WESTPORT, Conn., Apr 15, 2010 (BUSINESS WIRE) --Terex Corporation (NYSE: TEX) announced today that it has completed the previously announced divestment of the Terex Atlas heavy construction equipment and knuckle-boom crane manufacturing operations located in Germany to Atlas Maschinen GmbH. Fil Filipov, a former Terex executive, is the Chairman of Atlas Maschinen.
Divested in the transaction were crawler, wheel and rail excavators, knuckle-boom truck loader cranes and Terex(R) Atlas branded material handlers. The completion of the transfer of the Terex Atlas United Kingdom sales and service business is expected to occur in the coming weeks.
Terex compact equipment made in Germany, namely mini and midi-excavators and compact wheel loaders, as well as the Terex Fuchs(R) material handler line, remain with Terex as part of the Construction business segment. Also not part of the transaction are Terex(R) rigid and articulated trucks, backhoe-loaders and other products manufactured in the United Kingdom and Terex Roadbuilding equipment.
''With the completion of this transaction,Terex will now focus on growing and developing our remaining Construction businesses,'' said Ron DeFeo, Terex Chairman and Chief Executive Officer.
Terex Corporation is a diversified global manufacturer operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining, shipping, transportation, energy, 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. Terex uses its website to make information available to its investors and the market at http://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.
SOURCE: Terex Corporation
Terex Corporation
Mike Bazinet, 203-222-6113
Director, Corporate Communications
michael.bazinet@terex.com
or
Tom Gelston, 203-222-5943
Vice President, Investor Relations
thomas.gelston@terex.com