in China; and Shanghai Horizon Equipment & ...
October 31, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Oct. 31, 2017- Terex Corporation (NYSE:TEX) today announced third quarter 2017 income from continuing operations of $56.6 million , or $0.63 per share, on net sales of $1.1 billion . In the third quarter of 2016, the reported income from continuing operations was $33.3 million , or $0.31 per share, on net sales of $1.1 billion . Income from continuing operations, as adjusted, for the third quarter of 2017 was $45.0 million , or $0.50 per share. This compares to income from continuing operations, as adjusted, of $19.0 million or $0.17 per share in the third quarter of 2016. The Glossary at the end of this press release contains further details regarding these non-GAAP measures. “Our third quarter financial results demonstrate the accelerating momentum across Terex,” said John L. Garrison, Terex President and CEO. “All three segments increased sales, improved operating margin and grew backlog. Aerial Work Platforms (AWP) grew in North America and Europe, ...
October 18, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Oct. 18, 2017- Terex Corporation (NYSE:TEX) will host a one hour conference call to review its third quarter 2017 financial results on Wednesday, November 1, 2017 at 8:30 a.m. Eastern Time . 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. From the home page www.terex.com select Investor Relations and click on the webcast microphone link. Participants are encouraged to access the webcast 10 minutes prior to the starting time. The call will also be archived in the Investor Relations section of www.terex.com . About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The Company reports in three business segments: Aerial Work Platforms, ...
October 11, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Oct. 11, 2017- Terex Corporation (NYSE:TEX) today announced that its Board of Directors declared a quarterly dividend of $0.08 per share. The dividend is to be paid on December 19, 2017 to all stockholders of record as of the close of business on November 9, 2017 . About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The Company reports in three business segments: Aerial Work Platforms, Cranes, and Material 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 ...
September 06, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Sep. 6, 2017- Terex Corporation (NYSE:TEX) today announced that its Board of Directors authorized a new share repurchase program of up to $225 million . The Company completed its previous share repurchase program at the end of August 2017 . John L. Garrison, Terex President and Chief Executive Officer, stated, “During our Investor Presentation in December 2016 we committed to pursuing a disciplined capital allocation strategy that included the efficient returns of capital to shareholders through share repurchases of $1 billion to $1.5 billion through 2020. During 2017 Terex has already repurchased approximately $700 million of its shares resulting in approximately 20.7 million shares that have been repurchased year to date, bringing our shares outstanding as of today to approximately 86 million. Upon completion of today’s new $225 million share repurchase authorization Terex will have purchased almost $1 billion of its outstanding shares, close to ...
September 05, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Sep. 5, 2017- Terex Corporation (NYSE:TEX) today announced it has completed the sale of 5.15 million Class A shares representing approximately 6.5% of the total shares outstanding of Konecranes Plc at a price of EUR 36.50 per share, a 1.7% discount to today’s closing price. Total shares outstanding includes both Class A and Class B shares but does not include Konecranes treasury shares. The trade date of the transaction will be tomorrow, September 6, 2017, and settlement of the transaction is expected to occur on September 11, 2017. John L. Garrison , Terex President and Chief Executive Officer, stated, “With today’s sale, Terex has sold its remaining Konecranes shares. When we announced the sale of MHPS in May 2016 , the Konecranes shares that Terex was to receive were worth approximately $456 million . In total, Terex will have received approximately $773 million for the sale of those shares, bringing the total consideration received by Terex for the ...
September 05, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Sep. 5, 2017- Terex Corporation (NYSE:TEX) today announced its intention to sell up to approximately 6.5% of the total shares outstanding of Konecranes Plc , corresponding to up to 5.15 million Class A Konecranes shares. Total shares outstanding includes both Class A and Class B Konecranes shares but does not include Konecranes treasury shares. The shares are being offered by way of an accelerated bookbuild and the results will be announced as soon as practicable thereafter. Prior to settlement, the appropriate number of Konecranes unlisted Class B shares held by Terex will be converted into the Class A shares and listed on the Helsinki Stock Exchange . In accordance with Konecranes’ articles of association and the shareholders agreement dated January 4, 2017, Terex has also agreed to certain transfer restrictions on its Konecranes shares. Konecranes has granted a waiver to certain transfer restrictions, however, which permits all investors, including ...
August 17, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Aug. 17, 2017- Terex Corporation (NYSE:TEX) today announced that it has completed a re-pricing of its term loan that is expected to reduce its cash interest costs by approximately $1 million annually. “We are pleased to announce the re-pricing which further increases the efficiency of our recent recapitalization,” said John Sheehan, Terex Chief Financial Officer. “Our term loan rate will now be L+225bps, improving by 25bps what was already the lowest rate in the Company’s history.” About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver 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, ...
August 14, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Aug. 14, 2017- Terex Corporation (NYSE:TEX) announced today that Andra Rush has been appointed to its Board of Directors. Ms. Rush is President and CEO of Dakkota Integrated Systems and Detroit Manufacturing Systems, as well as Chairwoman and CEO of Rush Trucking . The Rush Group families of companies are almost two billion dollars in revenues in interior components manufacturing, integrated interior and exterior systems assembly, as well as supply chain management, logistics and freight distribution. Rush owned enterprises together represent one of the largest Native American minority-owned businesses in the United States . Ms. Rush is also currently a member of the Ford Motor Company Supplier Council , and previously served on the supplier advisory boards for General Motors and Chrysler. “We are very pleased to have Andra Rush join our Board of Directors. Ms. Rush is an accomplished business owner and CEO with the ability to see the big picture on a ...
August 01, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Aug. 1, 2017- Terex Corporation (NYSE: TEX) today announced second quarter 2017 income from continuing operations of $95.4 million , or $0.98 per share, on net sales of $1.2 billion . In the second quarter of 2016, the reported income from continuing operations was $109.6 million , or $1.00 per share, on net sales of $1.3 billion . Excluding a net after-tax benefit of $47.0 million largely related to the investment in Konecranes shares, income from continuing operations, as adjusted, for the second quarter of 2017 was $49.6 million , or $0.51 per share. This compares to income from continuing operations, as adjusted, of $60.6 million or $0.55 per share in the second quarter of 2016. The Glossary at the end of this press release contains further details regarding these non-GAAP measures. “We continue to make progress,” said John L. Garrison, Terex President and CEO. “Our Cranes segment returned to profitability in the second quarter, realizing benefits ...
July 18, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Jul. 18, 2017- Terex Corporation (NYSE:TEX) will host a one hour conference call to review its second quarter 2017 financial results on Wednesday, August 2, 2017 at 10:30 a.m. Eastern Time . 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. From the home page www.terex.com select Investor Relations and click on the webcast microphone link. Participants are encouraged to access the webcast 10 minutes prior to the starting time. The call will also be archived in the Investor Relations section of www.terex.com . About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The Company reports in three business segments: Aerial Work Platforms, ...
July 13, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Jul. 13, 2017- Terex Corporation (NYSE:TEX) today announced that its Board of Directors declared a quarterly dividend of $0.08 per share. The dividend is to be paid on September 19, 2017 to all stockholders of record as of the close of business on August 9, 2017 . About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver 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 ...
May 30, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-May 30, 2017- Terex Corporation (NYSE:TEX) today announced that its Board of Directors authorized a new share repurchase program of up to $280 million . The Company completed its previous share repurchase program earlier in May 2017 . John L. Garrison, Terex President and Chief Executive Officer, stated, “During our Investor Presentation in December 2016 we committed to pursuing a disciplined capital allocation strategy that included the efficient returns of capital to shareholders through share repurchases of $1 billion to $1.5 billion. Today’s new $280 million share repurchase authorization, when combined with the $420 million of shares already repurchased in 2017 totals $700 million, demonstrating our commitment to executing this strategy. In conjunction with our Focus, Simplify and Execute To Win strategy, our Disciplined Capital Allocation Strategy has been and will continue to create long term value for our shareholders.” The timing of the share ...
May 23, 2017
WESTPORT, Conn.-(BUSINESS WIRE)-May 23, 2017- Terex Corporation (NYSE:TEX) today announced it has completed the sale of 7.0 million Class A shares representing approximately 8.9% of the total shares outstanding of Konecranes Plc at a price of EUR 37.40 per share, a 0.9% discount to today’s closing price. Total shares outstanding includes both Class A and Class B shares but does not include Konecranes treasury shares. The trade date of the transaction will be tomorrow, May 24, 2017, and settlement of the transaction is expected to occur on May 30, 2017. Following the offering, Terex will continue to hold approximately 5.15 million Class B shares, representing approximately 6.6% of the total shares outstanding of Konecranes. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of Konecranes Plc by Terex Corporation or its subsidiaries, nor shall ...
May 23, 2017
WESTPORT, Conn.-(BUSINESS WIRE)-May 23, 2017- Terex Corporation (NYSE:TEX) today announced its intention to sell up to approximately 8.9% of the total shares outstanding of Konecranes Plc, corresponding to up to 7.0 million Class A Konecranes shares. Total shares outstanding includes both Class A and Class B Konecranes shares but does not include Konecranes treasury shares. The shares are being offered by way of an accelerated bookbuild and the results will be announced as soon as practicable thereafter. Prior to settlement, the appropriate number of Konecranes unlisted Class B shares held by Terex will be converted into the Class A shares and listed on the Helsinki Stock Exchange. In accordance with Konecranes’ articles of association and the shareholders agreement dated January 4, 2017, Terex has also agreed to certain transfer restrictions on its Konecranes shares. Konecranes has granted ...
May 12, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-May 12, 2017- Terex Corporation (NYSE:TEX) today announced that its Board of Directors declared a quarterly dividend of $0.08 per share. The dividend is to be paid on June 19, 2017 to all stockholders of record as of the close of business on June 9, 2017 . About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver 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 website ...
May 02, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-May 2, 2017- Terex Corporation (NYSE:TEX) today announced a first quarter 2017 loss from continuing operations of $60.3 million , or ($0.57) per share, on net sales of $1.0 billion . In the first quarter of 2016, the reported loss from continuing operations was $22.0 million , or $0.20 per share, on net sales of $1.1 billion . Excluding after-tax charges of $65.8 million , income from continuing operations, as adjusted, for the first quarter of 2017 was $5.5 million , or $0.05 per share. This compares to income from continuing operations, as adjusted, of $5.0 million or $0.05 per share in the first quarter of 2016. The after-tax charges in the first quarter of 2017 were primarily for deal related costs and the Company’s refinancing activities. The Glossary at the end of this press release contains further details regarding these non-GAAP measures. “We are encouraged by our start to 2017,” said John L. Garrison, Terex President and CEO. “Our Material ...
April 24, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Apr. 24, 2017- Terex Corporation (NYSE:TEX) will host a one hour conference call to review its first quarter 2017 financial results on Wednesday, May 3, 2017 at 8:30 a.m. eastern time . 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. From the home page www.terex.com select Investor Relations and click on the webcast microphone link. Participants are encouraged to access the webcast 10 minutes prior to the starting time. The call will also be archived under Audio Archives in the Investor Relations section of www.terex.com . About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The company reports in three business segments: Aerial ...
March 27, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Mar. 27, 2017- Terex Corporation (NYSE:TEX) today announced that it has agreed to sell its India -based compact construction business to Manitou BF (Manitou). Manitou is a leader in all terrain material handling products. Terex Equipment Private Limited (TEPL) manufactures and sells backhoe loaders, engages in the sale of wheel loaders and contract manufactures and sells skid steer loaders. The sale is subject to customary closing conditions and is expected to be finalized in the first half of 2017. “We are pleased to enter into this agreement with Manitou. Manitou is a strong strategic buyer with the resources and desire to further grow the business as an industrial base for Asia and emerging markets,” commented John L. Garrison, Terex President and Chief Executive Officer. “For Terex, the sale of TEPL represents the disposition of the last significant asset held for sale in Terex’s former Construction segment. This is an important milestone in ...
February 21, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Feb. 21, 2017- Terex Corporation (NYSE:TEX) today announced a fourth quarter 2016 loss from continuing operations of $313.9 million , or ($2.96) per share, on net sales of $1.0 billion . In the fourth quarter of 2015, the reported income from continuing operations was $23.8 million , or $0.22 per share, on net sales of $1.2 billion . Excluding after-tax charges of $321.3 million , income from continuing operations, as adjusted, for the fourth quarter of 2016 was $7.4 million , or $0.07 per share. This compares to income from continuing operations, as adjusted, of $32.0 million or $0.29 per share in the fourth quarter of 2015. The Glossary at the end of this press release contains further details regarding these non-GAAP measures. For the full year 2016, Terex reported a loss from continuing operations of $193.0 million, or ($1.79) per share, on net sales of $4.4 billion, compared to income from continuing operations of $128.4 million, or $1.17 per ...
February 21, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Feb. 21, 2017- Terex Corporation (NYSE:TEX) today announced that its Board of Directors authorized a new share repurchase program of up to $350 million to commence upon completion of the company’s current $200 million program, which has approximately $70 million remaining. The Board also declared a quarterly dividend of $0.08 per share, an increase of 14% over the 2016 quarterly amount. The dividend will be paid on March 20, 2017 to shareholders of record as of March 10, 2017 . John L. Garrison, Terex President and Chief Executive Officer, stated, “Today’s new $350 million share repurchase authorization and dividend increase are consistent with our disciplined capital allocation strategy that, combined with our Focus, Simplify and Execute To Win strategy, will create long term value for our shareholders.” The timing of the share repurchase program will be based on available liquidity, cash flows and general market conditions. The repurchase program may ...
February 15, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Feb. 15, 2017- Terex Corporation (NYSE:TEX) today announced it has completed the sale of 7.45 million Class A shares representing 9.5% of the total shares outstanding of Konecranes Plc at a price of EUR 34.50 per share, a 3.25% discount to yesterday’s closing price. Total shares outstanding includes both Class A and Class B shares but does not include Konecranes treasury shares. The trade date of the transaction will be today, February 15, 2017, and settlement of the transaction is expected to occur on February 20, 2017 (a T+3 settlement process). Following the offering, Terex will continue to hold approximately 12.15 million Class B shares, representing approximately 15.5% of the total shares outstanding of Konecranes . This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of Konecranes Plc by Terex Corporation or its subsidiaries, nor shall there be any sale of such securities in any state, ...
February 14, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Feb. 14, 2017- Terex Corporation (NYSE:TEX) today announced its intention to sell up to 9.5% of the total shares outstanding of Konecranes Plc , corresponding to up to 7.45 million Class A Konecranes shares. Total shares outstanding includes both Class A and Class B Konecranes shares but does not include Konecranes treasury shares. The shares are being offered by way of an accelerated bookbuild and the results will be announced as soon as practicable thereafter. Prior to settlement, the appropriate number of Konecranes unlisted Class B shares held by Terex will be converted into the Class A shares and listed on the Helsinki Stock Exchange . In accordance with Konecranes’ articles of association and the shareholders agreement dated January 4, 2017, Terex has also agreed to certain transfer restrictions on its Konecranes shares. Konecranes has granted a waiver to certain transfer restrictions, however, which permits all investors, including current ...
February 13, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Feb. 13, 2017- Terex Corporation (NYSE: TEX) announced today that John D. Sheehan will succeed Kevin Bradley as Senior Vice President and Chief Financial Officer. Mr. Sheehan will assume his duties as Chief Financial Officer of Terex on February 27, 2017 . Kevin Bradley will remain in his current role until Mr. Sheehan assumes the duties of Chief Financial Officer. Mr. Bradley will then continue with the Company until mid-March to assist with the transition after which time he will be leaving the Company to pursue other opportunities. Mr. Sheehan most recently served as Executive Vice President and Chief Financial Officer of Mylan, Inc., a global pharmaceutical company, from 2010 through April 1, 2016. Prior to joining Mylan, Mr. Sheehan worked in a variety of financial positions at Delphi Corporation, a global supplier to the auto industry. During his last two years at Delphi he served as Chief Financial Officer. Additionally, Mr. Sheehan’s experience ...
February 09, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Feb. 9, 2017- Terex Corporation (NYSE:TEX) will host a one-hour conference call to review its fourth quarter and year-end 2016 financial results on Wednesday, February 22, 2017 at 8:30 a.m. eastern. 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, from the home page select “Investor Relations” 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. About Terex: Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on ...
February 03, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Feb. 3, 2017- Terex Corporation (NYSE:TEX) has been named to the inaugural list of “Just” companies, as compiled by non-profit organization Just Capital , and published in the December 20, 2016 issue of Forbes magazine . The rankings were determined by 50,000 Americans over the last 18 months, who were queried about the socially responsible attributes of US-based companies in 32 industries. In addition to making the top 100 list, Terex ranked as the number two “Just” company, among 32 in the Machinery category. The companies researched were those included in the Russell 1000® index - a leading US equity benchmark for institutional investors. Just Capital believes that, based on their research and data, consumers, workers, business leaders and investors can make more informed decisions about where to buy, work and invest. “We are very pleased to be recognized as a ‘Just’ company,” said Terex President and CEO John Garrison. This is particularly ...
February 03, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Feb. 3, 2017- Terex Corporation (NYSE:TEX) announced today that Matthew Hepler has been appointed to its Board of Directors effective immediately. Mr. Hepler is currently a Partner at Marcato Capital Management L.P., a hedge fund and significant Terex shareholder. Prior to joining Marcato, Mr. Hepler was a Managing Director at Relational Investors LLC where he led the firm’s research team focusing on the industrials and materials sector. Mr. Hepler holds a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania. David A. Sachs , Chairman of the Board, said, “We are pleased to have Matt join the Terex Board of Directors representing the perspective of one of our largest shareholders.” John L. Garrison, Jr. , Terex President and Chief Executive Officer, added, “We look forward to having Matt’s knowledge of the industrials sector on the Terex Board as we transition the Company following the sale of our Material Handling and ...
January 31, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Jan. 31, 2017- Terex Corporation (“Terex”) (NYSE: TEX) today announced that it has completed the issuance of $600,000,000 principal amount of 5.625% senior notes due 2025 (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended. Terex also announced that it has refinanced its existing senior secured credit facility with a new $850 million senior secured credit facility. The new facility is comprised of a revolving line of credit of $450 million and a $400 million term loan. The new facility provides lower borrowing rates for the term loan and extends the maturity dates for the revolving line of credit and the term loan. Terex also announced the initial results of its previously announced tender offer for its 6.00% senior notes due 2021 (the “2021 Notes”). Pursuant to the terms of the tender offer, Terex’s offer to pay an early tender payment in addition to the tender offer ...
January 17, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Jan. 17, 2017- Terex Corporation (“Terex”) (NYSE:TEX) today announced that it priced $600 million in new financing, not including discounts and commissions or other offering expenses. This represents an increase of $50 million from the transaction size announced earlier on January 17, 2017 . The $600 million principal amount of senior notes (the “Notes”) due 2025 priced at 5.625% at par in a private offering (the “Private Offering”) that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Private Offering is expected to close on January 31, 2017, subject to customary closing conditions. The net proceeds of the Private Offering together with cash on hand, including cash from the sale of our Material Handling & Port Solutions segment to Konecranes Plc , will be used: (i) to complete the tender offer (the “Tender Offer”) for up to $550 million of our 6.00% senior notes due 2021 (the “2021 ...
January 17, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Jan. 17, 2017- Terex Corporation (NYSE:TEX) today announced that it intends to offer, subject to market and other conditions, $550 million in aggregate principal amount of senior notes (the “Notes”) due 2025 in a private offering (the “Private Offering”) that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds of the Private Offering together with cash on hand, including cash from the sale of our Material Handling & Port Solutions segment to Konecranes Plc, will be used: (i) to complete the tender offer (the “Tender Offer”) for up to $550 million of our 6.00% senior notes due 2021 (the “2021 Notes”), (ii) to redeem and discharge such portion of the 2021 Notes subject to the Tender Offer that are not purchased in the Tender Offer, (iii) to fund the $300 million partial redemption of the 2021 Notes on February 3, 2017, (iv) to fund the anticipated redemption, repurchase or ...
January 17, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Jan. 17, 2017- Terex Corporation (“Terex”) (NYSE:TEX) today announced that it has commenced a tender offer (the “Tender Offer”) to purchase for cash up to $550 million in aggregate principal amount (the “Tender Cap”) of its outstanding 6.00% Senior Notes due 2021 (“Notes”). The following table summarizes the material pricing terms of the Tender Offer for each $1,000 principal amount of Notes.     Outstanding                     Early     Principal 2021 Notes Title of Early Tender Tender Offer Tender Total CUSIP/ISIN Nos. Amount Tender Cap Security Deadline Consideration* Payment Consideration* 880779AY9 / $850,000,000 $550,000,000 6.00% Senior January 30, 2017 $1,021.25 $10.00 $1,031.25 US880779AY95 Notes due 5:00 p.m. 2021 NYC time ____________ * Plus accrued and unpaid interest.   Holders of Notes (“Holders”) who validly tender (and do not validly withdraw) their Notes prior ...
January 04, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Jan. 4, 2017- Terex Corporation (NYSE:TEX) today announced that it has completed the sale of its Material Handling and Port Solutions business (“MHPS”) to Konecranes Plc ( Helsinki KCR1V.HE) (“Konecranes”) for $595 million and €200 million in cash and 19.6 million newly issued class B shares representing a 25% interest in Konecranes . “We believe that the Konecranes-MHPS combination represents compelling industrial logic that will deliver significant value to Konecranes customers, team members and shareholders, including Terex” said John L. Garrison, Terex President and CEO. Mr. Garrison continued, “The sale of our MHPS business is a major milestone on our journey to become a more focused, high performance enterprise. We are committed to delivering improved profitability and return on capital across Terex as we implement our strategy of focus, simplify, and execute to win. Also, we will move forward over the coming weeks with our planned debt ...
January 04, 2017
WESTPORT, Conn. -(BUSINESS WIRE)-Jan. 4, 2017- Terex Corporation (NYSE:TEX) today announced that it has given notice that it will redeem $300 million of the outstanding $850 million principal amount of its 6% Senior Notes due 2021 at a redemption price of 103.000% of principal amount, plus accrued and unpaid interest to the redemption date. The date for redemption of the 6% Senior Notes has been set for February 3, 2017 . Terex Corporation further announced that it intends to retire all $300 million of its 6.5% Senior Notes due 2020 outstanding on April 3, 2017 at a redemption price of 101.625%. Terex may take other actions with respect to the 6.5% Senior Notes, including purchasing notes through open market or privately negotiated transactions or otherwise. John L. Garrison, Jr. , President and Chief Executive Officer commented, “The announcement today of our intention to redeem $300 million of our 6% Senior Notes as well as the intent to retire all of our 6.5% Senior Notes is ...