WESTPORT, Conn.--(BUSINESS WIRE)--Jan. 10, 2006--Terex Corporation
(NYSE: TEX) announced today that, effective at the start of the first
quarter of 2006, it has realigned certain of its operations in an
effort to strengthen its ability to service customers and to recognize
certain organizational efficiencies. The Mobile Crushing and Screening
Group, consisting of Powerscreen, Terex Finlay and Terex Pegson and
formerly part of the Terex Construction Segment, will now be
consolidated within the Terex Materials Processing & Mining Segment.
Additionally, the European telehandlers business of TerexLift,
formerly part of the Terex Construction Segment, will now become part
of the Terex Aerial Work Platforms Segment.
"The purpose of these changes is to strengthen Terex's ability to
service our customers in these product categories, and to ultimately
provide a better return to our shareholders," commented Ronald M.
DeFeo, Terex's Chairman and Chief Executive Officer. "The new
organizational structure not only aligns us more closely with how our
customers buy our equipment, but also puts manufacturing and sales for
each product group under focused leadership. Genie already manages the
North American telehandlers product, which has done quite well under
their oversight. As for the crushing and screening businesses, not
only will we gain consolidated exposure to all customers, but we
expect to better coordinate supply and design issues across products
that share many of the same attributes. I am confident that the new
structure will allow us to better focus on servicing our customers and
markets and provide products which generate greater value for our
customers."
As part of the reorganization, Kieran Hegarty, formerly Vice
President - Terex Construction Crushing and Screening Division, has
been named Vice President - Terex Materials Processing, and will head
Terex's consolidated materials processing group. Mr. Hegarty will
continue to be based in Dungannon, Northern Ireland, and will report
to Rick Nichols, President - Terex Materials Processing & Mining. In
this leadership role, Mr. Hegarty will assume the responsibility for
the businesses of Terex Cedarapids, Terex Simplicity, Terex Jacques
and Terex Canica, along with his existing role in the leadership of
the Terex Finlay, Terex Pegson, and Powerscreen businesses.
As for Terex Construction, following the move by Colin Robertson,
formerly President - Terex Construction, to his new position of
Executive Vice President - Operations for Terex, Fergus Baillie,
President -- Terex Heavy Equipment group, has been appointed interim
leader of the Terex Construction segment while a search for a full
time replacement is conducted.
Additionally, Roger Brown, currently Vice President - North
American Sales for the Terex Aerial Work Platforms Segment, has been
assigned the additional responsibility of overseeing the Strategic
Accounts Group for Terex. This group is charged with leading and
managing activities with large international accounts, providing one
face to the customer and coordinating activities for sales,
production, aftermarket support and billing. Mr. Brown will continue
to have reporting responsibility for North American sales of both the
Genie and the Terex Construction product lines, although day-to-day
responsibilities will be managed by a team under his direction.
Terex Corporation is a diversified global manufacturer with 2004
net sales of approximately $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.
CONTACT: Terex Corporation
Tom Gelston, 203-222-5943
Director - Investor Relations
SOURCE: Terex Corporation