WESTPORT, Conn.--(BUSINESS WIRE)--Aug. 11, 2008--Terex Corporation
(NYSE: TEX) today announced that it has reached a definitive agreement
to acquire the port equipment businesses of Fantuzzi Industries
S.a.r.l. for total consideration of approximately EUR 215 million.
These businesses are global leaders in the design, manufacture, and
service of port equipment, with factories in Italy, Germany and China,
as well as sales and service branches around the world. The company
had 2007 revenues of approximately EUR 447 million. The transaction is
subject to customary closing conditions, including regulatory
approval, and is anticipated to close in the fourth quarter of 2008.
"This acquisition provides us with an important growth opportunity
in the intermodal transportation area of infrastructure," said Ronald
M. DeFeo, Terex Chairman and Chief Executive Officer. "The acquisition
is an excellent fit with our strategy of expanding our market presence
in related product areas and is a natural extension of our Cranes
business. We expect this acquisition to be accretive to Terex earnings
per share by the end of 2009."
The existing Terex reach stacker product line will be joined by
the Fantuzzi product range that includes Noell branded straddle
carriers, both Fantuzzi and Noell branded rail and rubber tired gantry
cranes, mobile harbor cranes, ship-to-shore cranes, and reach stackers
and forklift trucks designed to improve port productivity and
throughput. "We are truly excited to welcome these businesses and
their team members, distributors and customers to the Terex Cranes
family," said Rick Nichols, President, Terex Cranes. "This acquisition
represents an exciting opportunity for both companies, and together we
will ensure that our customers in the port equipment and lifting
segments will be the ultimate beneficiaries of our expanded product
and service offerings."
The Company will host a conference call to review the acquisition
today, Aug. 11, 2008, at 12:30 p.m. EDT. Ronald M. DeFeo, Chairman and
CEO, will host the call.
To access the call, dial 1-877-726-6603 at least 10 minutes before
the call is scheduled to begin. International participants should dial
1-706-634-5517. A simultaneous webcast of this conference call
presentation, including a supporting slide presentation, will also be
available at www.terex.com in the Investor Relations section of the
website.
A replay will be available shortly after the live call and can be
accessed until Aug. 18, 2008 at 5:00 p.m. EDT. To access the telephone
replay, please dial 1-800-642-1687 (International 1-706-645-9291) and
enter conference id #59945752. To access the web replay of the call,
go to the Investor Relations section of the Company's website at
www.terex.com.
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.
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
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