WESTPORT, Conn.--(BUSINESS WIRE)--Nov. 14, 2003--Terex Corporation
(NYSE:TEX) today announced that effective January 1, 2004, Fil
Filipov, currently President and CEO of Terex Cranes, will retire from
full time employment with the Company. Mr. Filipov will continue,
through a newly formed consulting company focused on restructuring
activities, to serve Terex as a consultant working on special
projects. Mr. Filipov has committed to consult with the Company for a
period of three years for a minimum of 26 weeks a year. Initially, Mr.
Filipov and his company will assist with the restructuring,
integration and operation of Tatra, the Company's newest acquisition,
a manufacturer of on/off road heavy-duty vehicles located in the Czech
Republic. As part of this assignment, Mr. Filipov will continue in his
role as Chairman of the Supervisory Board of Tatra.
"Fil has been an important part of Terex and I expect him to
continue to make a meaningful contribution to the Company in the
future as a consultant," commented Ronald M. DeFeo, Terex's Chairman
and CEO. "Fil has helped me over the past 10 years in transforming
Terex from a small and financially stressed entity into a first class
company. In the last year alone, he has been largely responsible for
the successful integration of our acquisition of Demag Mobile Cranes
into Terex. He is highly regarded in the crane industry and by
everyone associated with Terex." Mr. Filipov started his career with
International Harvester, worked at J.I. Case Co. as Vice President of
Construction Equipment Europe and Tenneco, Inc. as divisional
president prior to joining Terex in 1993.
Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with 2002 revenues of $2.8 billion. Terex is
involved in a broad range of construction, infrastructure, recycling
and mining-related capital equipment under the brand names of Advance,
American, American Truck, 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, Load King, Lorain, Marklift, Matbro, Morrison, Muller, O&K,
Peiner, Powerscreen, PPM, Re-Tech, RO, Royer, Schaeff, Simplicity,
Square Shooter, Tatra, Telelect, and Terex. Terex offers a complete
line of financial products and services to assist in the acquisition
of Terex equipment through Terex Financial Services. More information
on Terex can be found at www.terex.com.
CONTACT: Terex Corporation, Westport
Tom Gelston, 203-222-5943
SOURCE: Terex Corporation