WESTPORT, Conn.--(BUSINESS WIRE)--Dec. 17, 2007--Terex Corporation
(NYSE: TEX) today announced that its Board of Directors has increased
and extended its share repurchase program, under which the Company now
may purchase an additional $500 million of the Company's outstanding
common shares. This brings the total that may be repurchased under the
share repurchase program to $700 million, and extends the program
period from its original expiration date of June 30, 2008 through June
30, 2009. Purchases may be made at the Company's discretion from time
to time in open market transactions at prevailing prices or through
privately negotiated transactions as conditions permit.
As of today, the Company has purchased approximately $166 million
of shares under the repurchase program, as compared to approximately
$74 million of shares repurchased as of September 30, 2007.
Ronald M. DeFeo, Chairman and CEO of Terex, stated, "Terex
Corporation's strong financial position and continued favorable
business outlook enables us to expand our stock repurchase program.
While we continue to seek opportunities to reinvest in our business,
both through capital expenditures and acquisitions, we also see the
value in investing in our own shares and the attractive return it
represents." Mr. DeFeo added, "We remain committed to enhancing
shareholder value and have confidence in the performance and future
prospects of Terex."
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