WESTPORT, Conn.--(BUSINESS WIRE)--July 15, 2008--Terex Corporation
(NYSE: TEX) today announced that its Board of Directors has authorized
an increase in 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 amount that may be
repurchased under the share repurchase program to $1.2 billion, while
keeping the program period expiration date of 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 June 30 2008, the Company has purchased approximately $362
million of shares under the repurchase program.
"This action represents the second step-up in our share repurchase
program since the program began. We continue to believe that investing
in our shares provides an attractive return," said Ronald M. DeFeo,
Chairman and CEO of Terex. "Terex has the financial strength today to
expand the share repurchase program without affecting our ability to
implement internal or external initiatives. We remain optimistic about
meeting our long-term goals, and are committed to enhancing
shareholder value."
Terex Corporation is a diversified global manufacturer with 2007
net sales of over $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.
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:
Laura Kiernan, 203-222-5943
Director, Investor Relations
laura.kiernan@terex.com
SOURCE: Terex Corporation