WESTPORT, Conn.--(BUSINESS WIRE)--
Terex Corporation (NYSE:TEX) today announced that its Board of Directors
authorized a new share repurchase program of up to $325 million. The
Company completed its previous share repurchase program in the fourth
quarter of 2017.
John L. Garrison, Terex President and Chief Executive Officer, stated,
“During our Investor Presentation in December 2016 we committed to
pursuing a disciplined capital allocation strategy that included the
efficient returns of capital to shareholders through share repurchases
of $1 billion to $1.5 billion through 2020. In 2017, we delivered on our
commitment to follow our disciplined capital allocation strategy and
returned $924 million to shareholders through share repurchases. Upon
completion of today’s new $325 million share repurchase authorization
Terex will have purchased $1.25 billion of its outstanding shares,
achieving the mid-point of our range. Today’s announcement demonstrates
our continued commitment to returning capital to shareholders and
creating long-term shareholder value in conjunction with our Focus,
Simplify and Execute To Win strategy.”
The timing of the share repurchase program will be based on available
liquidity, cash flows and general market conditions. The repurchase
program may be executed through various methods, including open market
purchases.
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:
http://www.businesswire.com/news/home/20180207006244/en/
Terex Corporation
Brian J. Henry, Senior Vice President
Business
Development & Investor Relations
203-222-5954
brian.henry@terex.com
Source: Terex Corporation