WESTPORT, Conn.--(BUSINESS WIRE)--Jan. 17, 2001--Terex Corporation
(NYSE: TEX) announced today that it has officially launched
EarthKing's Internet site (www.earthking.com).
Over the next several weeks, EarthKing will roll out its
e-commerce capabilities as an independent and unbiased Internet
marketplace for the construction and mining equipment industry.
EarthKing will use the Internet and technology to provide real savings
to its customers in the selection, acquisition, management and
disposition of their equipment and parts. Over the past six months,
EarthKing has developed agreements with several "Best-in-Class"
strategic partners to participate within the EarthKing alliance to
ensure the reliable delivery of quality and cost-effective services to
its customers.
"Our vision was to create an independent Company that will provide
new tools for equipment owners and operators to maximize their return
on investment. We have accomplished that!" said Ronald M. DeFeo,
Terex's Chairman and Chief Executive Officer. "We have created an
independent Company with its own equity and management and by
leveraging the power of the Internet, EarthKing is expected to change
the way business is conducted in the capital goods industry."
Chris Ragot, President of EarthKing commented, "We are building a
very attractive value proposition for our customers in the
construction, aggregate and mining industries. Since we are supplier,
vendor, and channel-neutral, we can provide a complete and unbiased
total solution for our customers' equipment and parts needs. We expect
to create a community of equipment owners and operators by helping
them procure, maintain, manage and dispose of their equipment fleets,
lowering their total cost of ownership. EarthKing is the only Company
we are aware of that will provide a full menu of services for
equipment throughout the product life cycle."
Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with expected 2000 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 entered the infrastructure building business in 1999
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 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 and Matbro.
Safe Harbor Statement
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 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 Corp. |
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Jack Lascar, 203/222-5943 |
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or |
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EarthKing |
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David Van Driel, 203/221-4384 |
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