WESTPORT, Conn.--(BUSINESS WIRE)--Jan. 16, 2001--Terex
Earthmoving, a unit of Terex Corporation (TEX: NYSE), today announced
that it has entered into a strategic alliance with FFE Minerals USA
Inc., (FFEM), a member of the FLS Industries A/S group of companies.
With $150 million in revenues worldwide, the FFEM group, based in
Bethlehem, Pennsylvania, has been one of the world's leading suppliers
since 1903 of mineral processing equipment such as grinding mills,
hoists, crushing, pyroprocessing and separation technologies. Terex
Earthmoving's revenues have grown from $456 million in 1998 to an
estimated $1.1 billion in 2000.
In a joint statement, Ernie Verebelyi, President of Terex
Earthmoving, and George Robles, President and CEO of FFE Minerals
said, "This agreement capitalizes on the complementary product and
geographic strengths of each organization with the objective of
improving revenue growth. We can now offer more comprehensive material
movement and processing packages to mining and aggregates customers
worldwide." Mr. Verebelyi added, "This alliance with FFEM, with their
very strong presence and service capability in Latin America, India,
South Africa and Australia, should help us accelerate our penetration
of several key markets with world-class products."
Under this alliance, FFEM and its subsidiaries will have the
non-exclusive right to market and service Terex's construction, mining
and crushing and screening equipment in Latin America. Terex
Earthmoving and its subsidiaries will have the non-exclusive right to
market and service FFEM's products in the United Kingdom and Ireland.
Under this arrangement, both Terex and FFEM will have the opportunity
to market each other's products outside of Latin America, the United
Kingdom and Ireland to satisfy specific customer requests. In
addition, FFEM has granted Terex the license to manufacture the FFEM
secondary gyratory crusher in North America for sale to the aggregates
industry in North America, the United Kingdom and Ireland.
The main Terex product lines that are part of this agreement
include screens, crushers, trommels, feeders and shaft impactors, as
well as articulated and rigid trucks, scrapers and excavators. FFEM
main product lines that are part of this agreement include crushers
and crushing plants, feeders, sizers and hammermills.
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.
CONTACT: |
Terex Corporation |
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Jack Lascar, 203/222-5943 |
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