TEREX ACQUIRES MAJORITY STAKE IN INDIA JOINT VENTURE
WESTPORT, CT, Dec 12, 2007 – Terex Corporation (NYSE: TEX) today announced that it has acquired a controlling share of its ongoing joint venture, Terex Vectra Equipment, which builds loader-backhoes, skid steer loaders and compaction rollers at a facility occupying 36 acres in Greater Noida, Utter Pradesh, India. Terex now owns 70 percent of the venture, which began operations in 2003.
“As India’s impressive and steady infrastructure development has progressed, Terex Vectra has seen a significant increase in sales, particularly in loader-backhoes, a large and rapidly growing market in that country,” said Robert Isaman, president, Terex Construction. “The acquisition of majority ownership of Terex Vectra is a logical step in our strategy of expanding the Terex market presence in India and we are encouraged by our early successes. The increased ownership also provides Terex with control over operations and manufacturing, which will allow us to accelerate our integration strategy and business systems implementation.”
Terex Corporation is a diversified global manufacturer with 2006 net sales of $7.6 billion. Terex operates in five business segments: Aerial Work Platforms, Construction, Cranes, Materials Processing & Mining, and Roadbuilding, Utility Products and Other. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility 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.
This press release contains forward-looking information based on the current expectations of Terex Corporation. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond the control of Terex, include those factors that are more specifically set forth in the public filings of Terex with the Securities and Exchange Commission. 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 press release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this press release to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based.
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