WESTPORT, Conn.--(BUSINESS WIRE)--Dec. 12, 2007--Terex Corporation
(NYSE: TEX) today announced that it has acquired a controlling share
of its ongoing joint venture, Terex Vectra Equipment, which builds
loader-backhoes, skid steer loaders and compaction rollers at a
facility occupying 36 acres in Greater Noida, Utter Pradesh, India.
Terex now owns 70 percent of the venture, which began operations in
2003.
"As India's impressive and steady infrastructure development has
progressed, Terex Vectra has seen a significant increase in sales,
particularly in loader-backhoes, a large and rapidly growing market in
that country," said Robert Isaman, president, Terex Construction. "The
acquisition of majority ownership of Terex Vectra is a logical step in
our strategy of expanding the Terex market presence in India and we
are encouraged by our early successes. The increased ownership also
provides Terex with control over operations and manufacturing, which
will allow us to accelerate our integration strategy and business
systems implementation."
Terex Corporation is a diversified global manufacturer with 2006
net sales of $7.6 billion. Terex operates in five business segments:
Aerial Work Platforms, Construction, Cranes, Materials Processing &
Mining, and Roadbuilding, Utility Products and Other. Terex
manufactures a broad range of equipment for use in various industries,
including the construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility 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.
This press release contains forward-looking information based on
the current expectations of Terex Corporation. Because forward-looking
statements involve risks and uncertainties, actual results could
differ materially. Such risks and uncertainties, many of which are
beyond the control of Terex, include those factors that are more
specifically set forth in the public filings of Terex with the
Securities and Exchange Commission. 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 press release. Terex expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement included in this press release to reflect
any changes in expectations with regard thereto or any changes in
events, conditions, or circumstances on which any such statement is
based.
CONTACT: Terex Corporation
Media
Mike Bazinet, 203-222-6113
Director, Global Communications
michael.bazinet@terex.com
or
Investors
Tom Gelston, 203-222-5943
Director, Investor Relations
thomas.gelston@terex.com
SOURCE: Terex Corporation