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Terex Not in Discussion Regarding Acquisition of Daewoo Heavy Industries

December 05, 2002

WESTPORT, Conn.--(BUSINESS WIRE)--Dec. 5, 2002--Terex Corporation (NYSE: TEX) stated today in response to a report in the media, it is not in discussions with respect to an acquisition of Daewoo Heavy Industries & Machinery Ltd.

The Company generally does not respond to industry rumors, but given the level of inquiries received regarding this report, the Company felt it necessary to comment.

Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with pro forma 2001 annual revenues of $3.4 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, Demag, Fermec, Finlay, Franna, Fuchs, Genie, 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
Kevin O'Reilly, 203/222-5943


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