WESTPORT, Conn., Oct 03, 2006 (BUSINESS WIRE) -- Terex Corporation (NYSE: TEX) announced today that it has
concluded the sale of its entire direct and indirect ownership
interest of 80.5% in Tatra a.s. to Blue River s.r.o. for approximately
$26.2 million in cash plus the repayment of all inter-company debt
owed to Terex by Tatra of approximately $31.6 million. Additionally,
Blue River s.r.o. will assume all third part indebtedness of Tatra,
which totals approximately $22 million. Terex had previously
identified Tatra, a Czech-based manufacturer of heavy duty on and off
road trucks, as non-core to Terex's future operations. The buyer, Blue
River s.r.o., is a Czech-based consortium of four international
private investors, led by a member of Tatra's Supervisory Board.
"Terex's management team regularly evaluates current operations
and future opportunities to determine the most appropriate allocation
of resources," commented Ronald M. DeFeo, Terex's Chairman and Chief
Executive Officer. "After detailed analysis, Tatra was identified as
non-core and we commenced a process to realize maximum value for our
investment in Tatra. Tatra's employees build terrific products, but
our shareholders expect management to focus resources on opportunities
that best fit the overall goals of the Company, and Tatra no longer
fit with Terex's strategy."
Safe Harbor Statement
This press release 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: Terex's business is
international in nature and is subject to changes in exchange rates
between currencies, as well as international politics; compliance with
applicable environmental laws and regulations; and other factors,
risks, uncertainties more specifically set forth in Terex's public
filings with the SEC. Actual events or the actual future results of
Terex may differ materially from any forward looking statement due to
those 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 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 with 2005
revenue of approximately $6.4 billion. Terex operates in five business
segments: Terex Construction, Terex Cranes, Terex Aerial Work
Platforms, Terex Materials Processing & Mining, and Terex
Roadbuilding, Utility Products and Other. Terex manufactures a broad
range of equipment for use in various industries, including the
construction, infrastructure, quarrying, recycling, surface mining,
shipping, transportation, refining, utility and maintenance
industries. Terex offers a complete line of financial products and
services to assist in the acquisition of Terex equipment through Terex
Financial Services. More information on Terex can be found at
www.terex.com.
SOURCE: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943