Products provide solutions for inspection and repair work needed
for nation's aging bridges
WESTPORT, Conn.--(BUSINESS WIRE)--April 21, 2008--Terex
Corporation (NYSE: TEX) today announced that it has acquired Hydra
Platforms Mfg., Inc. Based in Rock Hill, South Carolina, Hydra
Platforms is a leading manufacturer of truck and trailer mounted self
erecting under-bridge access equipment used for bridge construction,
maintenance and inspection. Terms were not disclosed.
Hydra Platforms will become part of the Terex Roadbuilding segment
and will work with the company's Bid-Well subsidiary. Bid-Well is the
leading manufacturer, seller and service provider of bridge paving
equipment in the United States.
"Hydra is a leader in a growing market for under-bridge access,"
said George Ellis, Vice President and General Manager, Terex
Roadbuilding. "More than 93% of bridges in the United States were
built before 1980 and 25 percent have been designated as structurally
deficient or functionally obsolete. As a result, more funds are being
committed for bridge inspection and repair. Hydra Platforms' products
provide a cost effective tool for bridge contractors, engineers and
state Departments of Transportation to address this vital public
safety aspect of our nation's aging infrastructure."
Ellis continued, "Hydra Platforms is an excellent strategic fit
for Terex since our Bid-Well organization serves the same customer
base and, through Bid-Well, we hope to expand Hydra's national and
international reach."
Terex Corporation is a diversified global manufacturer with 2007
net sales of more than $9.1 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, 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.
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