WESTPORT, Conn., Jan 15, 2002 (BUSINESS WIRE) -- Terex Corporation (NYSE: TEX)
today announced that it has completed the previously announced acquisitions of
Atlas Weyhausen and The Schaeff Group. Atlas Weyhausen is a leading German
manufacturer of wheeled excavators and truck mounted articulated cranes and The
Schaeff Group is a leading German manufacturer of compact construction
equipment, including mini and midi excavators, compact wheel loaders, and a full
range of scrap material handlers.
"We are delighted to welcome Atlas and Schaeff to the Terex family of
businesses," commented Ronald M. DeFeo, Terex Chairman and Chief Executive
Officer. "The acquisitions fit with Terex's strategy of diversifying both the
products and geographic range of our customer offerings. In addition to adding
approximately $400 million in new revenue, the acquisitions also help address a
strategic issue for the Company by increasing our presence in Germany, Europe's
largest construction market. Atlas and Schaeff combined will add 60 independent
dealers and approximately $250 million in annual German revenues. The
acquisitions provide opportunities for distribution synergies between Atlas and
Schaeff as well as with other Terex products in both Germany and other key
markets."
Fil Filipov, Terex Executive Vice President, will assume responsibility for
Atlas and Schaeff under the new Terex organization structure. "I am excited
about the opportunities with these recent acquisitions," commented Mr. Filipov.
"We have already been aggressively implementing a restructuring plan at Atlas.
We believe there are significant consolidation and sourcing opportunities among
Atlas, Schaeff and the Terex group generally and will aggressively pursue those
opportunities. Specifically, we have identified approximately $41 million of
cost savings, of which over $24 million have been implemented to date."
Terex Corporation is a diversified global manufacturer based in Westport,
Connecticut, with 2000 annual 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 American, Amida,
Atlas, B.L. Pegson, Bartell, Bendini, Benford, Bid-Well, CMI, Canica-Jaques,
Cedarapids, Cifali, Coleman, Comedil, Fermec, Finlay, Franna, Fuchs, Grayhound,
Jaques, Italmacchine, Koehring, Load King, Lorain, Marklift, Matbro, Morrison,
Muller, O&K, P&H, PPM, Payhauler, Peiner, Powerscreen, RO, Schaeff, Simplicity,
Square Shooter, Telelect, Terex, and Unit Rig. More information on Terex can be
found at www.terex.com.
Safe Harbor Statement
The above contains forward-looking information based on Terex'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 downward economic cycles 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, including environmental laws and regulations; the effect of debt
and restrictive covenants; and other factors, risks, 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.
CONTACT: Terex Corporation
Kevin O'Reilly, 203/222-5943
Copyright (C) 2002 Business Wire. All rights reserved.