WESTPORT, Conn., Sep 19, 2002 (BUSINESS WIRE) -- Terex Corporation (NYSE: TEX)
announced today that it has completed its previously announced acquisition of
Genie Holdings, Inc.
Genie is a leading worldwide manufacturer of aerial work platforms with 2001
sales of $575 million. Consideration for the acquisition is $75 million, payable
$10.1 million in cash and $64.9 million in Terex common stock (approximately 3.2
million shares of Terex common stock). In addition, Terex will refinance
approximately $175 million in Genie indebtedness with the proceeds of its
recently announced incremental term loan.
"We are very excited to welcome Genie to the Terex family." commented Ronald M.
DeFeo, Terex Chairman and Chief Executive Officer. "Genie, with its strong
global brand name and market share, positions us as one of the very few
significant players in the aerial work platform business. Adding Genie to the
Terex franchise increases our product and geographic diversification and creates
one of the broadest product offerings in the construction equipment sector." Mr.
DeFeo added, "Along with significant growth opportunity, Genie brings with it a
talented management team. Bob Wilkerson, President of Genie, will continue to
lead and grow this business and become part of the Terex senior management team
as President-Terex Aerial Work Platforms."
"This is a great opportunity for Genie and Terex," said Mr. Wilkerson. "Being
part of a larger company will provide us a stronger financial and manufacturing
platform to continue to grow the Genie franchise, especially in Europe." Mr.
Wilkerson continued, "There are a lot of similarities between the two companies
and how they operate, and I am excited to join Terex both as a shareholder and
as a member of the senior management team."
Terex Corporation is a diversified global manufacturer based in Westport,
Connecticut, with 2001 annual revenues in excess of $1.8 billion. Terex is
involved in a broad range of construction, infrastructure, recycling and
mining-related capital equipment under the brand names of Advance, American,
Amida, Atlas, Bartell, Bendini, Benford, Bid-Well, B.L. Pegson, Canica,
Cedarapids, Cifali, CMI, Coleman Engineering, Comedil, CPV, Demag, Fermec,
Finlay, Franna, Fuchs, Grayhound, Hi-Ranger, Italmacchine, Jaques, Johnson-Ross,
Koehring, Lectra Haul, Load King, Lorain, Marklift, Matbro, Morrison, Muller,
O&K, Payhauler, Peiner, Powerscreen, PPM, Re-Tech, RO, Royer, Schaeff,
Simplicity, Square Shooter, Telelect, Terex, and Unit Rig. More information on
Terex can be found at www.terex.com.
CONTACT: Terex Corporation, Westport
Kevin O'Reilly, 203/222-5943
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