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Terex Announces the Divestiture of Its European Aerial Work Platform Businesses
Nov. 16, 2000-Terex Corporation (NYSE:TEX) announced today that it has signed a letter of intent to sell its European aerial work platform (AWP) businesses to Pinguely Haulotte, a leading French manufacturer of AWP, for $13.5 million plus the retention by Terex of $21 million of European receivables. The letter of intent also includes a reciprocal distribution agreement in both Europe and North America. Terex is retaining its U.S. AWP operations. The units to be divested include the Irish and Dutch AWP factories that are part of Terex Lifting. The transaction, which is subject to customary regulatory approvals, is expected to close in the fourth quarter. "Our European AWP business has not achieved the critical mass in product offering or distribution to become a meaningful, growing presence in the European market," said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "This transaction would put those businesses in stronger strategic hands in Europe and would allow us to ...
Terex Reports Third Quarter Net Income of $49.7 Million or $1.79 Per Share
Oct. 26, 2000- Earnings in the third quarter, excluding special items, were 63 cents per share Earnings per share in line with previously announced expectations Net debt reduced by $262 million, or 25 percent, year-to-date Terex Corporation (NYSE: TEX) today reported third quarter net income of $49.7 million, or $1.79 cents per share, on an after-tax basis. The third quarter results include special items, which in the aggregate amounted to a gain of $32.2 million, or $1.16 per share. Excluding special items, net income was $17.5 million, or 63 cents per share. These results are in line with the Company's previously announced expectations. Last year's third quarter net income, applying this year's effective tax rate of 32%, was $21.1 million, or 75 cents per share. Reported net income for the third quarter of 1999 was $29.9 million, or $1.07 cents per share. Net sales for this quarter were $475.1 million, down $20.5 million from the third quarter of 1999. A financial summary is shown ...
TEREX To Invest $1.8 Million In B-2-B Parts Marketplace
Oct. 10, 2000- Investment to accelerate development of Earthking.com Terex Corporation (NYSE: TEX) announced today that it has agreed to make a $1.8 million equity investment into Vendquest, the b-2-b e-dustrial(TM) marketplace company. Vendquest is the first b-2-b e-commerce company to develop a system specifically designed as an electronic marketplace for industrial customers. Vendquest provides one of the most efficient channels for the buying and selling of fleet maintenance products and repair services. Vendquest was founded in April 1999 and has raised $15 million from investors, over 55% of which are in the trucking, construction and heavy equipment industries. "This investment will allow Terex to develop an e-presence in the parts business-the most profitable segment of the heavy industrial equipment industry," said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "We are in the process of developing an independent and unbiased internet marketplace for fleet ...
Terex Completes the Divestiture of Its Truck-mounted Forklift Businesses
Oct. 4, 2000- Net proceeds of $125 million to reduce long-term debt Terex Corporation (NYSE: TEX) announced today that it has completed the divestiture of its truck-mounted forklift businesses to Partek Cargotec, a subsidiary of Partek Corporation of Finland, for $144 million in cash. The units divested by Terex include the truck-mounted forklift unit of Powerscreen (Moffett) that was acquired in mid-1999 and the Princeton/Kooi units that were acquired from Allegheny Teledyne in late-1999. "Partek's purchase price represents a substantial premium to the combined price that Terex paid for these assets less than one year ago," said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "The approximately $125 million of after-tax proceeds will be used to immediately repay long-term bank debt. We have already given irrevocable notification to our lead bank and will repay $125 million of bank debt on Friday, October 6. This divestiture materially improves our leverage ratio, ...
Terex Revises Earnings Expectations
Sept. 26, 2000-Terex Corporation (NYSE: TEX) today announced that it has revised its expected third quarter and full-year 2000 earnings per share from continuing operations as a result of external factors and lower than anticipated customer orders due to weaker than expected market conditions in the North American construction and global mining industries. The Company anticipates that its third quarter earnings per share from continuing operations will be in the $0.60 to $0.70 range. Full-year earnings per share for 2000 are expected to be in the $2.90 to $3.10 range. On a comparable tax basis, Terex reported $0.75 per share for the third quarter of 1999. Since reporting its second quarter results in late July, Terex has been impacted by an increasingly weak Euro/Dollar exchange rate, a decline in U.S. construction truck orders, the truckers' strike in both France and the United Kingdom, and a lack of anticipated orders for surface mining equipment worldwide. The combination of the ...
Terex Reports Second Quarter Net Income Of $26.0 Million or 93 Cents Per Share
- Net sales increased 32 percent to $594 million - Year-to-date cash flow from operations reached a record $128 million - Terex to pay down a total of $225 million of debt by the end of the third quarter July 27, 2000- Terex Corporation (NYSE:TEX) today reported second quarter net income of $26.0 million, or 93 cents per share, on an after-tax basis. Last year's second quarter net income, applying this year's effective tax rate of 32%, was $21.1 million, or 90 cents per share. As a result, on a comparable tax basis, this year's second quarter net income rose 23%. Reported net income for the second quarter of 1999 was $30.4 million, or $1.30 per share. Net sales for this quarter rose 32% to $593.5 million, up $145.4 million over the second quarter of 1999. A financial summary is shown below: Terex Corporation Second Quarter (dollars in millions, except per share amounts) 2000 1999 % of % of sales sales Net sales $593.5 - $448.1 - ========= ======== Gross profit $106.6 18.0% $76.7 17.1% ...
Terex Corporation Will Receive $144 Million For Its Truck-Mounted Forklift Businesses
July 20, 2000- Net Proceeds Will be Used to Repay $125 Million of Long-Term Debt Terex Corporation (NYSE:TEX) today announced that it has signed a definitive agreement to sell its truck-mounted forklift businesses to Partek Cargotec, a subsidiary of Partek Corporation of Finland, for $144 million in cash. The units to be divested by Terex include the truck-mounted forklift unit of Powerscreen (Moffett) that was acquired in mid-1999 and the Princeton/Kooi units that were acquired from Allegheny Teledyne in late 1999. The transaction, which is subject to customary regulatory approvals, is expected to close in the third quarter. "This transaction creates strategic and financial benefits for both Terex and Partek," said Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "Moffett and Princeton/Kooi, which operate primarily in the building material industry, have customers and distribution that have little or no overlap with the current range of Terex Lifting products. Partek's ...
Terex Corporation Awarded Second Multi-Year Mining Vehicle Contract From Rio Tinto
July 6, 2000- Contract is Worth as Much as $100 Million Terex Corporation (NYSE: TEX) today announced that it has entered into a multi-year supply contract with Rio Tinto for the sale of Terex Mining's hydraulic mining shovels. With over $9 billion in 1999 revenues, Rio Tinto is one of the world's leading international mining groups. The group operates over 43 open cast mines worldwide and its production volumes over the past ten years have been growing at a compound annual rate of seven percent. Rio Tinto's substantial interests in mining include copper, gold, iron ore, coal, aluminum, borates and titanium dioxide feedstock. "We are very pleased that Terex Mining was awarded this important contract," commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "For the second year in a row Rio Tinto has awarded one of our business units a long term supply agreement. Under this agreement, Terex Mining has been selected as the preferred supplier for new hydraulic shovels ...
Terex Mining Announces Alliance Agreement in Canada
July 5, 2000-Terex Mining, Canada, a unit of Terex Corporation (TEX: NYSE), today announced that it has entered into a strategic alliance with Equipment Sales & Service Limited (ES&S), Canada's foremost privately owned supplier and provider of parts and service to the construction and mining industries. Under this alliance, ES&S will become the parts and service provider for all Terex Mining product lines in Western Canada, including Saskatchewan, Alberta, British Columbia, the Yukon and the Northwest Territories. The Terex product lines that are part of this agreement include O&K, which manufactures the world's largest hydraulic shovel, and Unit Rig high capacity surface mining trucks, which in 1999 became the market leader in this category after receiving over $350 million in new orders from mining companies worldwide. Terex Mining is part of Terex Earthmoving, a business unit whose revenues have grown from $456 million in 1998 to $879 million in 1999. This alliance took effect June ...
Terex Names Chris Ragot President of Earthking.com
June 20, 2000-Terex Corporation (NYSE: TEX) announced today that Chris Ragot has been appointed to the newly established position of President of Earthking.com. Earthking.com is a newly formed independent company created by Terex, which is in the process of developing an internet marketplace for fleet management, sales of new and used equipment, aftermarket sales and support and financing for all makes and models of construction and mining equipment. Chris Ragot most recently served as Vice President of Sales and Marketing for Terex Earthmoving where he developed and implemented high level sales and marketing plans for all Terex Earthmoving business units. Prior to joining Terex in mid-1999, Mr. Ragot spent 15 years with Ingersoll-Rand where he held positions of increasing responsibility in the areas of sales and marketing and general management both domestically and internationally. "Chris's extensive experience in our industry with customers, distributors and manufacturers, coupled ...
Terex Lifting Expands Support-Plus Program
June 19, 2000-Terex Lifting, a division of Terex Corporation (NYSE:TEX) announced today the expansion of its Product Support-Plus program with additional sales and marketing efforts in order to better serve our customers and distributors. During the fourth quarter of 1999, Terex Lifting initiated a new aftermarket program designed to provide faster and better service to its customers. This Product Support-Plus program was designed to create 20 mobile service centers in North America and 10 in Europe, all of them connected to a central location with global positioning systems capability. Of the 20 mobile centers in North America, 16 are already in the field. These service representatives in their red vans are located all over the country and are providing a product support link between customers, distributors and the respective Terex Lifting factories. This aftermarket support initiative has been very well received by our distributors as well as by owners and operators of Terex Lifting ...
Terex Lifting Announces Major Licensing Agreement With Germany's Compact Truck AG
May 22, 2000-Terex Corporation (NYSE:TEX) announced today that its Terex Lifting business unit has entered into a major licensing agreement with Compact Truck AG of Germany to manufacture and market the CT line of two, three, and four axle compact all terrain cranes. "The CT designs put us on the leading edge of new crane technology," said Fil Filipov, President of Terex Lifting. "CT's equipment incorporates several patented features that improve performance and durability and minimize excess weight, all within a compact profile that maximizes maneuverability. These innovative products will enhance our ability to deliver a compelling value proposition to our customers." The CT line includes cranes with lifting capacity of 40, 80, and 110 tons. Terex Lifting plans to begin delivery of the CT line in the first quarter of 2001. Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2000 pro forma annual revenues in excess of $2 billion. Terex is ...
Terex Corporation Announces the Payment of $50 Million of Bank Debt
May 8, 2000-Terex Corporation (NYSE: TEX) announced today that it has paid down $50,000,000 in principal amount of bank term debt from available cash. Ronald M. DeFeo, Terex Chairman and Chief Executive Officer commented. "The substantial amount of operating cash flow generated in the first quarter provides us with the ability to deliver on our previous commitment of paying down debt and continuing to strengthen our capital structure. In the past three years we have more than tripled the size of the Company and cut our net debt to capitalization ratio by more than 50%." Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2000 pro forma annual revenues in excess of $2 billion. Terex is involved in a broad range of construction, infrastructure and mining-related capital equipment operating in two segments - Terex Earthmoving and Terex Lifting. Terex Earthmoving manufactures and sells heavy-duty off-road trucks and high-capacity surface mining ...
Terex Reports First Quarter Net Income of $20 Million or $0.71 Per Share
- Net sales increased over 30 percent to a new record of $554 million - Cash flow from operations reached $70 million April 26, 2000- Terex Corporation (NYSE:TEX) today announced first quarter 2000 net income of $20.1 million, or $0.71 per share, on an after-tax basis. Last year's first quarter net income, applying this year's effective tax rate of 32%, was $18.2 million, or $0.81 per share. As a result, on a comparable tax basis, this year's first quarter net income rose 10.4%. The reported first quarter of 1999 net income was $26.0 million, or $1.16 per share. Net sales increased 30.8% to a new record of $553.5 million in the first quarter of 2000 compared with year ago net sales of $423.3 million. Operating margin increased to 9.9% versus 9.6% in the first quarter of last year. A financial summary is shown below: Terex Corporation: - First Quarter - (Dollars in millions, except per share amounts) 2000 1999 - - % of Sales % of Sales - - Sales $ 553.5 $ 423.3 ======== ======== Gross ...
Terex Corporation Announces Plan to Repurchase Up to 2 Million Shares
March 9, 2000-Terex Corporation (NYSE: TEX) today announced that its Board of Directors has authorized a share repurchase program, under which the Company may purchase over the next 12 months up to 2 million shares, or approximately 7.0%, of the Company's outstanding common shares. Purchase may be made at the company's discretion from time to time, effective immediately, in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit. Terex will pay for the repurchases with cash on hand. Ronald M. DeFeo, Chairman and CEO of Terex, stated, "Terex Corporation's strong financial position enables us to implement this repurchase program. We believe that our common shares are significantly undervalued and, therefore, represent an attractive investment. The decision to repurchase shares demonstrates our commitment to enhancing shareholder value and our confidence in the performance and future prospects of Terex." Mr. DeFeo added, "In ...
Terex Reports 1999 Net Income of $173 Million or $6.75 Per Share, On Record Revenues of $1.86 Billion
- Earnings per share in the fourth quarter, excluding special items, increased 28% to $1.04 pre-tax or $0.70 after-tax - Earnings per share in 1999, including the fourth quarter on a pre-tax basis and excluding special items, increased 39% to $4.52, or $4.16 with the fourth quarter on an after-tax basis - Terex starts reporting on an after-tax basis with a projected effective tax rate of 32% Feb. 25, 2000- Terex Corporation (NYSE:TEX) today reported full year 1999 net income of $172.9 million, or $6.75 per share, up $138.4 million over 1998's net income of $34.5 million, or $1.54 per share. Results for 1998 include extraordinary charges of $1.71 per share for the retirement of debt. Results for 1999 include special items, which in the aggregate amounted to a net gain of $2.23 per share. During the fourth quarter of 1999, as a result of the favorable resolution of the IRS audit for the years 1987 through 1989, the Company was able to capitalize certain deferred tax assets, which ...
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