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Terex Honors Distributors and Completes Sale with Bucyrus

Posted on March 4, 2010


Terex Corporation today announced that it has completed the previously announced sale of its Mining business to Bucyrus International 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.

In addition, Terex recently presented their 2009 distributor awards.

Preceding January’s AED Conference in San Antonio, Texas, Terex Cranes, Wilmington, N.C., held their third annual dealer conference to discuss the future and award exemplary distributors for outstanding work in 2009. There to present the awards were Rick Nichols, president of Terex Cranes; Marco Gentilini, vice president; Roger Jones of Terex Parts and Service; and Sam Meroney, Eastern regional business manager.

Empire Crane, North Syracuse, N.Y., was presented with awards for for Outstanding Sales Performance, as well as Outstanding Crane Parts Support. Scott-Macon Equipment, Houston, Texas, received awards for Outstanding Sales Performance and Outstanding  Performance in using TFS Financing to sell Terex Cranes. RTL Equipment Inc., Grimes, Iowa, was presented with an Outstanding Sales Performance Award, while Howell Tractor, Gary, Ind., received an award for Outstanding Service Support.

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.