WESTPORT, Conn.--(BUSINESS WIRE)--March 4, 2008--Terex Corporation
(NYSE: TEX) today announced that it has completed the acquisition of
A.S.V., Inc. (Nasdaq: ASVI) by means of a short form merger under
Minnesota law. ASV is now a wholly-owned subsidiary of Terex and part
of the Terex Construction segment.
"We are extremely enthusiastic that ASV and its team members are
now part of the Terex Construction family," said Robert Isaman,
President, Terex Construction. "With ASV as a proven leader in compact
track loader technology combining the global reach of Terex, we see a
real opportunity for expanding ASV product sales. ASV is an excellent
strategic and cultural fit and provides a great addition to our
product offerings as Terex continues to grow as a global construction
equipment manufacturer."
On February 26, 2008, Terex announced the successful completion of
its tender offer for ASV common stock. In the merger, each outstanding
share of common stock, par value $0.01 per share, of ASV not tendered
in the tender offer (other than shares to which the holder has
properly exercised dissenters' rights) was converted into the right to
receive $18.00 in cash per share, without interest.
About Terex
Terex Corporation is a diversified global manufacturer with 2007
net sales of $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. Fried, Frank, Harris, Shriver & Jacobson LLP acted as
legal counsel to Terex.
About ASV
A.S.V., Inc. designs, manufactures and sells rubber track machines
and related components, accessories, and attachments. Its
purpose-built chassis and patented rubber track undercarriage
technology are unique and lead all rubber track loaders in innovation
and performance. ASV products are able to traverse nearly any terrain
with minimal damage to the ground, making them effective in markets
such as construction, landscaping, forestry and agriculture. ASV's
wholly-owned subsidiary Loegering Mfg., Inc. designs, manufactures and
sells traction products and attachments for the skid-steer industry.
For more information, visit ASV's website at http://www.asvi.com/ or
Loegering's website at http://www.loegering.com/. Goldman, Sachs & Co.
acted as financial advisor to ASV on this transaction and Dorsey &
Whitney LLP acted as legal counsel.
Forward Looking Statements
This press release contains or may be deemed to contain
forward-looking information based on the current expectations of Terex
Corporation and A.S.V., Inc. 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 and ASV, include those factors that are more
specifically set forth in the public filings of Terex and ASV with the
Securities and Exchange Commission. Actual events or the actual future
results of Terex and ASV 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 and ASV expressly disclaim 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