WESTPORT, Conn., Aug 16, 2004 (BUSINESS WIRE) -- Terex Corporation
(NYSE: TEX) is pleased to announce that it has reached an
understanding with Caterpillar Inc. that will allow Terex the
opportunity to distribute and support the Terex O&K line of hydraulic
excavators through Caterpillar's independent dealer network. Terex
will continue to operate its branch locations and support its existing
dealer agreements while focusing on utilizing the strength of the
Caterpillar dealer network. In those areas where Terex has existing
distribution, various forms of local collaboration will be explored
with the Caterpillar dealers.
"We believe that this arrangement will allow Terex the opportunity
to reach new customers in areas where we have historically not
participated in a meaningful way due to limited capacity to service
and support our machines," commented Rick Nichols, President-Terex
Mining. "By seeking to distribute our mining shovel through
Caterpillar dealers in geographies where we have no current
representation and utilizing their capabilities to supplement other
regions, we have instantly created the potential to establish a global
network that will greatly expand our prospects for selling new
equipment and providing service to our customers."
"Terex has been a long-time global leader in mining shovels. We
have one of the largest populations of hydraulic mining shovels in the
field, and a reputation for a durable product that has been meeting
industry needs for decades," Mr. Nichols added. "Now this product
offering is strengthened even further with distribution, support and
expertise offered through the global Caterpillar dealer network."
Terex Corporation is a diversified global manufacturer with 2003
revenues of $3.9 billion. The Company operates in five business
segments: Terex Construction, Terex Cranes, Terex Aerial Work
Platforms, Terex Mining, and Terex Roadbuilding, Utility Products and
Other. Terex manufactures a broad range of equipment for use in
various industries, including the construction, infrastructure,
quarrying, recycling, surface mining, shipping, transportation,
refining, utility and maintenance industries. 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.
SOURCE: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943