$200 Million Share Repurchase Program Authorized
WESTPORT, Conn.--(BUSINESS WIRE)--Dec. 5, 2013--
Terex Corporation (NYSE:TEX) today announced its Board of Directors
approved the initiation of quarterly cash dividends to its shareholders.
The initial quarterly cash dividend of $0.05 per share will be made on
December 20, 2013 to shareholders of record as of December 16, 2013.
Additionally, the Terex Board of Directors authorized a share repurchase
program, allowing the Company to repurchase Terex common stock in total
value up to $200 million through December 31, 2015.
Ron DeFeo, Terex Chairman and Chief Executive Officer, stated, " We are
pleased to be in a position where we can begin to return a portion of
our free cash flow to our shareholders on a regular basis. Our
shareholders have seen Terex mature into a diversified operating
Company, and we feel that this dividend initiation and share repurchase
authorization reflects this transformation. Over the past 18 months, our
priorities have been to generate cash flow for debt repayment, which has
enabled us to strengthen our balance sheet. Going forward, the recurring
dividend and share repurchase program demonstrates our confidence in our
earnings growth opportunities over the coming years, ability to maintain
strong free cash flow and equity value opportunities, as we feel our
equity value does not reflect our Company’s performance potential."
It is the Company’s intention that it will pay four quarterly dividends
of $0.05 per share, for an aggregate of $0.20 per share, for the
calendar year 2014. However, future declarations of quarterly dividends
and the establishment of future record and payment dates are subject to
the determination of the Terex Board of Directors.
Forward Looking Statements
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
About Terex
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
(www.terex.com)
and its Facebook page (www.facebook.com/TerexCorporation)
to make information available to its investors and the market.
Source: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Vice President,
Investor Relations
[email protected]