WESTPORT, Conn., Sep 15, 2005 (BUSINESS WIRE) -- Terex Corporation (NYSE: TEX) continues to work
diligently to complete the filing of the Company's financial
statements for the year ended December 31, 2004 and prior periods with
the Securities and Exchange Commission ("SEC"). The Company is in the
final stages of internal and external review of its financial
statements for 2004 and prior periods, and will file the appropriate
documents in the next several business days. The Company's Quarterly
Reports on Form 10-Q for the first and second quarters of 2005 will be
filed as soon as practicable thereafter.
Terex therefore has obtained a waiver from its senior bank lending
group that allows the Company until October 15, 2005 to provide its
lenders with its financial information for the year ended December 31,
2004, as well as for the quarters ended March 31, 2005 and June 30,
2005. Management anticipates having all applicable financial
information completed and provided to the senior bank lending group
prior to that time.
Safe Harbor Statement
The press release contains forward-looking information based on
Terex's current expectations. Because forward-looking statements
involve risks and uncertainties, actual results could differ
materially. Such risks and uncertainties, many of which are beyond
Terex's control, include among others: Terex's business is highly
cyclical and weak general economic conditions may affect the sales of
its products and its financial results; the sensitivity of
construction, infrastructure and mining activity and products produced
for the military to interest rates and government spending; the
ability to successfully integrate acquired businesses; the retention
of key management personnel; Terex's businesses are very competitive
and may be affected by pricing, product initiatives and other actions
taken by competitors; the effects of changes in laws and regulations;
Terex's business is international in nature and is subject to changes
in exchange rates between currencies, as well as international
politics; Terex's continued access to capital and ability to obtain
parts and components from suppliers on a timely basis at competitive
prices; the financial condition of suppliers and customers, and their
continued access to capital; Terex's ability to timely manufacture and
deliver products to customers; Terex's significant amount of debt and
its need to comply with restrictive covenants contained in Terex's
debt agreements; Terex's ability to file its periodic reports with the
SEC on a timely basis; the SEC investigation of Terex; Terex's ability
to ensure that all intercompany transactions will be properly
recorded; compliance with applicable environmental laws and
regulations; and other factors, risks, uncertainties more specifically
set forth in Terex's public filings with the SEC. In addition, until
the previously announced review by Terex of its accounts is concluded,
no assurance can be given with respect to the financial statement
adjustments, impacts and periods resulting from such review, nor can
there be assurance that additional adjustments to the financial
statements will not be identified. Actual events or the actual future
results of Terex may differ materially from any forward looking
statement due to those and other risks, uncertainties and significant
factors. The forward-looking statements speak only as of the date of
this release. Terex expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statement included in this release to reflect any changes in Terex's
expectations with regard thereto or any changes in events, conditions,
or circumstances on which any such statement is based.
Terex Corporation is a diversified global manufacturer with 2004
net sales of $5 billion. Terex operates in five business segments:
Terex Construction, Terex Cranes, Terex Aerial Work Platforms, Terex
Materials Processing & 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
Investor Relations:
Tom Gelston, 203-222-5943