WESTPORT, Conn.--(BUSINESS WIRE)--May 8, 2000--Terex Corporation (NYSE: TEX) announced today that it has paid down $50,000,000 in principal amount of bank term debt from available cash. Ronald M. DeFeo, Terex Chairman and Chief Executive Officer commented.
"The substantial amount of operating cash flow generated in the first quarter provides us with the ability to deliver on our previous commitment of paying down debt and continuing to strengthen our capital structure. In the past three years we have more than tripled the size of the Company and cut our net debt to capitalization ratio by more than 50%."
Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2000 pro forma annual revenues in excess of $2 billion. Terex is involved in a broad range of construction, infrastructure 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 recently entered the infrastructure 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, truck mounted lift trucks, truck mounted cranes, and related products, under the brand names Terex, Lorain, PPM, P&H, Franna, Marklift, Koehring, Bendini, Simon, RO, Telelect, Square Shooter, Holland Lift, American, Italmacchine, Peiner, Comedil, Matbro, Moffett Kooi and Princeton.