WESTPORT, Conn.--(BUSINESS WIRE)--
Terex Corporation (NYSE: TEX) today announced that it has increased the
size of the revolving credit facility under its Credit Agreement from
$450 million to $600 million.
John Sheehan, Terex Senior Vice President and Chief Financial Officer
said, “Today’s increase in availability of our Revolving Credit Facility
makes our strong capital structure even stronger. Over the last 15
months the execution of our Disciplined Capital Allocation Strategy has
resulted in Terex exceeding our Free Cash Flow expectations, providing
capital to reinvest back into our businesses and return capital to
shareholders. We remain fully committed to our Disciplined Capital
Allocation Strategy, including achieving our 2020 targets of Free Cash
Flow in excess of 100% of Net Income and average Leverage through our
economic cycle of 2.5x. We look forward to continuing to use our strong
capital structure and liquidity to drive value for our shareholders.
Finally, we are pleased with the support demonstrated by our bank group
in providing us with additional liquidity to efficiently manage our
business.”
Forward Looking Statements:
This press release contains forward-looking information regarding future
events or Terex’s future financial performance based on the current
expectations of Terex Corporation. In addition, when included in this
press release, the words “may,” “expects,” “intends,” “anticipates,”
“plans,” “projects,” “estimates” and the negatives thereof and analogous
or similar expressions are intended to identify forward-looking
statements. However, the absence of these words does not mean that the
statement is not forward-looking. Terex has based these forward-looking
statements on current expectations and projections about future events.
These statements are not guarantees of future performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and other
risks, uncertainties and significant factors. The forward-looking
statements speak only as of the date of this release. Terex expressly
disclaims any obligation or undertaking to release publicly any updates
or revisions to any forward-looking statement included in this 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 global manufacturer of lifting and material
processing products and services that deliver lifecycle solutions to
maximize customer return on investment. The Company reports in three
business segments: Aerial Work Platforms, Cranes, and Materials
Processing. Terex delivers lifecycle solutions to a broad range of
industries, including the construction, infrastructure, manufacturing,
shipping, transportation, refining, energy, utility, quarrying and
mining 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180410006585/en/
Terex Corporation
Brian J. Henry, Senior Vice President
Business
Development & Investor Relations
203-222-5954
[email protected]
Source: Terex Corporation