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Don Defosset, Corporate Executive Vice President And President, Truck Group Of Navistar International Corporation, Elected For Board Of Directors Of Terex Corporation

May 13, 1999

Westport, CT, May 13, 1999 - Terex Corporation (NYSE:TEX) announced that its Board of Directors has elected Don DeFosset as a member of the Terex Board. Mr. DeFosset is currently Corporate Executive Vice President and President of the Truck Group of Navistar International Corporation. Navistar International is a manufacturer of medium and heavy-duty trucks and medium-duty diesel engines for use in trucks and for sale to original equipment manufacturers. From 1992 to 1996, Mr. DeFosset worked for Allied Signal in various positions of increasing responsibility, the last being President of its Safety Restraint Systems division. Prior to 1992, Mr. DeFosset spent two years at Mack Trucks and 18 years with Rockwell International Corporation in various operational assignments both in North America and in Europe. Mr. DeFosset holds an Industrial Engineering undergraduate degree from Purdue University and an MBA from Harvard Business School. Mr. DeFosset will be replacing Mr. Bruce Raben, who is leaving the Board of Terex Corporation after serving for approximately seven years.

Commenting on the nomination of Mr. DeFosset, Ronald M. DeFeo, the Company's Chairman and Chief Executive Officer, said, "We are very pleased to have Don DeFosset elected to our Board of Directors. His long and distinguished career in the capital goods industry will make him a most valuable addition to the Board of Terex Corporation." "Don DeFosset's international operating experience will certainly benefit Terex Corporation and its shareholders."

Mr. DeFeo added, "We would also like to thank Bruce Raben for his many years of valuable service to Terex Corporation. Bruce has been very helpful to Terex. He has helped guide the Company through significant change at a time when he was building a significant investment banking business for his firm."

Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 1998 revenues in excess of $1.2 billion. Terex is involved in a broad range of construction and mining-related capital equipment operating in two segments -- Terex Earthmoving and Terex Lifting. Terex Earthmoving manufactures and sells heavy-duty off-road trucks and high-capacity surface mining trucks under the brand names of Terex, Unit Rig and Payhauler, as well as large hydraulic mining shovels under the brand name O&K. Terex Lifting manufactures and sells telescopic mobile cranes, lattice boom cranes, tower cranes, aerial work platforms, utility aerial devices, telescopic material handlers and truck mounted cranes, and related products, under the brand names Terex, Lorain, PPM, P&H, Marklift, Koehring, Bendini, Simon, RO, Telelect, Square Shooter, Holland Lift, American, Italmacchine, Peiner and Comedil.

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