WESTPORT, Conn., May 23, 2007 (BUSINESS WIRE) -- Terex Corporation (NYSE:TEX) today announced that it is calling a
Special Meeting of Stockholders to be held July 17, 2007 at its
headquarters here to consider a proposal to amend the Company's
Certificate of Incorporation to increase the number of shares of
common stock the Company is authorized to issue by 150,000,000. The
Company currently has 150,000,000 authorized shares of common stock.
A proposal for an amendment to increase the authorized number of
shares of common stock by 450,000,000 was not approved by stockholders
at the Company's Annual Meeting of Stockholders held on May 17, 2007.
"Our Board of Directors heard the concerns that stockholders
voiced about the size of the first proposed increase in authorized
shares," said Ronald M. DeFeo, Chairman and Chief Executive Officer.
"We have responded with a more modest proposal that will still provide
Terex with the needed flexibility in connection with possible future
stock splits, financing transactions, acquisitions of other companies
or business properties, employee benefit plans and other corporate
purposes."
Shareholders of record as of May 31, 2007 will be eligible to vote
on the proposal. Approval of the proposal will require the affirmative
vote of the holders of a majority of the shares of common stock
outstanding and eligible to vote at the Special Meeting.
Terex Corporation is a diversified global manufacturer with 2006
net sales of approximately $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.
SOURCE: Terex Corporation
Terex Corporation
Media
Mike Bazinet, 203-222-6113
Director, Global Communications
mbazinet@terex.com
or
Investors
Tom Gelston, 203-222-5943
Director, Investor Relations
tgelston@terex.com