Terex

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A worker at a mine in Northern Alberta, Canada stands next to a Terex 6300AC Heavy Hauler. The 6300AC is one of the biggest dump trucks in the world

Terex Corporationis an American345worldwide manufacturer of lifting and material handling solutions for a variety of industries, including construction, infrastructure, quarrying, recycling, energy, mining, shipping, transportation, refining and utilities. The companys major business segments include aerial work platforms, construction,cranes, material handling & port solutions6and materials processing. Terex has more than 22,000 employees and operates manufacturing facilities throughout the world. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services.

The Terex name has its origins as a division ofGeneral Motors. Due to a 1968 Justice Department ruling, General Motors was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest theEuclidbrand name. GM coined the Terex name in 1968 from the Latin words terra (earth) and rex (king) for its construction equipment products and trucks not covered by the ruling.7

General Motors sold the Terex division to German firm IBH Holding AG in 1980. After IBH Holding AG declaredbankruptcyin 1983, ownership of Terex reverted to General Motors and was organized as Terex Equipment Limited (Scotland) and Terex USA (Hudson, Ohio).

American entrepreneur Randolph W. Lenz purchased Terex USA from GM in 1986, then exercised an option to purchase Terex Equipment Limited in 1987. In 1988, Lenz merged his primary construction equipment asset, Northwest Engineering Company, into Terex Corporation, making Terex Corporation the parent corporation. The construction assets acquired by Lenz throughout the 1980s including Northwest Engineering Company, Unit Rig (brandsDart Truck Company), Terex Equipment Limited andKoehring Cranes and Excavators, Inc. all became assets of Terex Corporation.

Due to a strategy of acquisitions, Terex Corporation has owned more than 50 different brands. The period of 19962003 was characterized by a large number of acquisitions under president and COO Ron DeFeo, with the group buying into multiple new markets and expanding its presence in existing markets. In 1999, Terex acquired Powerscreen PLC, a Northern Ireland-based group of companies.89These companies included Powerscreen International, Finlay Hydrascreens, Moffet Mountie, BL Pegson, as well as several others. Powerscreen and newly named Terex Finlay produce mobile crushing, screening, washing and recycling equipment. Their products are used in industries such as construction, quarrying, mining, landfill, aggregates, topsoil, compost/wood chips, asphalt, rock crushing, and recycling. Later in 1999, Terex went on to acquire Cedarapids which provided road-building equipment to match compaction acquisitions within the earlier deal such as Powerscreen subsidiary Benford Americas.10

In 2001 Terex acquiredCMI Roadbuilding.11The Australian rock crusher specialistJaques Limitedwas also absorbed by Terex.12

In 2002, Terex acquiredGenie Industries, a leading manufacturer of aerial work platforms. Genie Industries became known as the Genie brand within the aerial Work platforms segment.13

Terex Corporation acquired the majority ownership (71%) ofTatrain late 2003, but as of late 2006 sold off that share to Blue River S.R.O. for about $26.2 million in cash.1415

Following the global financial downturn in 2008, Terex announced in February 2010 the sale of its mining equipment division toBucyrus InternationalInc. for US$1.3billion.16

The exit from mining was followed by an exit from road building in 2013 when the CMI and Cedarapids units were sold to Fayat Group, the parent company of Bomag and Marini.17Bomag retained joint-branding on the Asphalt Paver products, whilst the Cedarapids Asphalt Plants were moved underneath CMI.181920These divestitures marked the start of a series of sales to exit the construction market, announcing the sale of the former Schaeff business in Germany to Yanmar Holdings in June 2016, and the former Fermec business in Coventry, England being sold to French manufacturer Mecalac in December of that year.2122232425In March 2017, the sale of Terexs Indian Construction arm to Manitou was announced.26These business units had accounted for just 5% of group annual revenues and departing the construction sector allowed Terex to focus on their core businesses of Cranes, Aerial Platforms and Material Handling and Processing – a sector in which Terex had continued to invest with the April 2015 purchase of Continental Biomass Industries (CBI) of Newton, NH. CBI is still commonly referred to as the Heavyweight Champion of Wood Waste Grinders and is a prominent player in the manufacturing of biomass processing equipment.

GAZ Groupof Russia operates a joint venture with Terex (RM-Terex). The joint venture is involved in a wide range of works in the road, civil and industrial construction, utilities, mining, forestry, oil and gas industry.27

In 1992 American businessmanRichard Carl Fuiszreported to theOperations Subcommitteeof theHouse Committee on Agriculturethat he witnessed the construction of military vehicles at a Terex owned facility in Scotland in 1987. Fuisz alleged that Terex employees reported that the vehicles were manufactured at the request of theCIAand British Intelligence and were destined for service with the Iraqi military.28Terex denied the allegations and, in 1992, Terex filed alibelcomplaint against Fuisz and Seymour M. Hersh, writer of aNew York Timesarticle covering Fuiszs allegations. After several investigations, including a 16-month-long Federal task force investigation, no legal charges were filed against Terex and the New York Times, in an editors note on December 7, 1995, said, The article should never have suggested that Terex has ever supplied Scud missile launchers to Iraq, and The Times regrets any damage that may have resulted to Terex from any false impression the article may have caused.29Subsequently, the UNMOVIC report identified TEREX as a supplier of rocketry materials to Iraq, according to the German Newspaper, Die Tageszeitung

An old excavator under the Northwest name at thePageant of Steamgrounds

A Genie S-65 Boom lift on the Washington State University-Vancouver campus in Vancouver, Washington. Genie Industries is a subsidiary of Terex.

Terex Corporation 2017 Annual Report (Form 10-K).

.U.S. Securities and Exchange Commission. February 2018.

Terex Port Equipment Strong Tradition Heading To The Future. .

Alves, Michael; Haddock, Keith; Halberstadt, Hans; Sargent, Sam (2003-12-27).

. St. Paul, Minnesota: Crestline. p.50.ISBN978-0-7603-1775-4

The Terex name was born in 1968 because General Motors had to discontinue the manufacture and sale of off-highway trucks…

Terex pays 181m for revived Powerscreen.

. The Engineer. Archived fromthe originalon 5 May 2017

TEREX AGREES TO ACQUIRE POWERSCREEN FOR $294 MILLION.

. The New York Times Company. 16 June 1999. Archived fromthe originalon 27 May 2015

Terex Corp. Agrees to Acquire Cedarapides.

. Penton. 1 September 1999. Archived fromthe originalon 9 June 2015

Home – Terex Construction. Terexrb.com

21 March 2008 at theWayback Machine.

30 January 2008 at theWayback Machine.

Bucyrus Completes Acquisition of Mining Business of Terex. Bucyrus International Inc. 19 February 2010. Archived fromthe originalon 1 March 2010

Bucyrus International, Inc. …announced today that it has completed its acquisition of the mining equipment business of Terex Corporation.

Wayne Grayson (11 February 2013).Terex sells certain roadbuilding product lines in U.S. and Brazil to Fayat.

. Randall-Reilly. Archived fromthe originalon 16 March 2016

Wayne Grayson (21 March 2013).Bomag keeps CMI, Cedarapids names on machines after purchase.

. Randall-Reilly. Archived fromthe originalon 16 March 2016

John Latta (20 March 2013).New look: BOMAG rebadges its CMI, Cedarapids purchases.

. Randall-Reilly. Archived fromthe originalon 5 May 2017

Terex Divests Some Asphalt Products.

. Mediapress Studios. 11 February 2013. Archived fromthe originalon 30 December 2015

Terex Announces Sale of Compact Construction Equipment Business to Yanmar Holding Co., Ltd.

. Terex Corporation. 20 June 2016. Archived fromthe originalon 5 May 2017

Terex Sells German Compact Equipment Business to Yanmar.

. Mediapress Studios. 22 June 2016. Archived fromthe originalon 5 May 2017

Schaeff sale puts question mark over future of Terex Coventry.

. The Construction Index. Archived fromthe originalon 5 May 2017

Terex Sells Compact Equipment Business to Mecalac.

. Mediapress Studios. 15 December 2016. Archived fromthe originalon 5 May 2017

Terex sells Coventry operation to Mecalac.

. The Construction Index. Archived fromthe originalon 5 May 2017

Terex Announces Sale of Terex Equipment Private Limited to Manitou BF.

. Terex Corporation. 27 March 2017. Archived fromthe originalon 5 May 2017

Seymour M. Hersh (26 January 1992).U.S. Linked to Iraqi Scud Launchers.

. Archived fromthe originalon 24 March 2010

Richard C. Fuicz began telling United States Government investigators about a visit he made in September 1987 to a truck manufacturing plant owned by the Terex Corporation, a subsidiary of KCS of Westport, Conn.

. 7 December 1995. Archived fromthe originalon 24 March 2010

Despite several investigations, no legal proceedings or charges were brought against Terex.

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Terex CollectionHudson Library & Historical Society

Coordinates:411254N812616W / 41.21488N 81.43782W /41.21488; -81.43782

Companies based in Westport, Connecticut

Companies listed on the New York Stock Exchange

Construction equipment manufacturers

Engineering companies of the United States

Manufacturing companies based in Connecticut

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This page was last edited on 21 July 2018, at 01:06

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