WESTPORT, Conn., Feb 13, 2007 (BUSINESS WIRE) -- Terex Corporation (NYSE: TEX) is pleased to announce that it has
been awarded orders by Fortescue Metals Group Ltd to supply fleets of
both trucks and excavators to be used in a major start-up iron ore
mining operation in Australia. The total value of the order is in
excess of $93 million.
The equipment to be supplied includes some of the most up-to-date
mining equipment available in the marketplace today, including the
following:
-- Twenty MT3700AC 205-ton capacity haul trucks
-- Three RH170 excavators
-- Four RH340 excavators
"We are very pleased that Terex Mining was awarded this important
contract with Fortescue Metals Group Ltd," commented Ronald M. DeFeo,
Terex's Chairman and Chief Executive Officer. "This award demonstrates
Terex Mining's continued ability to successfully compete on a global
scale, reinforces the technical and cost benefits of our mining
products, and verifies our organization's service capability and parts
support."
"We are very pleased to be able to supply this important new
customer with equipment and product support as they begin production,"
said Rick Nichols, President of Terex Materials Processing & Mining.
"Additionally, this transaction further enhances the position of our
mining business within the industry and broadens our customer base in
the Western Australian region." Mr. Nichols continued, "I am confident
that the Terex equipment, combined with the experienced customer
support teams, will help Fortescue Metals Group Ltd achieve the
production levels and efficiencies it is striving to deliver."
The Unit Rig AC model trucks will be manufactured by Terex and
Terex suppliers in North American based facilities. The excavators are
the latest design offerings from the Terex O&K factory in Dortmund,
Germany. Terex plans to deliver the majority of the equipment during
the second half of 2007, with some deliveries also to occur in the
first quarter of 2008.
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
international in nature and is subject to changes in exchange rates
between currencies, as well as international politics; 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 2005
revenue of approximately $6.4 billion. Terex operates in five business
segments: Terex Aerial Work Platforms, Terex Construction, Terex
Cranes, 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
200 Nyala Farm Road, Westport, Connecticut 06880
Telephone: (203) 222-7170, Fax: (203) 222-7976, www.terex.com
SOURCE: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Director, Investor Relations and Financial
Planning & Analysis
FAX: 203-222-0130
[email protected]