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Terex Completes Acquisition of Cedarapids

August 26, 1999

Business Editors

WESTPORT, Conn.--(BUSINESS WIRE)--Aug. 26, 1999--Terex Corporation (NYSE: TEX) today announced that it has completed the acquisition of Cedarapids, Inc., a manufacturer and marketer of mobile crushing and screening equipment, asphalt pavers and asphalt material mixing plants, based in Cedar Rapids, Iowa. Cedarapids is expected to generate annual sales of approximately $200 million.

"We are delighted to welcome Cedarapids to Terex's family of businesses," commented Ron DeFeo, Terex's Chairman and CEO. "We believe there is substantial opportunity to grow Cedarapids while improving its basic operations. Today's acquisition of Cedarapids, coupled with the recent acquisition of Powerscreen, has created a brand new road building business in excess of $400 million and puts Terex's pro forma revenue well over $2 billion."

Fil Filipov, President of Terex Lifting, will have managerial responsibility for Cedarapids. Mr. Filipov joined Terex in 1993 and has successfully led the company's Lifting business over the past several years. The company has recently completed a long-term employment agreement with Mr. Filipov, which allows Fil to assist on special assignments while continuing to grow and lead the Lifting business. "Cedarapids represents an excellent opportunity to grow revenue, lower costs, increase the speed of decision-making and generate cash from excess working capital," commented Mr. Filipov. "With the recent strengthening of the Lifting management, we now have a deeper, more flexible and more capable team than ever before."

Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with pro forma 1998 revenues in excess of $2.0 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, large hydraulic mining shovels under the brand name O&K. Terex recently entered the road building business with the acquisitions of Powerscreen and Cedarapids. 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.
Certain information in this announcement includes forward-looking statements regarding future events or the future performance of the Company that involve certain contingencies and uncertainties. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual events or performance to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond the Company's control, include, among others: the ability of the Company to successfully integrate new businesses; the ability of suppliers to provide components on a timely basis; the effects of changes in laws and regulations; the effect of interest rates, government spending and general economic conditions on construction and mining activity; the national and international political climate; and other factors, risks and uncertainties set forth in more detail in the Company's public filings. Actual events or performance may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors.


     CONTACT: Terex Corporation, Westport
              Jack Lascar, Vice President 
              (203) 222-5943


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