Terex Explained

Terex Corporation
Type:Public
Successor:Terex Corporation is listed on the New York Stock Exchange in 1991 under the symbol TEX.[1] It ...
Founder:George Armington
Location:Norwalk, Connecticut, U.S.
Area Served:Worldwide
Key People:Simon A. Meester
(President & CEO)[2] It ...
Industry:Manufacturing
Services:Parts and equipment maintenance and repair; equipment financing
Revenue: (2023)
Operating Income: (2023)
Net Income: (2023)
Assets: (2023)
Equity: (2023)
Num Employees:10,200 (2023)
Footnotes:[3]

Terex Corporation is an American company[4] [5] [6] and worldwide manufacturer of lifting and material-handling equipment. Products include those that enable customers to reduce their impact on the environment including electric and hybrid offerings, deliver emission-free performance, support renewable energy, and aid in the recovery of reusable materials from waste. Terex does business in the Americas, Europe, Australia and Asia Pacific.[7]

Corporate history

The origins of Terex date to 1933, when the Euclid Company was founded by George A. Armington to build hauling dump trucks. In 1953, General Motors purchased Euclid, expanding the business to include more than half of all U.S. off-highway dump truck sales. Due to a 1968 Justice Department ruling, GM was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest the Euclid brand. 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. In December 2013, Volvo Construction Equipment (VCE) acquired the Terex line of heavy haul trucks. In September 2021 VCE rebranded the business Rokbak.[8]

General Motors sold the Terex division to German firm IBH Holding AG led by Horst-Dieter Esch de in 1980.[9] After IBH Holding AG declared bankruptcy in 1983,[10] ownership of Terex returned to General Motors and was organized as Terex Equipment Limited (Scotland), Terex do Brasil Limitada (Belo Horizonte, Brazil), 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 the parent entity.

Terex Corporation was incorporated in Delaware in 1986 and listed on the New York Stock Exchange in 1991.[11] As a publicly traded company, Terex grew from acquisitions under the leadership of Ron DeFeo, who became president in 1993 and CEO in 1995. John L. Garrison, Jr., succeeded him as President and CEO in 2015 and further transformed the business through acquisitions, new-business launches, and divestitures.[12] In January 2024, Terex named Simon A. Meester, formerly President of the company's Aerial Work Platforms business segment, as Terex president and chief executive officer.

Products

Materials Processing (MP) manufactures crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts. Customers use these products in construction, infrastructure and recycling projects, quarrying and mining applications, as well as landscaping and biomass production industries, material handling applications, maintenance applications to lift equipment or material, moving materials and equipment on rugged or uneven terrain, lifting construction material and placing material at point of use. Terex MP brands and business lines include: Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Terex Advance, ProStack, Terex Bid-Well, MDStm, MARCO, Green-Tec, Magna, and Terex Recycling Systems.[13]

Aerial Work Platforms (AWP) manufactures mobile elevating platforms, utility equipment and telehandlers. Products include portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, scissor lifts, Terex Utility equipment (including digger derricks and insulated aerial devices) and telehandlers, as well as replacement parts. Aerial equipment safely positions workers and materials at height, enhancing safety and productivity. Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of transmission and distribution lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as infrastructure projects. AWP markets principally under the Terex and Genie brand name.

Acquisitions and Divestitures

As of 2024, Terex marketed under more than 20 customer-facing brands. Terex was built through a series of acquisitions, internal start-ups, and divestitures over the years. These and other actions helped to shape today's business portfolio:

Acquisitions

1999 – Powerscreen, Finlay, Simplicity, Franna[14] [15] [16]

2001 – Canica, Jaques,[17] Bid-Well, CMI Roadbuilding[18]

2002 – Genie, Fuchs, Advance Mixer[19]

2015 – CBI, Ecotec[20]

2020-2023 – MDS,[21] Steelweld,[22] ZenRobotics,[23] ProAll,[24] MARCO[25]

Divestitures

2010 – Mining Segment[26]

2013 – Roadbuilding / Heavy hauling businesses[27] [28] [29] [30]

2017 – MHPS port handling business;[31] construction business

2019 – Demag cranes business[32] [33]

Criticism

In 1992 American businessman Richard Carl Fuisz reported to the Operations Subcommittee of 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 within the Iraqi military.[34] Terex denied the allegations and, in 1992, 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. The New York Times, in an editor's note on 7 December 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."[35]

External links

41.2149°N -81.4378°W

Notes and References

  1. Web site: A History of Terex Corporation . 25 February 2024 . 3 April 2023 . https://web.archive.org/web/20230403231049/https://www.terex.com/docs/librariesprovider3/default-document-library/terex---history-for-terex.com---july-2021.pdf?sfvrsn=12c851c0_9 . live .
  2. Web site: Terex Announces Leadership Succession Plan . 25 February 2024 . 25 February 2024 . https://web.archive.org/web/20240225203354/https://www.sec.gov/Archives/edgar/data/97216/000009721623000193/a10-17x2023exh99_1pressrel.htm . live .
  3. Web site: Terex Corporation 2023 Annual Report (Form 10-K) . 9 February 2024 . . sec.gov . 12 February 2024 . 12 February 2024 . https://web.archive.org/web/20240212092540/https://www.sec.gov/ix?doc=/Archives/edgar/data/97216/000009721624000013/tex-20231231.htm . live .
  4. Web site: Contact Us & Feedback. 2020-09-23. Terex Corporate. en. 19 September 2020. https://web.archive.org/web/20200919051550/https://www.terex.com/en/about/contact-us-feedback. live.
  5. Web site: Terex Corporation . 2022-07-12 . 31 August 2017 . https://web.archive.org/web/20170831000106/http://www.hoovers.com/company-information/cs/company-profile.terex_corporation.8c0be26ca809f4a0.html . live .
  6. Web site: Terex . 2022-07-12 . LinkedIn . 10 November 2012 . https://web.archive.org/web/20121110135927/http://www.linkedin.com/company/terex . live .
  7. Web site: Company 10K filing as published by SEC.Gov . February 2024 . March 3, 2024 . SEC.gov.
  8. Web site: Terex Company History . March 3, 2024 . Terex Company History - terex.com . March 3, 2024 . 3 April 2023 . https://web.archive.org/web/20230403231049/https://www.terex.com/docs/librariesprovider3/default-document-library/terex---history-for-terex.com---july-2021.pdf?sfvrsn=12c851c0_9 . live .
  9. Web site: IBH Holding AG, the West German firm which bought.... 2020-09-23. UPI. en. 21 April 2022. https://web.archive.org/web/20220421201106/https://www.upi.com/Archives/1980/12/19/IBH-Holding-AG-the-West-German-firm-which-bought/1253346050000/. live.
  10. News: Greenhouse. Steven. 1983-11-08. Ibh's Terex Takes Chapter 11 Step. en-US. The New York Times. 2020-09-23. 0362-4331. 21 April 2022. https://web.archive.org/web/20220421201106/https://www.nytimes.com/1983/11/08/business/ibh-s-terex-takes-chapter-11-step.html. live.
  11. Web site: Hoist Magazine . 2012 . Hoist Magazine History of Terex Corporation, NYSE filing date . live . https://web.archive.org/web/20170818095036/https://www.hoistmagazine.com/features/our-story-terex-corporation/ . August 18, 2017 . March 6, 2024 . Hoist Magazine online.
  12. Web site: Terex Investor Day . December 2022 . Terex Investor Day 2022 - Public Filing . 3 March 2024 . 17 May 2023 . https://web.archive.org/web/20230517210329/https://s22.q4cdn.com/583752720/files/doc_presentations/2022/12/Terex-Investor-Day-Presentation_Final_12.13.22.pdf . live .
  13. Web site: SEC.gov - Terex 10k filing February 2024 . Terex products listing . February 2024 . 10K filing . March 3, 2024 . SEC.gov.
  14. Web site: Terex pays £181m for revived Powerscreen . dead . https://archive.today/20170505132027/https://www.theengineer.co.uk/inspiration/terex-pays-181m-for-revived-powerscreen/ . 5 May 2017 . 5 May 2017 . The Engineer . dmy-all.
  15. Web site: 16 June 1999 . TEREX AGREES TO ACQUIRE POWERSCREEN FOR $294 MILLION . https://web.archive.org/web/20150527102641/http://www.nytimes.com/1999/06/16/business/company-news-terex-agrees-to-acquire-powerscreen-for-294-million.html . 27 May 2015 . 5 May 2017 . The New York Times.
  16. News: Jones . Dow . 1999-07-21 . COMPANY NEWS; TEREX TO BUY RAYTHEON UNIT FOR $170 MILLION . 2022-07-13 . The New York Times . en-US . 0362-4331 . 6 February 2020 . https://web.archive.org/web/20200206032623/https://www.nytimes.com/1999/07/21/business/company-news-terex-to-buy-raytheon-unit-for-170-million.html . live .
  17. Web site: Terex Company History . 2013-12-27 . Terex.com . 23 October 2013 . https://web.archive.org/web/20131023061539/http://www.terex.com/minerals-processing-systems/en/about-us/company-history/ . live .
  18. Web site: Home - Terex Construction . dead . https://web.archive.org/web/20110901180728/http://www.terexrb.com/content.aspx?pgID=43 . 1 September 2011 . 2013-12-27 . Terexrb.com.
  19. Web site: Genie - Our Story . 30 January 2013 . Genie Lift . 15 January 2013 . https://web.archive.org/web/20130115193048/http://genielift.com/en/about-genie/our-story/index.htm . live .
  20. Web site: Waste Today Magazine . trade publication . 2015 . Terex acquires Ecotec . March 3, 2024 . WastetodayMagazine.com . 4 March 2024 . https://web.archive.org/web/20240304000105/https://www.wastetodaymagazine.com/news/terex-acquires-neuson-ecotec/ . live .
  21. Web site: Equipment World . Trade publication . 2021 . Terex Acquires MDS . March 3, 2024 . Equipment World . 4 March 2024 . https://web.archive.org/web/20240304000102/https://www.equipmentworld.com/dealers/article/15066451/construction-industry-news-from-terex-mp-and-more . live .
  22. Web site: BBC.com . BBC . April 27, 2022 . Terex acquires Steelweld . March 3, 2024 . BBC.com . 2 September 2022 . https://web.archive.org/web/20220902170527/https://www.bbc.com/news/uk-northern-ireland-61241590 . live .
  23. Web site: Construction Equipment . Trade media . April 2022 . Terex Acquires ZenRobotics . March 4, 2024 . Construction Equipment . 3 March 2024 . https://web.archive.org/web/20240303235922/https://www.constructionequipment.com/industry-news/news/21151937/terex-materials-processing-acquires-zenrobotics . live .
  24. Web site: NASDAQ . Stock market exchange website . August 1, 2022 . Terex Acquires ProAll . March 3, 2024 . NASDAQ . 4 March 2024 . https://web.archive.org/web/20240304000114/https://www.nasdaq.com/press-release/terex-mp-acquires-proall-canadas-leading-producer-of-volumetric-mixers-for-concrete . live .
  25. Web site: Construction Equipment . trade website . April 10, 2023 . Terex acquires MARCO conveyors . March 4, 2024 . Construction Equipment . 4 March 2024 . https://web.archive.org/web/20240304000052/https://www.constructionequipment.com/industry-news/news/33003165/terex-mp-buys-conveyor-maker-marco . live .
  26. Web site: 2010-02-19 . Bucyrus Completes Acquisition of Mining Business of Terex . dead . https://web.archive.org/web/20100227052030/http://www.bucyrus.com/news/article/20100219_155931.aspx . 27 February 2010 . 2010-03-01 . Bucyrus International Inc . Bucyrus International, Inc. ...announced today that it has completed its acquisition of the mining equipment business of Terex Corporation. . dmy-all.
  27. Web site: 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-machines-after-purhcase/ . 16 March 2016 . 5 May 2017 . Equipment World . Randall-Reilly.
  28. Web site: 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/ . 5 May 2017 . 5 May 2017 . Equipment World's Better Roads . Randall-Reilly.
  29. Web site: 11 February 2013 . Terex Divests Some Asphalt Products . https://web.archive.org/web/20151230024323/https://www.constructionequipment.com/terex-divests-some-asphalt-products-0 . 30 December 2015 . 5 May 2017 . Construction Equipment . Mediapress Studios.
  30. https://investors.terex.com/investor-relations/press-releases/press-release-details/2013/Terex-Agrees-to-Sell-Truck-Business-to-Volvo-for-160-Million/default.aspx Terex Agrees to Sell Truck Business to Volvo for $160 Million
  31. Web site: FT.com . Financial Times . May 16, 2016 . Terex sells MHPS port handling business . March 3, 2024 . ft.com . 25 May 2021 . https://web.archive.org/web/20210525000222/https://www.ft.com/content/35f2f0f3-6179-335d-9f47-b492918fcb91 . live .
  32. Web site: Investor Day Presentation . December 2024 . Terex Investor Day . March 3, 2024 . 17 May 2023 . https://web.archive.org/web/20230517210329/https://s22.q4cdn.com/583752720/files/doc_presentations/2022/12/Terex-Investor-Day-Presentation_Final_12.13.22.pdf . live .
  33. Web site: Terex Published History . Terex.com History Timeline . March 3, 2024 . terex.com . 3 April 2023 . https://web.archive.org/web/20230403231049/https://www.terex.com/docs/librariesprovider3/default-document-library/terex---history-for-terex.com---july-2021.pdf?sfvrsn=12c851c0_9 . live .
  34. News: U.S. Linked to Iraqi Scud Launchers . Seymour M. Hersh . . 1992-01-26 . 2010-03-23 . 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. . https://web.archive.org/web/20220421201409/https://www.nytimes.com/1992/01/26/world/us-linked-to-iraqi-scud-launchers.html?partner=rssnyt&emc=rss . 21 April 2022 . dead . dmy-all.
  35. News: Editor's Note . . 1995-12-07 . 2010-03-23 . Despite several investigations, no legal proceedings or charges were brought against Terex. . https://web.archive.org/web/20220613140951/http://www.nytimes.com/1995/12/07/us/editors-note-089265.html?pagewanted=1 . 13 June 2022 . dead.

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