Terex Corporation
TypePublic
IndustryManufacturing
Founded1933 (1933)
FounderGeorge Armington
HeadquartersNorwalk, Connecticut, U.S.
Area served
Worldwide
Key people
John L. Garrison, Jr.
(President & CEO)
Products
ServicesFinancial products
RevenueIncrease US$3.89 billion (2021)[1]
Increase US$264 million (2021)[1]
Increase US$221 million (2021)[1]
Total assetsDecrease US$2.86 billion (2021)[1]
Total equityIncrease US$1.11 billion (2021)[1]
Number of employees
c. 8,600[1] (December 2021)
Websitewww.terex.com
A worker at a mine in Northern Alberta, Canada stands next to a Terex 6300AC "Heavy Hauler". The 6300AC is one of the biggest dump trucks in the world.[2]

Terex Corporation is an American[3][4][5] company and worldwide manufacturer of lifting and material-handling equipment. The company works within a variety of industries including construction, infrastructure, quarrying, recycling, energy, mining, shipping, transportation, refining, and utilities. The company is well known for producing heavy machinery.[6]

Corporate history

General Motors

The Terex name has its origin as a division of General Motors. Due to a 1968 Justice Department ruling, General Motors was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest the Euclid brand name. 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.[7]

IBH Holding

General Motors sold the Terex division to German firm IBH Holding AG led by Horst-Dieter Esch de in 1980.[8] After IBH Holding AG declared bankruptcy in 1983,[9] 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).

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.

Acquisitions and sales

Due to a strategy of acquisitions, Terex Corporation has owned more than 50 different brands.

The period of 1996–2003 was characterized by a large number of acquisitions under president and CEO Ron DeFeo, with the group buying into multiple new markets and expanding its presence in existing markets.

  • In 1999, Terex acquired Powerscreen PLC, a Northern Ireland-based group of companies.[10][11] These companies included Powerscreen International, Finlay Hydrascreens, Moffet Mountie, BL Pegson, as well as several others. Powerscreen and the 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 from Raytheon.[12] This provided road-building equipment to match compaction acquisitions within the earlier deal such as Powerscreen subsidiary Benford Americas.[13]
  • In 2001, Terex acquired CMI Roadbuilding[14] and Australian rock crusher specialist Jaques Limited.[15]
  • 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.[16]
  • In 2003, Terex acquired the majority ownership (71%) of Tatra, but as of late 2006 sold off that share to Blue River S.R.O. for about $26.2 million in cash.[17][18]

The period of 2010–2017, following the financial crisis of 2007–2008, was characterized by a large number of divestitures from the mining, road building, and construction markets. These business units had accounted for just 5% of group annual revenues and departing these sectors has allowed Terex to focus on their core businesses of cranes, aerial platforms, and material handling and processing.

  • In February 2010, Terex announced the sale of its mining equipment division to Bucyrus International Inc. for US$1.3 billion.[19]
  • In December 2013, Volvo Construction Equipment (VCE) agreed to pay US$160m for Terex Trucks. In September 2021 VCE rebranded the business Rokbak.[20][21]
  • In 2013, Terex sold the CMI and Cedarapids units to Fayat Group, the parent company of BOMAG and Marini.[22] BOMAG retained joint-branding on the asphalt paver products, whilst the Cedarapids asphalt plants were moved underneath CMI.[23][24][25]
  • In April 2015, Terex purchased Continental Biomass Industries (CBI) of Newton, NH, a prominent manufacturer of biomass processing equipment.
  • In June 2016, Terex announced the sale of the former Schaeff business in Germany to Yanmar Holdings.[26][27]
  • In December 2016, Terex announced the sale of the former Fermec business in Coventry, England to French manufacturer Mecalac.[28][29][30]
  • In March 2017, Terex announced the sale of their Indian construction arm to Manitou.[31]

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.[32] 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."[33]

References

  1. 1 2 3 4 5 6 "Terex Corporation 2021 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. 11 February 2022.
  2. ↑ "10 Largest Dump Trucks on Earth". April 2008.
  3. ↑ "Contact Us & Feedback". Terex Corporate. Retrieved 23 September 2020.
  4. ↑ "Terex Corporation". Retrieved 12 July 2022.
  5. ↑ "Terex". LinkedIn. Retrieved 12 July 2022.
  6. ↑ "Terex Port Equipment Strong Tradition Heading to the Future". forkliftaction.com. 21 June 2012.
  7. ↑ Alves, Michael; Haddock, Keith; Halberstadt, Hans; Sargent, Sam (27 December 2003). Heavy Equipment. St. Paul, Minnesota: Crestline. p. 50. ISBN 978-0-7603-1775-4. Retrieved 15 March 2010. The Terex name was born in 1968 because General Motors had to discontinue the manufacture and sale of off-highway trucks...
  8. ↑ "IBH Holding AG, the West German firm which bought..." UPI. Retrieved 23 September 2020.
  9. ↑ Greenhouse, Steven (8 November 1983). "Ibh's Terex Takes Chapter 11 Step". The New York Times. ISSN 0362-4331. Retrieved 23 September 2020.
  10. ↑ "Terex pays £181m for revived Powerscreen". The Engineer. The Engineer. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  11. ↑ "TEREX AGREES TO ACQUIRE POWERSCREEN FOR $294 MILLION". The New York Times. 16 June 1999. Archived from the original on 27 May 2015. Retrieved 5 May 2017.
  12. ↑ Jones, Dow (21 July 1999). "COMPANY NEWS; TEREX TO BUY RAYTHEON UNIT FOR $170 MILLION". The New York Times. ISSN 0362-4331. Retrieved 13 July 2022.
  13. ↑ "Terex Corp. Agrees to Acquire Cedarapides". Rental Equipment Register. Penton. 1 September 1999. Archived from the original on 9 June 2015. Retrieved 5 May 2017.
  14. ↑ "Home - Terex Construction". Terexrb.com. Archived from the original on 1 September 2011. Retrieved 27 December 2013.
  15. ↑ "Terex Company History". Terex.com. Retrieved 27 December 2013.
  16. ↑ "Genie - Our Story". Genie Lift. Retrieved 30 January 2013.
  17. ↑ "Terex Corporation sells stake in Czech Tatra for about $26.2 mln". all-tatra.blogspot.com. Archived from the original on 21 March 2008.
  18. ↑ "Terex Announces the Divestiture of Its Interest in Czech Tatra". all-tatra.blogspot.com. Archived from the original on 30 January 2008.
  19. ↑ "Bucyrus Completes Acquisition of Mining Business of Terex". Bucyrus International Inc. 19 February 2010. Archived from the original on 27 February 2010. Retrieved 1 March 2010. Bucyrus International, Inc. ...announced today that it has completed its acquisition of the mining equipment business of Terex Corporation.
  20. ↑ "Volvo drops Terex brand".
  21. ↑ "Volvo CE takes on Terex trucks". 19 March 2020.
  22. ↑ Wayne Grayson (11 February 2013). "Terex sells certain roadbuilding product lines in U.S. and Brazil to Fayat". Equipment World. Randall-Reilly. Archived from the original on 16 March 2016. Retrieved 5 May 2017.
  23. ↑ Wayne Grayson (21 March 2013). "Bomag keeps CMI, Cedarapids names on machines after purchase". Equipment World. Randall-Reilly. Archived from the original on 16 March 2016. Retrieved 5 May 2017.
  24. ↑ John Latta (20 March 2013). "New look: BOMAG rebadges its CMI, Cedarapids purchases". Equipment World's Better Roads. Randall-Reilly. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  25. ↑ "Terex Divests Some Asphalt Products". Construction Equipment. Mediapress Studios. 11 February 2013. Archived from the original on 30 December 2015. Retrieved 5 May 2017.
  26. ↑ "Terex Announces Sale of Compact Construction Equipment Business to Yanmar Holding Co., Ltd". Terex Corporation. Terex Corporation. 20 June 2016. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  27. ↑ "Terex Sells German Compact Equipment Business to Yanmar". Construction Equipment. Mediapress Studios. 22 June 2016. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  28. ↑ "Schaeff sale puts question mark over future of Terex Coventry". The Construction Index. The Construction Index. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  29. ↑ "Terex Sells Compact Equipment Business to Mecalac". Construction Equipment. Mediapress Studios. 15 December 2016. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  30. ↑ "Terex sells Coventry operation to Mecalac". The Construction Index. The Construction Index. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  31. ↑ "Terex Announces Sale of Terex Equipment Private Limited to Manitou BF". Terex Corporation. Terex Corporation. 27 March 2017. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  32. ↑ Seymour M. Hersh (26 January 1992). "U.S. Linked to Iraqi Scud Launchers". The New York Times. Archived from the original on 21 April 2022. 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.
  33. ↑ "Editor's Note". The New York Times. 7 December 1995. Archived from the original on 13 June 2022. Retrieved 23 March 2010. Despite several investigations, no legal proceedings or charges were brought against Terex.
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