WESTPORT, Conn.--(BUSINESS WIRE)--Feb. 11, 2013--
Terex Corporation (NYSE: TEX) today announced that it has entered into a
contract to divest its Roadbuilding operations in Brazil and certain
mobile roadbuilding product lines in the U.S. to the Fayat Group (Bomag
and Marini). Product lines being divested include asphalt plants and
pavers manufactured in Porto Allegre, Brazil, and assets for the asphalt
paver, reclaimer stabilizer and material transfer product lines which
are currently manufactured in Oklahoma City. The transaction is
anticipated to close during the first quarter.
Terex has determined that it will be exiting the remaining roadbuilding
product lines that it manufactures in Oklahoma City, and has taken
charges in connection with the business assets being sold and the
remaining Oklahoma City roadbuilding assets to reflect the likely
realizable value in a transaction. The amount of these charges that will
impact the fourth quarter 2012 results, when reported, is approximately
$15 million. Terex will continue manufacturing operations in Oklahoma
City for its product lines not affected by this transaction.
Ron DeFeo, Terex Chairman and Chief Executive Officer, commented, “The
decision to exit most of our roadbuilding product lines is another step
in the repositioning of Terex. We continue to focus on improving our
Construction segment performance as well as the Company’s overall
returns on invested capital, and this transaction is part of that
process.”
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.
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, Vice President, Investor Relations
Phone:
203-222-5943
Email: thomas.gelston@terex.com