WESTPORT, Conn., Apr 20, 2012 (BUSINESS WIRE) --Terex Corporation (NYSE: TEX) today announced that the Domination and
Profit and Loss Transfer Agreement (DPLA) between Terex and Demag Cranes
was registered in the commercial register on April 18, 2012 and is now
effective.
Following Terex's purchase of approximately 82% of the shares
outstanding of Demag Cranes AG in 2011, Demag Cranes' management board
and Terex signed the DPLA in January 2012 that was then approved by
Demag Cranes shareholders last month. The effectiveness of the DPLA
allows Terex to fully integrate Demag Cranes, including the ability to
direct operational decisions as well as pooling of any and all financial
profits and cash flows. Remaining shareholders can now either tender
their shares for EUR 45.52 per share or receive an annual guaranteed
dividend payment. As a fifth segment of Terex Corporation, Demag Cranes
has been consolidated from a financial reporting standpoint for the last
few quarters and now following effectiveness of the DPLA, Terex and
Demag Cranes will begin the operational consolidation as well. The
Company is pleased the Domination Agreement process has been completed
and looks forward to fully integrating Demag Cranes with the Company.
Terex Corporation is a diversified global manufacturer reporting in five
business segments: Aerial Work Platforms, Construction, Cranes, Material
Handling & Port Solutions and Materials Processing. Terex manufactures a
broad range of equipment for use in various industries, including the
construction, infrastructure, quarrying, manufacturing, mining,
shipping, transportation, refining, energy and utility industries. Terex
offers 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.
SOURCE: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Vice President,
Investor Relations
thomas.gelston@terex.com