Terex

Terex Corporation
Public
Traded as NYSE: TEX
Industry Construction Equipment
Financial Services
Predecessor Northwest Engineering Company
Founded 1925 (1925)
Founder Gerald Williamson
Headquarters Westport, Connecticut, United States
Area served
 Worldwide
Key people
 Ronald M. DeFeo, Chairman and CEO
Products Aerial work platforms
Construction
Cranes
Materials processing
Services Financial products
Training
Revenue US$7.1 billion (2013)[1]
Number of employees
 20,500 (2013)
Subsidiaries Demag
American Crane Corporation
Website www.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 manufacturer of a broad range of heavy equipment for a variety of industries, including construction, infrastructure, quarrying, recycling, surface mining, shipping, transportation, refining, utility and maintenance. The company's major business segments include aerial work platforms, construction cranes, materials processing and mining, and roadbuilding and utility products. Terex has more than 15,900 employees and operates 50 manufacturing facilities in North America, South America, Europe, Asia and Australia. Terex sells its products in more than 170 countries.

Corporate history

General Motors

The Terex name has its origins 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.[3]

IBH Holding

General Motors sold the Terex division to German firm IBH Holding AG in 1980. After IBH Holding AG declared bankruptcy in 1983, ownership of Terex reverted to General Motors and was organized as Terex Equipment Limited and Terex USA.

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. The construction assets acquired by Lenz throughout the 1980s including Northwest Engineering Company, Unit Rig (brands Dart Truck Company), Terex Equipment Limited and Koehring Cranes and Excavators, Inc. all became assets of Terex Corporation.

Acquisitions and sales

In 1999 Terex acquired Powerscreen PLC, a Northern Ireland-based group of companies. These companies included Powerscreen International, Finlay Hydrascreens, Moffet Mountie, BL Pegson as well as several others. Power screen and 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.

Due to a strategy of acquisitions, Terex Corporation owns more than 50 different brands. This includes CMI Roadbuilding, acquired in 2001.[4] This unit was sold off in 2013 at a loss. In 2001, the Australian rock crusher specialist Jaques Limited was also absorbed by Terex.[5]

In 2002, Terex acquired Genie Industries after they began to seek partnership due to the economic downturn. Genie Industries became known as the Genie Brand within the Terex Aerial Work Platforms (AWP) segment.[6]

The United States Terex Corporation acquired the majority ownership (71%) of Tatra in late 2003, but as of late 2006 sold off that share to Blue River S.R.O. for about $26.2 million in cash.[7][8]

In February 2010, Terex sold its mining equipment division to Bucyrus International Inc. for US$1.3 billion.[9]

Joint ventures

GAZ Group of Russia operates a joint venture with Terex (RM-Terex). The joint venture is involved in a wide range of works in the road, civil and industrial construction, utilities, mining, forestry, oil and gas industry.[10]

Allegations of arms sale to Iraq

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 with the Iraqi military.[11] Terex denied the allegations and, in 1992, Terex 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 and the New York Times, in an editor's note on December 7, 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."[12]

In 2005, Scotland's Sunday Herald reported that documents provided by Iraq to the United Nations named Terex as a company that provided assistance to Iraq's weapons program.[13]

Gallery

References

  1. ↑ Terex http://www.terex.com/en/news-events/news-press-releases/UCM03_089796.html. Missing or empty |title= (help)
  2. ↑ "10 Largest Dump Trucks on Earth".
  3. ↑ Alves, Michael; Haddock, Keith; Halberstadt, Hans; Sargent, Sam (2003-12-27). Heavy Equipment. St. Paul, Minnesota: Crestline. p. 50. ISBN 978-0-7603-1775-4. Retrieved 2010-03-15. The Terex name was born in 1968 because General Motors had to discontinue the manufacture and sale of off-highway trucks...
  4. ↑ "Home - Terex Construction". Terexrb.com. Retrieved 2013-12-27.
  5. ↑ "Terex Company History". Terex.com. Retrieved 2013-12-27.
  6. ↑ "Genie - Our Story". Genie Lift. Retrieved 30 January 2013.
  7. ↑ Archived 21 March 2008 at the Wayback Machine
  8. ↑ Archived 30 January 2008 at the Wayback Machine
  9. ↑ "Bucyrus Completes Acquisition of Mining Business of Terex". Bucyrus International Inc. 2010-02-19. Archived from the original on 2010-03-01. Retrieved 2010-03-01. Bucyrus International, Inc. ...announced today that it has completed its acquisition of the mining equipment business of Terex Corporation.
  10. ↑ "RM Terex". RM Terex. 2013-12-05. Retrieved 2013-12-27.
  11. ↑ Seymour M. Hersh (1992-01-26). "U.S. Linked to Iraqi Scud Launchers". The New York Times. Archived from the original on 2010-03-23. Retrieved 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.
  12. ↑ "Editor's Note". The New York Times. 1995-12-07. Archived from the original on 2010-03-23. Retrieved 2010-03-23. Despite several investigations, no legal proceedings or charges were brought against Terex.
  13. ↑ Neil Mackay (2003-02-23). "Revealed: 17 British firms armed Saddam with his weapons". Sunday Herald (Glasgow). UK firms that sold arms to Iraq...Terex

External links

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Coordinates: 41°12′54″N 81°26′16″W / 41.21488°N 81.43782°W / 41.21488; -81.43782

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