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Terex
Terex Corporation is an American[3][4][5] worldwide manufacturer of lifting
Terex Corporation
and material handling solutions for a variety of industries, including
construction, infrastructure, quarrying, recycling, energy, mining, shipping,
transportation, refining and utilities. The company's major business segments
include aerial work platforms, construction, cranes, material handling & port Type Public
solutions [6] and materials processing. Terex has more than 22,000 employees Traded as NYSE: TEX
and operates manufacturing facilities throughout the world. Terex offers S&P 400 Component
financial products and services to assist in the acquisition of Terex equipment Manufacturing
Industry
through Terex Financial Services.
Founded 1933
Founder George Armington
Headquarters Westport, Connecticut,
Contents United States
Area served Worldwide
Corporate history
General Motors Key people John L. Garrison, Jr.
IBH Holding (President and CEO)
Randolph W. Lenz Products Aerial work platforms ·
Acquisitions and sales Construction
equipment · Cranes ·
Joint ventures
Material handling &
Allegations of arms sale to Iraq
port solutions ·
References Materials processing
External links Services Financial products
Revenue US$4.363 billion
(2017)[1]
Corporate history Operating US$174 million
income (2017)[1]

Net income US$129 million


General Motors
(2017)[1]
The Terex name has its origins as a division of General Motors. Due to a 1968
Total assets US$3.463 billion
Justice Department ruling, General Motors was required to stop manufacturing (2017)[1]
and selling off-highway trucks in the United States for four years and divest the
Total equity US$1.222 billion
Euclid brand name. GM coined the "Terex" name in 1968 from the Latin words
(2017)[1]
"terra" (earth) and "rex" (king) for its construction equipment products and
Number of ~10,700 (2017)[1]
trucks not covered by the ruling.[7]
employees
Website www.terex.com
IBH Holding
General Motors sold the Terex division to German firm IBH Holding AG in 1980. After IBH Holding AG declared bankruptcy in
1983, ownership of Terex reverted to General Motors and was organized as Terex Equipment Limited (Scotland) and Terex USA
(Hudson, Ohio).

Randolph W. Lenz
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 (brands Dart Truck Company), Terex Equipment
Limited and Koehring Cranes and Excavators, Inc. all became assets of Terex
Corporation.

A worker at a mine in Northern


Acquisitions and sales Alberta, Canada stands next to a
Terex 6300AC "Heavy Hauler". The
Due to a strategy of acquisitions, Terex Corporation has owned more than 50 6300AC is one of the biggest dump
different brands. The period of 1996–2003 was characterized by a large number of trucks in the world[2]
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
[8][9] These companies included Powerscreen International,
acquired Powerscreen PLC, a Northern Ireland-based group of companies.
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 acquired CMI Roadbuilding.[11] The Australian rock crusher specialistJaques Limited was also absorbed by Terex.[12]

In 2002, Terex acquired Genie 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%) of Tatra in late 2003, but as of late 2006 sold off that share to Blue River
S.R.O. for about $26.2 million in cash.[14][15]

Following the global financial downturn in 2008, Terex announced in February 2010 the sale of its mining equipment division to
Bucyrus International Inc. for US$1.3 billion.[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.[17] Bomag retained joint-branding on the Asphalt Paver products, whilst the
Cedarapids Asphalt Plants were moved underneath CMI.[18][19][20] These 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.[21][22][23][24][25]
In March 2017, the sale of Terex's Indian Construction arm to Manitou was announced.[26] These 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.

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

Allegations of arms sale to Iraq


In 1992 American businessmanRichard Carl Fuisz reported to the Operations Subcommitteeof the House Committee on Agriculture
that 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 the CIA and British Intelligence and were destined for
service with the Iraqi military.[28] Terex denied the allegations and, in 1992, Terex filed a libel complaint against Fuisz and Seymour
M. Hersh, writer of a New York Times article covering Fuisz's 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 editor's 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."[29] Subsequently, the
UNMOVIC report identified TEREX as a supplier of "rocketry" materials to Iraq, according to the German Newspaper, Die
Tageszeitung http://www.taz.de/1/archiv/?dig=2002/12/19/a0080

An old excavator under the Terex articulated dump trucks A TS-14b scraper in Hudson,
Northwest name at the Pageant Ohio
of Steam grounds

A Genie S-65 Boom lift on the Washington


State University-Vancouver campus in
Vancouver, Washington. Genie Industries is a
subsidiary of Terex.

References
1. "Terex Corporation 2017 Annual Report (Form10-K)" (https://www.sec.gov/Archives/edgar/data/97216/00000972161
8000024/tex201710-k.htm). sec.gov. U.S. Securities and Exchange Commission. February 2018.
2. "10 Largest Dump Trucks on Earth" (http://www.dieselpowermag.com/features/0804dp_10_largest_dump_trucks/tere
x.html).
3. http://www.terex.com/en/about-terex/contactus-feedback/index.htm
4. http://www.hoovers.com/company-information/cs/company-profile.terex_corporation.8c0be26ca809f4a0.html
5. https://www.linkedin.com/company/terex
6. "Terex Port Equipment Strong Tradition Heading To The Future" (http://www.forkliftaction.com/news/newsdisplay.asp
x?nwid=11559). forkliftaction.com.
7. Alves, Michael; Haddock, Keith; Halberstadt, Hans; Sargent, Sam (2003-12-27).
Heavy Equipment (https://books.go
ogle.com/books?id=_H6Jkm7nCDYC&pg=P A50&lpg=PA50&dq=terex+33-19&oi=book_result&ct=result&resnum=1#
v=onepage&q=terex%2033-19&f=false). St. Paul, Minnesota: Crestline. p. 50.ISBN 978-0-7603-1775-4. Retrieved
2010-03-15. "The Terex name was born in 1968 because General Motors had to discontinue the manufacture and
sale of off-highway trucks..."
8. "Terex pays £181m for revived Powerscreen"(https://archive.today/20170505132027/https://www .theengineer.co.uk/i
nspiration/terex-pays-181m-for-revived-powerscreen/). The Engineer. The Engineer. Archived from the original (http
s://www.theengineer.co.uk/inspiration/terex-pays-181m-for-revived-powerscreen/)on 5 May 2017. Retrieved 5 May
2017.
9. "TEREX AGREES TO ACQUIRE POWERSCREEN FOR $294 MILLION"(https://web.archive.org/web/20150527102
641/http://www.nytimes.com/1999/06/16/business/company-news-terex-agrees-to-acquire-powerscreen-for-294-milli
on.html). The New York Times. The New York Times Company. 16 June 1999. Archived from the original (https://ww
w.nytimes.com/1999/06/16/business/company-news-terex-agrees-to-acquire-powerscreen-for-294-million.html)on
27 May 2015. Retrieved 5 May 2017.
10. "Terex Corp. Agrees to Acquire Cedarapides" (https://web.archive.org/web/20150609145859/http://rermag.com/mag/
equipment_terex_corp_agrees). Rental Equipment Register. Penton. 1 September 1999. Archived fromthe original
(http://rermag.com/mag/equipment_terex_corp_agrees)on 9 June 2015. Retrieved 5 May 2017.
11. "Home - Terex Construction" (http://www.terexrb.com/content.aspx?pgID=43). Terexrb.com. Retrieved 2013-12-27.
12. "Terex Company History"(http://www.terex.com/minerals-processing-systems/en/about-us/company-history/).
Terex.com. Retrieved 2013-12-27.
13. "Genie - Our Story" (http://genielift.com/en/about-genie/our-story/index.htm)
. Genie Lift. Retrieved 30 January 2013.
14. [1] (http://all-tatra.blogspot.com/2006/10/terex-corporation-sells-stake-in-czech.html)
Archived (https://web.archive.or
g/web/20080321062305/http://all-tatra.blogspot.com/2006/10/terex-corporation-sells-stake-in-czech.html) 21 March
2008 at the Wayback Machine.
15. [2] (http://all-tatra.blogspot.com/2006/10/terex-announces-divestiture-of-its.html)
Archived (https://web.archive.org/w
eb/20080130224141/http://all-tatra.blogspot.com/2006/10/terex-announces-divestiture-of-its.html) 30 January 2008
at the Wayback Machine.
16. "Bucyrus Completes Acquisition of Mining Business of erex"
T (https://www.webcitation.org/5nun8TX6R?url=http://ww
w.bucyrus.com/news/article/20100219_155931.aspx). Bucyrus International Inc. 19 February 2010. Archived from
the original (http://www.bucyrus.com/news/article/20100219_155931.aspx) on 1 March 2010. Retrieved 1 March
2010. "Bucyrus International, Inc. ...announced today that it has completed its acquisition of the mining equipment
business of Terex Corporation."
17. Wayne Grayson (11 February 2013)."Terex sells certain roadbuilding product linesin U.S. and Brazil to Fayat"(http
s://web.archive.org/web/20160316051720/http://www .equipmentworld.com/terex-discontinues-certain-roadbuilding-p
roduct-lines-in-u-s-and-brazil/). Equipment World. Randall-Reilly. Archived from the original (http://www.equipmentwo
rld.com/terex-discontinues-certain-roadbuilding-product-lines-in-u-s-and-brazil/)on 16 March 2016. Retrieved 5 May
2017.
18. Wayne Grayson (21 March 2013)."Bomag keeps CMI, Cedarapids names on machines after purchase"(https://web.
archive.org/web/20160316044215/http://www .equipmentworld.com/bomag-keeps-cmi-cedarapids-names-on-machin
es-after-purhcase/). Equipment World. Randall-Reilly. Archived from the original (http://www.equipmentworld.com/bo
mag-keeps-cmi-cedarapids-names-on-machines-after-purhcase/)on 16 March 2016. Retrieved 5 May 2017.
19. John Latta (20 March 2013)."New look: BOMAG rebadges its CMI, Cedarapids purchases"(https://web.archive.org/
web/20170505135051/http://www.equipmentworld.com/new-look-bomag-rebadges-its-cmi-cedar-rapids-purchases/) .
Equipment World's Better Roads. Randall-Reilly. Archived from the original (http://www.betterroads.com/new-look-bo
mag-rebadges-its-cmi-cedar-rapids-purchases/)on 5 May 2017. Retrieved 5 May 2017.
20. "Terex Divests Some Asphalt Products"(https://web.archive.org/web/20151230024323/https://www .constructionequi
pment.com/terex-divests-some-asphalt-products-0) . Construction Equipment. Mediapress Studios. 11 February
2013. Archived from the original (https://www.constructionequipment.com/terex-divests-some-asphalt-products-0)on
30 December 2015. Retrieved 5 May 2017.
21. "Terex Announces Sale of Compact Construction Equipment Business to Yanmar Holding Co., Ltd"(https://archive.to
day/20170505140235/http://www.terex.com/en/about-terex/news-press-releases/UCM03_202802.html) . Terex
Corporation. Terex Corporation. 20 June 2016. Archivedfrom the original (http://www.terex.com/en/about-terex/news
-press-releases/UCM03_202802.html)on 5 May 2017. Retrieved 5 May 2017.
22. "Terex Sells German Compact Equipment Business to Yanmar" (https://archive.today/20170505140451/https://www .
constructionequipment.com/terex-sells-german-compact-equipment-business-yanmar) . Construction Equipment.
Mediapress Studios. 22 June 2016. Archived fromthe original (https://www.constructionequipment.com/terex-sells-g
erman-compact-equipment-business-yanmar)on 5 May 2017. Retrieved 5 May 2017.
23. "Schaeff sale puts question mark over futureof Terex Coventry" (https://archive.today/20170505140536/http://www .t
heconstructionindex.co.uk/news/view/schaef f-sale-puts-question-mark-over-future-of-terex-coventry). The
Construction Index. The Construction Index. Archived fromthe original (http://www.theconstructionindex.co.uk/news/
view/schaeff-sale-puts-question-mark-over-future-of-terex-coventry) on 5 May 2017. Retrieved 5 May 2017.
24. "Terex Sells Compact Equipment Business toMecalac" (https://archive.today/20170505141049/https://www .construc
tionequipment.com/terex-sells-compact-equipment-business-mecalac) . Construction Equipment. Mediapress
Studios. 15 December 2016. Archived fromthe original (https://www.constructionequipment.com/terex-sells-compact
-equipment-business-mecalac)on 5 May 2017. Retrieved 5 May 2017.
25. "Terex sells Coventry operation to Mecalac"(https://archive.today/20170505141345/http://www .theconstructionindex.
co.uk/news/view/terex-sells-coventry-operation-to-mecalac) . The Construction Index. The Construction Index.
Archived from the original (http://www.theconstructionindex.co.uk/news/view/terex-sells-coventry-operation-to-mecal
ac) on 5 May 2017. Retrieved 5 May 2017.
26. "Terex Announces Sale of Terex Equipment Private Limited to Manitou BF"(https://archive.today/20170505141557/h
ttp://phx.corporate-ir.net/phoenix.zhtml?c=78780&p=irol-newsArticle&ID=2256750). Terex Corporation. Terex
Corporation. 27 March 2017. Archived fromthe original (http://phx.corporate-ir.net/phoenix.zhtml?c=78780&p=irol-ne
wsArticle&ID=2256750)on 5 May 2017. Retrieved 5 May 2017.
27. "RM Terex" (http://www.rm-terex.com/en/). RM Terex. 2013-12-05. Retrieved 2013-12-27.
28. Seymour M. Hersh (26 January 1992)."U.S. Linked to Iraqi Scud Launchers"(https://www.webcitation.org/5oSJ8Ler
j?url=http://www.nytimes.com/1992/01/26/world/us-linked-to-iraqi-scud-launchers.html?partner=rssnyt&emc=rss) .
The New York Times. Archived from the original (http://www.nytimes.com/1992/01/26/world/us-linked-to-iraqi-scud-la
unchers.html?partner=rssnyt&emc=rss)on 24 March 2010. Retrieved 23 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."
29. "Editor's Note" (https://www.webcitation.org/5oSKnJGhO?url=http://www.nytimes.com/1995/12/07/us/editors-note-08
9265.html?pagewanted=1). The New York Times. 7 December 1995. Archived fromthe original (https://www.nytime
s.com/1995/12/07/us/editors-note-089265.html)on 24 March 2010. Retrieved 23 March 2010. "Despite several
investigations, no legal proceedings or charges were brought againsterex."
T

External links
Terex official website
Genie Terex Brand website
Terex Vectra (India) website
Terex Collection Hudson Library & Historical Society

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