WESTPORT, Conn.--(BUSINESS WIRE)--April 23, 2001--Terex
Corporation (NYSE: TEX) announced today that effective May 1, 2001,
Fil Filipov becomes Executive Vice President of Terex Corporation
reporting to Ronald M. DeFeo, Terex's Chairman and CEO. In this new
capacity, Fil will assume a special assignment in which he will be
responsible for restructuring and investment activities for the
Company in order to accelerate growth and improve earnings.
"Fil has the perfect background for this position," commented Ron
DeFeo. "Over the past eight years, Fil has been instrumental in both
restructuring Terex and building the most diversified lifting business
in he world. In 2000, the lifting business had revenues of nearly $1
billion with an operating margin of 10%. When Fil started managing
this business, it was one-tenth its current size and losing money."
Ron DeFeo added, "In this newly established position, Fil will
help us acquire and later run a variety of strategic opportunities
that we feel can significantly outperform our weighted average cost of
capital. Fil will also lead our business developmental activities in
Asia and Eastern Europe. Some of these opportunities may become joint
ventures or simply marketing agreements. The common theme will be to
build value for our shareholders. I am delighted Fil has accepted this
challenge and will continue as a core part of the Terex management
team. I have appreciated his help and counsel over the years and look
forward to accelerating our ability to grow with some new
initiatives."
Fil has been President of Terex Lifting for the past five years.
Prior to this, he was President of Terex Cranes, Managing Director of
Clark Europe, and President of Koehring when he began with Terex in
1993. Previously, Fil had held various positions of increasing
responsibility with Tenneco, J. I. Case and International Harvester.
He has over 30 years of experience in the capital goods industry
worldwide.
Safe Harbor Statement
The above contains forward-looking information based on the
Company's current expectations. Because forward-looking statements
involve risks and uncertainties, actual results could differ
materially. Such risks and uncertainties, many of which are beyond
Terex's control, include, among others, the sensitivity of
construction and mining activity to interest rates, government
spending and general economic conditions; the success of the
integration of acquired businesses; the retention of key management;
foreign currency fluctuations; pricing, product initiatives, and other
actions taken by competitors; the effect of changes in laws and
regulations; the continuing use of net operating loss carryovers; the
effect of debt and restrictive covenants; and other factors, risks and
uncertainties more specifically set forth in Terex's public filings
with the SEC. The forward-looking statements herein 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 Terex's 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 based in
Westport, Connecticut, with 2000 revenues in excess of $2 billion.
Terex is involved in a broad range of construction, infrastructure,
recycling and mining-related capital equipment under the brand names
of Terex, Unit Rig, Payhauler, O&K, Fermec, Benford, Powerscreen,
Finlay, B.L. Pegson, Simplicity, Cedarapids, Grayhound, Jaques,
Canica-Jaques, Lorain, PPM, P&H, Franna, Marklift, Koehring, Bendini,
RO, Telelect, Square Shooter, American, Italmacchine, Peiner, Comedil,
Matbro, Amida, Bartell, Coleman, and Morrison. More information on
Terex can be found at www.terex.com
--30--lp/ny*
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Terex Corporation, Westport |
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Jack Lascar, Vice President, 203/222-5943 |
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