Incorporated: 1925 as Northwest Engineering Company
NAIC: 333120 Construction Machinery Manufacturing; 333131 Mining Machinery and Equipment Manufacturing; 333923 Overhead Traveling Crane, Hoist, and Monorail System Manufacturing; 333924 Industrial Truck, Tractor, Trailer, and Stacker Machinery Manufacturing
SIC: 3531 Construction Machinery; 3532 Mining Machinery; 3536 Hoists, Cranes & Monorails; 3537 Industrial Trucks & Tractors
Terex Corporation designs, manufactures, and markets a broad range of heavy machinery for the construction, infrastructure, and mining industries, ranking as the third largest producer of heavy equipment in the world, trailing only Caterpillar Inc. and Komatsu Ltd. It holds one of the top positions in the United States and the world in several product areas, including telescopic mobile cranes, tower cranes, mobile crushing and screening equipment, off-highway trucks, surface mining trucks, hydraulic mining shovels, and aerial work platforms. Terex also produces light construction equipment, such as floodlighting systems, concrete mixers, and traffic control products. Approximately 38 percent of the company's revenues are generated domestically, with about 40 percent deriving from Europe and the remaining 22 percent elsewhere. The company has around 50 manufacturing facilities located in the United States, Canada, Mexico, Brazil, Belgium, France, Germany, Hungary, Italy, the United Kingdom, Australia, China, Malaysia, and Thailand.
Forging a Company Through Acquisitions
Although the company ultimately traces its lineage back to 1925 (with the founding of Northwest Engineering Company), Terex Corporation evolved mainly from numerous acquisitions made by Randolph W. Lenz, the company's chief executive from 1983 to 1995. Lenz, an ex-Marine with a degree in psychology from the University of Wisconsin, began buying and selling real estate in the late 1960s. He served as president of Milwaukee-based Ranmar Enterprises, Inc., and the Network Investment Real Estate Corporation, in Brookfield, Wisconsin. It was in 1981 that Lenz moved into heavy-equipment manufacturing, buying the assets of the FWD Corporation, a bankrupt manufacturer of snowplows and fire trucks in Clintonville, Wisconsin.
Based on his success with FWD, Lenz began to follow a calculated strategy of buying distressed companies at fire-sale prices when he bought Northwest Engineering Company, based in Green Bay, Wisconsin, for $1,200 in 1983. Northwest Engineering had been manufacturing cranes, power shovels, and draglines for more than 50 years, but the company had declared bankruptcy and was only three months from liquidation. When Lenz stepped in, however, the company's focus was changed from manufacturing and assembling new equipment to spare parts.
Northwest Engineering, in turn, bought the construction-machinery division of the Pennsylvania-based Bucyrus-Erie Company in March 1985. At its peak, Bucyrus-Erie had employed more than 700 people, but the company had shut down its production lines in 1983, and the employees that remained were concentrating on spare parts and service. Less than a month out of bankruptcy, Northwest Engineering paid less than $9 million for a company with $20 million a year in sales. Lenz then revived the company's defunct Dynahoe product line: the new Bucyrus Construction Products (BCP) division of Northwest Engineering produced its first backhoe loader in November 1985. By 1988, Industry Week reported that BCP held a 40 percent share of the market in which its products were sold.
Lenz and Terex came together in 1986 when Northwest Engineering purchased Terex USA from General Motors Corporation (GM). Terex had evolved out of Euclid Road Machinery Company, a producer of heavy-duty earthmoving equipment based in Euclid, Ohio, founded by the Armington family in 1933. GM acquired Euclid from the Armington family twenty years later, for $20 million. In 1959 the U.S. Department of Justice sued GM in an antitrust action, pressing for the divestiture of what was by then called the Euclid Division. After more than eight years of litigation, GM agreed to sell off a significant portion of Euclid assets, including its off-highway trucks and bottom dumps. These assets, as well as the rights to the Euclid name, were sold to White Motor Company in July 1968 for $24 million. GM's remaining earthmoving business, centering on scrapers, wheel loaders, and track-type tractors, adopted the name Terex in 1970. The moniker was derived from a combination of the Latin roots terra (earth) and rex (king).
Terex reentered the off-highway truck business in 1973, and by 1979 the GM division had annual sales in excess of $500 million and employed more than 5,000 people in the United States, Brazil, and the United Kingdom. At the beginning of 1981, in an effort to focus on its struggling automotive business, General Motors sold Terex to IBH Holding AG, a maker of light- and medium-duty construction equipment in the Federal Republic of Germany. In 1983, however, IBH Holding filed for bankruptcy, and with pressure from the United Auto Workers, ownership of Terex reverted to GM. The company was reorganized as Terex Equipment Limited, a manufacturing subsidiary in Scotland, and Terex USA, a distributor for Terex products in the Western Hemisphere. Terex USA also made some equipment and spare parts at a factory in Hudson, Ohio.
When Northwest Engineering bought Terex USA for $19 million in 1986, the agreement included an option to purchase Terex Equipment Limited. Northwest Engineering exercised that option in 1987, for an additional $19 million. Then, in a controversial move, Lenz closed the Terex plant in Ohio, and moved all operations to Scotland. Among the items manufactured by Terex Equipment Limited were articulated dump trucks, wheeled loaders, scrapers, and other large construction vehicles.
In 1987 Northwest Engineering paid $21.9 million for Koehring Cranes & Excavators and Benton Engineering, both acquired from Koehring Co., a subsidiary of AMCA International Finance Corporation. A Financial World correspondent reported that Koehring had been losing almost $1 million a month for five years, and declared Lenz was able to "get well-respected Koehring excavators and Lorain crane brand names for a song." Five years later the Terex concern sold what had become the Benton Harbor Engineering Division to pay off debt associated with the Koehring purchase.
The next move for Northwest Engineering came in 1988 when it bought Unit Rig and Equipment Company, which was also involved in bankruptcy proceedings, for $21.8 million. Based in Tulsa, Oklahoma, Unit Rig manufactured Lectra Haul trucks and Dart loaders and haulers. That same year, Lenz changed the company's name to Terex Corporation, and Northwest Engineering became a division of Terex. He also took Terex public that year with a listing on the NASDAQ while still retaining control of the company, which remained headquartered in Green Bay, Wisconsin. Revenues for 1988 amounted to $343 million.
A Forbes reporter described Terex's rise: "Randolph W. Lenz was an obscure Wisconsin businessman in 1983 when he was struck by a simple idea. Some of the best buyout values in the country, Lenz reasoned, could be found among bankrupt and near-bankrupt manufacturers of earth-moving equipment companies with low prices, cleansed assets and a newly pragmatic work force of survivors. From such down-and-outers Lenz, in just six years, has built Terex Corp."
A Mergers and Acquisitions correspondent to whom Lenz described his strategy as one of "pragmatic opportunity" outlined what happened after a Terex takeover: "A typical Terex acquisition means hard work after the deal is completed. Once in-house, the new business, typically in the lower technology end of the equipment field, will be streamlined to achieve production efficiencies, eliminate marginal product lines, improve marketing and reorient the work force toward the revamped operating mode." Forbes analysts were more blunt in their assessment, however, stating, "Lenz ... has methodically consolidated factories, slashed payrolls and shrunk product lines to those few profitable niches that his companies still retain."
Acquiring Fruehauf, Nearing Bankruptcy
In 1989 Terex nearly tripled its size with the acquisition of another famous brand name. Debt-ridden Fruehauf Corp., arguably the most recognized brand of trailer in the world, sold its trailer and maritime businesses to Terex for $231 million. Fruehauf had dominated the pre-World War II trucking industry with a market penetration estimated at nearly 90 percent. Despite trucking deregulation, an economic downturn, and increased competition in the early 1980s, Fruehauf was still reporting record annual profits. Fruehauf fell victim, however, to the downside of the 1980s' practice of funding massive growth with high debt.
In 1986 corporate raider Asher Edelman purchased 9.5 percent of Fruehauf's stock, then selling for little more than $20 a share, and announced his intention to take over the company. In order to block the move, Fruehauf borrowed nearly $1.4 billion to buy back its own stock and take the company private. Stockholders who sold their stock for cash received almost $50 per share because of the attempted takeover; Edelman reportedly made a profit of almost $100 million. This left Fruehauf heavily in debt, with interest adding up to more than $100 million per year, substantially more than pre-buyout profits. By 1989, five years after posting record profits, Fruehauf was losing nearly $1 million a week, despite having raised $750 million by selling several of its smaller subsidiaries.
Terex completed its purchase of what was named the Fruehauf Trailer Corporation in July 1989. By September, the wholly owned subsidiary was doing well enough for Terex to prepay $19 million in debt, and in 1990, Terex opened a new 100,000-square-foot manufacturing facility in Indianola, Iowa, to build foam-insulated refrigerated vans.
In 1991 Fruehauf trailer operations accounted for nearly two-thirds of Terex's $784 million in sales. Terex also took Fruehauf public in 1991 with an initial public offering of four million shares, and began a program to convert its most effective company-owned distribution branches in the United States into independent dealerships. Fruehauf, however, incurred heavy losses in 1991 and 1992, primarily attributed to a worldwide economic slowdown.
Two other Terex acquisitions were completed in the early 1990s. Terex added Mark Industries to its Heavy Equipment Group in 1991. The company, based in Brea, California, manufactured aerial lift equipment, including scissor lifts and boom lifts, used in construction, repair, and maintenance work in many industries. In 1992 Terex added perhaps the best-known brand of forklifts and lift trucks to its Materials Handling Group with the $90 million purchase of the material handling division of Clark Equipment Company.
Clark invented the forklift in 1928. When Terex bought the line in 1992, Clark forklifts and lift trucks were the top selling brand in North America. The Clark Material Handling Company, with a worldwide network of independent dealers, was also a leading manufacturer and distributor of forklifts in the European market.
Soon after the purchase, Terex moved to solidify its leadership in the North American market by shifting production of its internal combustion forklift trucks from Korea to Lexington, Kentucky. At the same time, Terex announced plans to invest $25 million between 1992 and 1995 to improve its forklifts and lift trucks with advanced ergonomic features and reduced noise levels. Clark Material Handling continued to build forklifts in Korea, in a partnership formed with Samsung in 1986, to serve the Asian market.
Despite the company's success in revitalizing financially troubled companies, several financial analysts in the early 1990s were concerned about Terex's ability to cope with the enormous debt it had assumed in amassing its acquisitions. At the end of 1991, Terex had long-term debt of $189.3 million. With the truck trailer industry experiencing its worst year since 1983, along with stiff price competition among manufacturers, Terex also had a net loss for that year of $33.4 million. Some analysts urged Terex to issue more stock and use the proceeds to pay off some of its long-term debt. As Michael K. Ozanian assessed in Financial World, "With its track record, Wall Street would love to buy Terex equity, particularly if the proceeds were used to retire debt." Lenz, however, reportedly did not want to dilute his own holdings and resisted that measure.
Terex posted another loss of $61.1 million on revenues of $1.01 billion in 1992, a year in which the company teetered on the brink of bankruptcy. The following year proved to be a pivotal one, as Terex finally divested itself of its majority control of Fruehauf and installed new management. Ronald M. DeFeo was named president and COO of the company in October of that year and was charged with turning the company around. DeFeo had joined Terex in May 1992 as head of the heavy equipment group. Prior to that he had spent eight years at Tenneco Inc., where he was a senior executive of that firm's J.I. Case Company unit, a maker of farm and construction equipment. Also in 1993, Terex shifted its headquarters from Green Bay to Westport, Connecticut.
1993-2002: Sharp Turnaround and Acquisitions-Led Growth Under DeFeo
One of DeFeo's first actions was to turn around the fortunes of Clark Material Handling, which was a bloated operation in 1993 when it lost $30 million on sales of $400 million. Among the cost-cutting initiatives undertaken at Clark were the closure of three of the company's five manufacturing plants and the slashing of 760 jobs from the 1,700-person payroll. By 1996 Clark had been returned to profitability, and Terex was able to offload it to a management-led investment group for $139.5 million, posting a capital gain in the process. Proceeds were used to help pare down the company's still-high debt load.
Under DeFeo, who was named Lenz's successor as CEO in 1995, Terex began focusing on two areas: cranes and off-road trucks for the construction and mining industries. Terex Cranes was formed in 1995 following the acquisition of PPM Cranes from Legris Industries S.A. of France for $59 million. The addition of PPM, based in Montceau-les-Mines, France, made Terex one of the leading makers of hydraulic cranes in the world. In 1996 Terex had its first solid year of profitability since the 1980s, reporting net income of $47.7 million on revenues of $678.5 million. Companywide cost-cutting initiatives and a more focused product line had clearly paid dividends in the form of an impressive financial turnaround.
A revitalized Terex, having made a remarkable comeback from the brink of oblivion in a short span of years, turned aggressively acquisitive in the final years of the 20th century. The company's crane operations were bolstered in 1997 with the purchase of Simon Engineering plc's Simon Access division and Baraga Products Inc. These additions increased Terex's share of the North American crane market to 35 percent, compared to the 9 percent figure of 1993. The broad product line of Terex Cranes included hydraulic cranes, aerial work platforms, and rough-terrain lift trucks. The purchase of Holland Lift International B.V. in May 1998 added another manufacturer of aerial work platforms, while the July 1998 purchase of the American Crane Corporation brought Terex a maker of lattice boom cranes. Two tower crane manufacturers, Peiner HTS of Germany and Gru Comedi S.p.A. of Italy, were acquired in the final two months of 1998.
Terex's largest acquisitions in the late 1990s, however, were in its earthmoving equipment business. In March 1998 Terex spent about $168 million for O&K Mining GmbH, a German maker of large hydraulic mining shovels with annual revenues of about $265 million. In July 1999 the company acquired Powerscreen International plc, a maker of crushing and screening equipment for the quarrying, construction, and demolition industries based in Dungannon, Northern Ireland. The purchase price was about $294 million for a firm with annual sales of $370 million. One month later, Terex paid $170 million to Raytheon Company for Cedarapids, Inc., whose product line included mobile crushing and screening equipment, asphalt pavers, and asphalt material mixing plants. A smaller earthmoving acquisition was also completed in 1998 of Payhauler Corp., producer of heavy-duty off-road dump trucks.
The acquisition of Amida Industries, Inc., in April 1999 marked Terex's entrance into the light construction equipment sector. Based in Rock Hill, South Carolina, Amida manufactured light towers, equipment used to create concrete surfaces, and traffic control products, such as directional arrowboards. Terex's acquisition spree, which amounted to the spending of nearly $700 million from 1995 to 1999 to acquire 13 companies, helped increase the company's revenues to $1.86 billion and net income to $172.9 million by 1999. Also aiding in the company's resurgence were a number of major supply contracts received by Terex's earthmoving operations, including deals with three major mining firms: Coal India, U.K.-based Rio Tinto, and Cleveland-Cliffs Inc. of the United States.
During 2000 Terex sold its truck-mounted forklift businesses, most of which had been acquired only the previous year, to Partek Corporation of Finland for $144 million. The proceeds were used to reduce long-term debt, which because of the string of acquisitions had grown to $1.16 billion by the end of 1999. In late 2000 Terex divested its European aerial work platform operations. Acquisitions around the turn of the millennium included Coleman Engineering, Inc., a maker of light towers and power generators for the construction market, which became part of the Terex Light Construction division; and Fermec Manufacturing Limited, a U.K.-based maker of loader backhoes that was purchased in December 2000 from CNH Global N.V. Revenues for 2000 increased to $2.07 billion but net income declined to $95.1 million as an economic slowdown had a negative effect on the mining and construction industries.
As the economy continued its struggles in 2001, Terex moved aggressively to cut costs, closing down 11 factories and slashing 1,225 jobs, or about 16 percent of its workforce. In its ongoing efforts to reduce its fixed costs, the company also continued its heavy reliance on outsourcing for much of its manufacturing. This was another key change instituted by DeFeo, who between 1993 and 2000 increased the amount of the firm's manufacturing process that was outsourced from around 40 percent to more than 85 percent. This level of outsourcing was possible because DeFeo simultaneously instilled a new business strategy calling for the production of simple, low-priced products, without a lot of the bells and whistles other manufacturers offered.
Terex took advantage of the economic downturn to fill more holes in its product portfolio and expand its geographic footprint via reasonably priced acquisitions. In January 2001 the company purchased Jaques International Holdings Pty. Ltd., an Australia-based manufacturer of crushing equipment. Later that year, in October, Terex acquired CMI Corporation of Oklahoma City for $145.5 million. CMI, which had generated $228 million in revenue in 2000, produced heavy-duty construction equipment for building roads, bridges, and airport runways under the CMI, Bid-Well, and Load King brands, making for a complementary fit with Terex's existing infrastructure business. Terex also bolstered its European operations in December 2001 through the $41.1 million purchase of Atlas Weyhausen GmbH, a manufacturer of wheeled excavators and truck-mounted articulated cranes with facilities in Germany and Scotland.
In early 2002 Terex brought into the fold another German company, Schaeff Group, a producer of compact construction equipment and scrap material handlers that had generated around $220 million in revenues in 2001. After raising about $113 million in an April 2002 secondary offering of common stock, Terex that August became one of the leading crane manufacturers in the world by acquiring Demag Mobile Cranes GmbH & Co. KG from Siemens AG for approximately EUR 160 million ($157 million). Headquartered in Zweibrucken, Germany, with 2001 revenues of around $360 million, Demag specialized in telescopic and lattice boom cranes. The addition of Demag, known for making top-quality products that sold at premium prices, was a bit of a departure for Terex, which traditionally concentrated on the lower-price end of the spectrum. Just a month after the Demag deal, Terex acquired one of the world's largest manufacturers of aerial work platforms, Redmond, Washington-based Genie Holdings, Inc., for about $75 million and the assumption of $168 million in debt. Genie had generated revenues of around $575 million in 2001. Terex in 2002 also entered a new sector, cement mixer trucks, by purchasing Advance Mixer, Inc., out of bankruptcy for $12.5 million.
2003 and Beyond: Riding the Infrastructure Boom and Shifting to a Unified Operating Model
Demag and Genie were the last major acquisitions of this buying binge, and they propelled Terex to record-breaking sales of nearly $3.9 billion in 2003. This was enough to vault the company into the number three position among the world's makers of construction equipment, behind only Caterpillar Inc. and Komatsu Ltd. Ever ambitious, DeFeo set a lofty goal of $6 billion in revenues by 2006, and Terex much more than met the target, attaining sales of $7.65 billion that year. In addition, the company, having attained a sevenfold gain in operating income between 2003 and 2006, reached another DeFeo target: a 10 percent operating margin. Successful integration of the various acquisitions and organic growth initiatives aided in these achievements, though the biggest factor appeared to be a worldwide boom in infrastructure spending. Demand for Terex equipment surged as rapidly growing economies around the world poured money into building roads, setting up new ports, and building power plants. At the same time, an escalation in commodity prices resulted in a new mining rush that heightened demand for mining equipment.
While riding this boom to new heights, Terex was working on transforming itself from a holding company to a more unified operating company. This effort, launched in 2004, was designed in part to get more of the units of Terex working together to achieve efficiencies. For example, by centralizing the purchasing of steel rather than having the individual units make deals on their own, Terex could gain leverage over suppliers because of its position as a major buyer of steel. A further aspect of this shift saw the company placing greater emphasis on the Terex brand. Typically, the Terex name began to be appended to the myriad brands that had been acquired--for example, changing "Demag" into "Terex Demag." Another consequence of the various acquisitions was that much of Terex's manufacturing assets were centered in high-cost Europe. DeFeo therefore was seeking opportunities to expand production in low-cost countries, particularly Brazil, Russia, India, and China. Toward this goal, Terex in 2006 acquired a 50 percent stake and management control of the third largest manufacturer of hydraulic cranes in China, Sichuan Changjiang Engineering Crane Co., Ltd. The company had also laid plans to build a plant in India for the construction of crushing and screening equipment. His 2006 targets met, DeFeo set up lofty new aims for 2010: $12 billion in sales and a 12 percent operating margin. Given Terex's recent track record, it seemed foolish to bet against the company achieving these goals, although an economic downturn could derail DeFeo's ambitions and Terex was likely to need further acquisitions to meet the revenue target. These acquisitions would probably be geographic extensions, similar to the Sichuan Changjiang deal, rather than ones adding new product lines.
Principal Subsidiaries
American Truck Company LLC; Amida Industries, Inc.; Atlas Terex UK Limited; Atlas Weyhausen Norge A/S (Norway); Atlasquip Ltee. (Canada); Benford Limited (U.K.); B-L Pegson Limited (U.K.); Brown Lenox & Co. Limited (U.K.); Cedarapids, Inc.; Cliffmere Limited (U.K.); CMI Belgium NV; CMI Terex Corporation; Demag Mobile Cranes Gépgyártó Kft. (Hungary); Demag Mobile Cranes Spain, S.A.; Drion Constructie B.V.B.A. (Belgium); Duvalpilot Equipment Outfitters, LLC; Equipos de Acuña SA de CV (Mexico); Fermec Holding Ltd. (U.K.); Fermec International Ltd. (U.K.); Fermec Manufacturing Ltd. (U.K.); Finlay Hydrascreen USA, Inc.; Finlay Hydrascreen (Omagh) Limited (U.K.); Genie Australia Pty. Ltd.; Genie Brasil LTDA (Brazil); Genie France S.A.R.L.; Genie Germany GmbH; Genie Holdings, Inc.; Genie Industries Iberica, S.L. (Spain); Genie Industries, B.V. (Netherlands); Genie Industries, Inc.; Genie International Holdings, Ltd. (U.K.); Genie International, Inc.; Genie Korea Ltd.; Genie Manufacturing, Inc.; Genie UK Limited; GFS National, Inc.; Gru Comedil S.r.l. (Italy); Halco America Inc.; Halco Directional Drilling Products Limited (U.K.); Halco Group Limited (U.K.); HFM Hohenloher Fahrzeuge-und Maschinenteile GmbH (Germany); HSA Drilling Equipment (Pty) Limited (South Africa); Hypac (Tianjin) International Trading Company Limited (China); IMACO Blackwood Hodge Group Limited (U.K.); Industrial Conveyor's Sdn Bhd (Malaysia); International Machinery Company Limited (U.K.); J.C. Abbott & Co. Ltd. (U.K.); Jaques (Singapore) Pte Ltd.; Jaques (Thailand) Limited; Jaques International Holdings Pty. Ltd. (Australia); Jaques International Limited (Hong Kong); Jaques International Sdn Bhd (Malaysia); Koehring Cranes, Inc.; Luzhou Changjiang Metal Structure Co., Ltd. (China); Luzhou Nanfang Recycling Co. Ltd. (China); Matbro (N.I.) Limited (U.K.); Moffett Iberica S.A. (Spain); Nihon Genie K.K. (Japan); O & K Orenstein & Koppel Inc. (Canada); O & K Orenstein & Koppel Limited (U.K.); O & K Australia (Pty) Ltd.; Pegson Group Limited (U.K.); Powerscreen Holdings USA Inc.; Powerscreen International (Canada) ULC; Powerscreen International (U.K.) Limited; Powerscreen International Distribution Limited (U.K.); Powerscreen International Limited (U.K.); Powerscreen International LLC; Powerscreen Limited (Ireland); Powerscreen Manufacturing Limited (U.K.); Powerscreen North America Inc.; PPM Cranes, Inc.; PPM Deutschland GmbH Terex Cranes (Germany); PT Onjaya Kokoh (Indonesia); Royer Industries, Inc.; Schaeff & Co. (U.K.); Schaeff Grundbesitz GmbH & Co. OHG (Germany); Schaeff Holding Verwaltungs GmbH (Germany); Schaeff Komponenten Beteiligungs GmbH (Germany); Schaeff Komponenten GmbH & Co. KG (Germany); Schaeff Limited (U.K.); Schaeff Machinery (Shanghai) Co., Ltd. (China); Schaeff of North America, Inc.; Schaeff Service Limited (U.K.); Schaeff Incorporated; Sempurna Enterprise (Malaysia) Sdn Bhd; Sichuan Changjiang Engineering Crane Co., Ltd. (China); Sichuan Changjiang PAT Electronic Control Technology Ltd. (China); Simplicity Material Handling, Ltd. (Canada); Sim-Tech Management Limited (Hong Kong); SourceRight.com, Corporation (Canada); Telelect-Canada, Ltd.; Terex Advance Mixer, Inc.; Terex Aerials Limited (Ireland); Terex Aerials, Inc.; Terex Asia (Mauritius); Terex Australia Pty. Ltd.; Terex Bartell, Ltd. (Canada); Terex Cifali Equipamentos, Ltda. (Brazil); Terex Construction France SAS; Terex Cranes Pty. Ltd. (Australia); Terex Cranes France SAS; Terex Cranes (UK) Ltd.; Terex Cranes, Inc.; Terex Cranes Wilmington, Inc.; Terex Demag AB (Sweden); Terex-Demag GmbH & Co. KG (Germany); Terex-Demag Limited (U.K.); Terex Demag GmbH (Germany); Terex Equipment & Machinery España S.L.U. (Spain); Terex Equipment Limited (U.K.); Terex Equipment (Thailand) Limited; Terex Ersatzteile GmbH (Germany); Terex European Holdings B.V. (Netherlands); Terex Fermec SA (France); Terex Financial Services, Inc.; Terex Financial Services Europe Limited (U.K.); Terex Fuchs GmbH (Germany); Terex Germany GmbH & Co. K.G.; Terex GmbH (Germany); Terex International Financial Services Company (U.K.); Terex Italia S.r.l. (Italy); TerexLift S.r.l. (Italy); Terex Lifting Australia Pty. Ltd.; Terex Lifting U.K. Limited; Terex Mining Australia Pty. Ltd.; Terex Mining Equipment, Inc.; Terex Netherlands Holdings B.V.; Terex NHL Equipment Co. Ltd. (China); Terex Pegson Limited (U.K.); Terex Powertrain Limited (U.K.); Terex Roadbuilding Belgium; Terex (Sanhe) Engineering and Machinery Co. Ltd. (China); Terex Schaeff GmbH (Germany); Terex (Tianjin) Co., Ltd. (China); Terex UK Limited; Terex Utilities Canada, Inc.; Terex Utilities, Inc.; Terex Verwaltungs GmbH (Germany); Terex-RO Corporation; Terex-Telelect, Inc.; Webster Schaeff & Co. 2000 (U.K.).
Principal Divisions
Terex Aerial Work Platforms; Terex Construction; Terex Cranes; Terex Materials Processing and Mining; Terex Roadbuilding, Utility Products, and Other.
Principal Competitors
Caterpillar Inc.; Komatsu Ltd.; Ingersoll-Rand Company Limited; Deere & Company; Sumitomo Corp.; CNH Global N.V.; J C Bamford Excavators Ltd.; The Manitowoc Company, Inc.; Metso Corporation; Altec Industries Inc.; Astec Industries, Inc.; Doosan Corporation; Furukawa Co., Ltd.; Hitachi, Ltd.; JLG Industries, Inc.; Kubota Corporation; Liebherr-International AG; Multiquip Inc.; Palfinger AG; Pinguely-Haulotte S.A.; Sandvik Aktiebolag; AB Volvo; Wacker Construction Equipment AG Wirtgen GmbH.
Further Reading
Aeppel, Timothy, "Global Infrastructure Boom Lifts Terex," Wall Street Journal, June 15, 2007, p. A11.
------, "Tight Supply Chain Is Good News for Terex," Wall Street Journal, August 28, 2006, p. A8.
Anderson, Stuart, "Terex's Long March into China," Cranes Today, May 2007, pp. 23-24.
Bishop, Phil, "Growing Pains: The North American Mobile Crane Market Is Going Through Some Interesting Changes," Cranes Today, November 2000, pp. 14+.
"Boom Truck Gains Prove Insufficient to Prevent Terex Losses," Cranes Today, March 2003, p. 15.
Brezonick, Mike, "The Quiet Resurrection of Terex Corp.," Diesel Progress North American Edition, March 2000, p. 34.
Davies, Carole, "Good-Bye Fruehauf," Ward's Auto World, January 1990.
Denton, Jon, "CMI to Join Terex," Oklahoma City Daily Oklahoman, June 29, 2001, p. 1C.
Dzikowski, Don, "Terex to Increase Sales, Expand Manufacturing Operations," Fairfield County Business Journal, April 21, 1997, p. 14.
Fairclough, Gordon, "Terex's Fortunes Improve After Tough Cost-Cutting," Wall Street Journal, September 30, 1997, p. B4.
Hampton, Tudor Van, "DeFeo's Terex Comes of Age to Face Bigger Growing Pains," Engineering News-Record, May 21/28, 2007, p. 16.
Harlin, Kevin, "Acquired Company Leads Terex Units in Cutting Fat," Investor's Business Daily, May 16, 2007.
Haycraft, William R., Yellow Steel: The Story of the Earthmoving Equipment Industry, Urbana: University of Illinois Press, 2000, 465 p.
Keeler, Dan, "Terex Digs for Growth," Global Finance, March 2002, pp. 12-13.
Lubanko, Matthew, "'$6 Billion in '06': Sales Goal Carries Risks for Westport's Terex Corp.," Hartford (Conn.) Courant, August 8, 2004, p. D1.
Mercer, Mike, "Terex Quietly Continues Its Surge," Diesel Progress North American Edition, September 1999, pp. 24+.
Ozanian, Michael K., "Strip Show," Financial World, March 19, 1991.
Pachuta, Michael J., "New Contracts, Products Boost Terex in Mining, Construction," Investor's Business Daily, May 6, 1999.
Prezioso, Jeanine, "Terex Rebuilding from Shaky Market," Fairfield County (Conn.) Business Journal, July 1, 2002, p. 2.
Reiff, Rick, "Parlaying the Winnings," Forbes, July 24, 1989.
"The Rise and Rise of Terex Corporation," Construction Equipment News, November 1999, pp. 10-12.
Sandler, Larry, "Lenz, KCS Paid Millions by Terex and Fruehauf," Milwaukee Sentinel, June 11, 1992, p. 1D.
------, "Terex Ends Control of Fruehauf," Milwaukee Sentinel, March 23, 1993, p. 1D.
------, "Terex to Close Headquarters in Green Bay: Company to Have Base in Tulsa," Milwaukee Sentinel, March 17, 1993.
Sullivan, Allanna, "Terex Takes an Aggressive Outsourcing Stance," Wall Street Journal, May 1, 2001, p. B4.
"Terex Acquires Genie," Fairfield County (Conn.) Business Journal, August 19, 2002, p. 7.
"The Terex Prescription," Mergers and Acquisitions, January/February 1990.
"Terex Rumbles On," Engineering News Review, August 28, 1986.
"Terex to Buy Demag for $150m," Cranes Today, June 2002, p. 4.
Verespej, Michael A., "From 'Exile' to Profitability," Industry Week, August 15, 1988.
Wiley, Royallen, "A Casualty of the Debt-Crazed '80s," Management Accounting, March 1991.
Yengst, Charles R., "Once on Shaky Ground, Terex Corp. Now Enjoying Fruits of Well-Managed Turnaround," Diesel Progress North American Edition, September 1997, p. 4.
— Dean Boyer; Updated by David E. Salamie
