WESTPORT, Conn.--(BUSINESS WIRE)--Nov. 14, 2003--Terex Corporation
(NYSE: TEX) today announced that Steve Filipov has been named
President of Terex Cranes effective January 1, 2004. Mr. Filipov has
served most recently as Group President of Terex Cranes International.
"This is a natural transition, as Steve has worked in the crane
business for over 8 years and has strong customer and industry
expertise," stated Ronald M. DeFeo, Terex's Chairman and Chief
Executive Officer. In his new position, Mr. Filipov will oversee the
worldwide operations of the Terex Cranes business.
"I am pleased to accept this new challenge and look forward to
taking Terex Cranes to the next level as an industry leader,"
commented Mr. Filipov. "We have had a successful and difficult year in
2003, considering the economics in the crane business. Following the
acquisition of Demag Mobile Cranes a little over one year ago, we
restructured the business and have built a strong base for our segment
going into 2004."
In a related move, Dani Goldsmith has been appointed President of
North American Crane Operations for Terex Cranes and Alexander Knecht
has been appointed President of Terex Cranes International. Dani has
been serving as Chief Financial Officer for the Crane Group worldwide
and Alex has been serving as Managing Director of Demag. Both will
report to Steve Filipov. These changes are effective January 1, 2004.
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
Tom Gelston, 203-222-5943
SOURCE: Terex Corporation