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(TEX) -- A diversified global
manufacturer based in Westport, Connecticut, with pro forma annual revenues in
excess of $2.0 billion. Terex Earthmoving makes and sells heavy-duty off-road trucks and
high-capacity surface mining trucks under the brand names of Terex, Unit Rig,
Payhauler, large hydraulic mining shovels under the brand name O&K,
and via other units.
Terex entered the road-building machinery business through the acquisitions of Powerscreen and Cedarapids. Terex Lifting makes and sells telescopic mobile cranes, aerial work platforms, utility aerial devices, telescopic material handlers, truck mounted cranes and tower cranes under the brand names Terex, Lorain, PPM, P&H Marklift, Koehring, Bendini, Simon, RO, Telelect, Square Shooter, Holland Lift, American, Italmacchine, Peiner, and Gru Comedil.
It also acquired the Fermec compact construction machinery business unit of CNH Global N.V. (CNH) of The Netherlands for undisclosed terms. Fermec makes industrial wheel tractors and other vehicles at a site in Britain. CNH Global was mandated to shed the Fermec assets during late 1999, an anti-trust condition of the approved merger of the former Case Corp. and New Holland N.V.
Terex, via partner SDC International Inc., completed the acquisition in late 2001 of the assets of Czech off-highway truck assembler Tatra a.s. for more than $30.0 million in cash and debt. About one-third of Tatra's annual output of 1,000 units of off-road trucks will be exported in 2002 to Russia for sale.
Terex followed up the Tatra deal during late 2001 with the proposed acquisitions of construction machinery competitors Atlas Weyhausen and The Schaeff Group of Germany. Completion of the accords is expected to occur in early 2002. Atlas Weyhausen is the eighth largest maker and seller of wheel loaders, 12th largest volume maker and seller of hydraulic excavators, a maker of truck-mounted cranes and telescopic handlers in Europe. The Schaeff Group is the largest maker and seller of compact wheel loaders throughout Europe.
The Terex acquisitions have propelled the company into a leading role in the North American and European construction machinery business.