WESTPORT, Conn., Mar 09, 2006 (BUSINESS WIRE) -- Terex Corporation (TEX:NYSE) has announced that Hyeryun
Lee Park has joined the Company in the newly created position of
President, Terex Asia. Ms. Lee Park will report directly to the
Company's Chairman and Chief Executive Officer, Ronald M. DeFeo. Ms.
Lee Park will work closely with Terex's operating segments to
accelerate the Company's growth in Asia. She will divide her time
between offices in Beijing and in Chicago.
"Hyeryun has consulted with Terex over several years and is
uniquely qualified to help us grow our business in Asia," said Mr.
DeFeo. "Asian GDP is forecast to grow faster than the rest of the
world for the foreseeable future, so Terex's long-term growth will be
enhanced by greater exposure to Asian markets. The development of our
Asian business is one of the top areas for value creation in our
organization, and when accomplished in conjunction with our on-going
initiatives in global supply chain management, marketing, customer
support, and human resources, will firmly establish Terex as a global
industry leader."
"China in particular will be an area of focus," added Mr. DeFeo.
"We have seen our business grow substantially in this market, and have
just opened a new office in Beijing that will focus on our operations
overall in Asia."
Prior to joining Terex, Ms. Lee Park was most recently President
and Owner of Midas Alliance Group, a consulting company with
approximately 60 consultants with offices in Chicago, Seoul, and
Washington, D.C. Midas Alliance primarily advised western companies on
Asian business development. Prior to that, she was Publisher of
Construction Equipment and Construction Equipment Latin America for
Cahners Publishing. Ms. Lee Park began her career with Samsung
Construction Equipment America, and was responsible for overseeing
Samsung's entry into the U.S. market. Ms. Lee Park is a graduate of
Northwestern University, a native of Seoul, Korea and a U.S. citizen.
Safe Harbor Statement
This 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 previously announced SEC investigation of
Terex; Terex's ability to maintain adequate disclosure controls and
procedures and adequate internal controls over financial reporting;
compliance with applicable environmental laws and regulations; and
other factors, risks, uncertainties more specifically set forth in
Terex's public filings with the SEC. 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 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.
Terex Corporation
500 Post Road East, Suite 320, Westport, Connecticut 06880
Telephone: (203) 222-7170, Fax: (203) 222-7976, www.terex.com
SOURCE: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943