WESTPORT, Conn., Aug 21, 2002 (BUSINESS WIRE) -- Terex Corporation (NYSE: TEX)
today announced that it has received approval from the U.S. Federal Trade
Commission and the European Commission for the acquisition of Demag Mobile
Cranes GmbH & Co. KG ("Demag").
Demag, which manufactures and distributes telescopic and lattice boom cranes, is
one of the leading mobile crane producers worldwide, with 2001 revenues of
approximately $360 million. The transaction is anticipated to close on or about
August 30, 2002.
Terex Corporation is a diversified global manufacturer based in Westport,
Connecticut, with 2001 annual revenues in excess of $1.8 billion. Terex is
involved in a broad range of construction, infrastructure, recycling and
mining-related capital equipment under the brand names of Advance, American,
Amida, Atlas, Bartell, Bendini, Benford, Bid-Well, B.L. Pegson, Canica,
Cedarapids, Cifali, CMI, Coleman Engineering, Comedil, CPV, Fermec, Finlay,
Franna, Fuchs, Grayhound, Hi-Ranger, Italmacchine, Jaques, Johnson-Ross,
Koehring, Lectra Haul, Load King, Lorain, Marklift, Matbro, Morrison, Muller,
O&K, Payhauler, Peiner, Powerscreen, PPM, Re-Tech, RO, Royer, Schaeff,
Simplicity, Square Shooter, Telelect, Terex, and Unit Rig. More information on
Terex can be found at www.terex.com.
CONTACT: Terex Corporation, Westport
Kevin O'Reilly, 203/222-5943
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