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8-K - TEREX CORPORATION 8-K FILED ON 02-24-2010 - TEREX CORP | f8k02242010.htm |
EX-10 - STOCKHOLDERS AGREEMENT - BUCYRUS INT'L, INC. AND TEREX CORP -2-19-2010 - TEREX CORP | exh10-1.htm |
News Release
FOR
IMMEDIATE RELEASE
Contact
Information:
Media | Investors | |
Mike
Bazinet
|
Tom
Gelston
|
|
Director,
Global Communications
|
Vice
President, Investor Relations
|
|
Phone:
203-222-6113
|
Phone:
203-222-5943
|
|
Email:
michael.bazinet@terex.com
|
Email:
thomas.gelston@terex.com
|
TEREX
COMPLETES SALE OF MINING BUSINESS TO BUCYRUS
WESTPORT,
CT, Feb. 19, 2010 –Terex Corporation (NYSE: TEX) today announced that it has
completed the previously announced sale of its Mining business to Bucyrus
International (NASDAQ: BUCY) for $1billion in cash plus approximately 5.8
million shares of Bucyrus common stock. The products divested by
Terex in the transaction include hydraulic mining excavators, electric drive
mining trucks, track and rotary blasthole drills, and the highwall miner, as
well as the related parts and aftermarket service businesses, including the
Company-owned distribution locations.
“The
closing of this transaction marks a positive step toward the transformation of
Terex Corporation into a machinery and industrial products business,” said
Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. “Our focus going
forward is on product and market niches where we can maintain and build superior
customer propositions with high returns on capital for our shareholders. This
transaction provides us both opportunity and flexibility to create
value.”
Mr. DeFeo
continued, “As we said in December 2009, this sale is good for customers, team
members and shareholders because it strengthens this business and makes Bucyrus
an industry leader in mining. For our part, the substantial after-tax proceeds
will allow Terex to continue to invest in our current businesses, as well as to
look to add new, well positioned acquisitions with strong market presence to the
Company’s portfolio.”
Goldman
Sachs & Co. acted as financial advisor to Terex on the transaction. Bryan
Cave LLP acted as counsel to the Company.
Terex
Corporation is a diversified global manufacturer operating in four business
segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and
Terex Materials Processing. Terex manufactures a broad range of equipment for
use in various industries, including the construction, infrastructure,
quarrying, shipping, transportation, energy, 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.
# # #
Terex
Corporation
200 Nyala
Farm Road, Westport, CT 06880