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Terex

Coordinates: 41°12′54″N 81°26′16″W / 41.21488°N 81.43782°W / 41.21488; -81.43782
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For the fictional character in the Star Wars: Poe Dameron comic series, see Agent Terex.

Terex Corporation
Company typePublic
IndustryManufacturing
Founded1933; 91 years ago (1933)
FounderGeorge Armington
SuccessorTerex Corporation is listed on the New York Stock Exchange in 1991 under the symbol TEX.[1]
HeadquartersNorwalk, Connecticut, U.S.
Area served
Worldwide
Key people
Simon A. Meester
(President & CEO)[2]
Products
ServicesParts and equipment maintenance and repair; equipment financing
RevenueIncrease US$5.15 billion (2023)
Increase US$637 million (2023)
Increase US$518 million (2023)
Total assetsIncrease US$3.62 billion (2023)
Total equityIncrease US$1.67 billion (2023)
Number of employees
10,200 (2023)
Websitewww.terex.com
Footnotes / references
[3]

Terex Corporation is an American company[4][5][6] and worldwide manufacturer of lifting and material-handling equipment. Products include those that enable customers to reduce their impact on the environment including electric and hybrid offerings, deliver emission-free performance, support renewable energy, and aid in the recovery of reusable materials from waste. Terex does business in the Americas, Europe, Australia and Asia Pacific.[7]

Corporate history

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The origins of Terex date to 1933, when the Euclid Company was founded by George A. Armington to build hauling dump trucks. In 1953, General Motors purchased Euclid, expanding the business to include more than half of all U.S. off-highway dump truck sales. Due to a 1968 Justice Department ruling, GM was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest the Euclid brand. 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. In December 2013, Volvo Construction Equipment (VCE) acquired the Terex line of heavy haul trucks. In September 2021 VCE rebranded the business Rokbak.[8]

General Motors sold the Terex division to German firm IBH Holding AG led by Horst-Dieter Esch de in 1980.[9] After IBH Holding AG declared bankruptcy in 1983,[10] 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).[citation needed] 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 the parent entity.[8]

Terex Corporation was incorporated in Delaware in 1986 and listed on the New York Stock Exchange in 1991.[11] As a publicly traded company, Terex grew from acquisitions under the leadership of Ron DeFeo, who became president in 1993 and CEO in 1995. John L. Garrison, Jr., succeeded him as President and CEO in 2015 and further transformed the business through acquisitions, new-business launches, and divestitures.[12] In January 2024, Terex named Simon A. Meester, formerly President of the company's Aerial Work Platforms business segment, as Terex president and chief executive officer.[8]

Products

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Materials Processing (MP) manufactures crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts. Customers use these products in construction, infrastructure and recycling projects, quarrying and mining applications, as well as landscaping and biomass production industries, material handling applications, maintenance applications to lift equipment or material, moving materials and equipment on rugged or uneven terrain, lifting construction material and placing material at point of use. Terex MP brands and business lines include: Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Terex Advance, ProStack, Terex Bid-Well, MDStm, MARCO, Green-Tec, Magna, and Terex Recycling Systems.[13]

Aerial Work Platforms (AWP) manufactures mobile elevating platforms, utility equipment and telehandlers. Products include portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, scissor lifts, Terex Utility equipment (including digger derricks and insulated aerial devices) and telehandlers, as well as replacement parts. Aerial equipment safely positions workers and materials at height, enhancing safety and productivity. Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of transmission and distribution lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as infrastructure projects. AWP markets principally under the Terex and Genie brand names.[13]

A worker at a mine in Northern Alberta, Canada stands next to a Terex 6300AC "Heavy Hauler". The 6300AC was one of the biggest dump trucks in the world. c. 2000[14]

Acquisitions and Divestitures

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As of 2024, Terex marketed under more than 20 customer-facing brands.[13] Terex was built through a series of acquisitions, internal start-ups, and divestitures over the years. These and other actions helped to shape today's business portfolio:

Acquisitions

1999 – Powerscreen, Finlay, Simplicity, Franna[15][16][17]

2001 – Canica, Jaques,[18] Bid-Well, CMI Roadbuilding[19]

2002 – Genie, Fuchs, Advance Mixer[20]

2015 – CBI, Ecotec[21]

2020-2023 – MDS,[22] Steelweld,[23] ZenRobotics,[24] ProAll,[25] MARCO[26]

Divestitures

2010 – Mining Segment[27]

2013 – Roadbuilding / Heavy hauling businesses[28][29][30][31]

2017 – MHPS port handling business;[32] construction business

2019 – Demag cranes business[33][34]

Criticism

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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.[35] 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."[36]

References

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  1. ^ "A History of Terex Corporation" (PDF). Archived (PDF) from the original on 3 April 2023. Retrieved 25 February 2024.
  2. ^ "Terex Announces Leadership Succession Plan". Archived from the original on 25 February 2024. Retrieved 25 February 2024.
  3. ^ "Terex Corporation 2023 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. 9 February 2024. Archived from the original on 12 February 2024. Retrieved 12 February 2024.
  4. ^ "Contact Us & Feedback". Terex Corporate. Archived from the original on 19 September 2020. Retrieved 23 September 2020.
  5. ^ "Terex Corporation". Archived from the original on 31 August 2017. Retrieved 12 July 2022.
  6. ^ "Terex". LinkedIn. Archived from the original on 10 November 2012. Retrieved 12 July 2022.[self-published source]
  7. ^ "Company 10K filing as published by SEC.Gov". SEC.gov. February 2024. Retrieved 3 March 2024.
  8. ^ a b c Terex Company History (3 March 2024). "Terex Company History - terex.com" (PDF). Archived (PDF) from the original on 3 April 2023. Retrieved 3 March 2024.
  9. ^ "IBH Holding AG, the West German firm which bought..." UPI. Archived from the original on 21 April 2022. Retrieved 23 September 2020.
  10. ^ Greenhouse, Steven (8 November 1983). "Ibh's Terex Takes Chapter 11 Step". The New York Times. ISSN 0362-4331. Archived from the original on 21 April 2022. Retrieved 23 September 2020.
  11. ^ Hoist Magazine (2012). "Hoist Magazine History of Terex Corporation, NYSE filing date". Hoist Magazine online. Archived from the original on 18 August 2017. Retrieved 6 March 2024.
  12. ^ Terex Investor Day (December 2022). "Terex Investor Day 2022 - Public Filing" (PDF). Archived (PDF) from the original on 17 May 2023. Retrieved 3 March 2024.
  13. ^ a b c SEC.gov - Terex 10k filing February 2024, Terex products listing (February 2024). "10K filing" (PDF). SEC.gov. Retrieved 3 March 2024.{{cite web}}: CS1 maint: numeric names: authors list (link)Public Domain This article incorporates text from this source, which is in the public domain.
  14. ^ "10 Largest Dump Trucks on Earth". April 2008. Archived from the original on 6 March 2022. Retrieved 6 March 2022.
  15. ^ "Terex pays £181m for revived Powerscreen". The Engineer. Archived from the original on 5 May 2017. Retrieved 5 May 2017.
  16. ^ "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.
  17. ^ Jones, Dow (21 July 1999). "COMPANY NEWS; TEREX TO BUY RAYTHEON UNIT FOR $170 MILLION". The New York Times. ISSN 0362-4331. Archived from the original on 6 February 2020. Retrieved 13 July 2022.
  18. ^ "Terex Company History". Terex.com. Archived from the original on 23 October 2013. Retrieved 27 December 2013.
  19. ^ "Home - Terex Construction". Terexrb.com. Archived from the original on 1 September 2011. Retrieved 27 December 2013.
  20. ^ "Genie - Our Story". Genie Lift. Archived from the original on 15 January 2013. Retrieved 30 January 2013.
  21. ^ Waste Today Magazine, trade publication (2015). "Terex acquires Ecotec". WastetodayMagazine.com. Archived from the original on 4 March 2024. Retrieved 3 March 2024.
  22. ^ Equipment World, Trade publication (2021). "Terex Acquires MDS". Equipment World. Archived from the original on 4 March 2024. Retrieved 3 March 2024.
  23. ^ BBC.com, BBC (27 April 2022). "Terex acquires Steelweld". BBC.com. Archived from the original on 2 September 2022. Retrieved 3 March 2024.
  24. ^ Construction Equipment, Trade media (April 2022). "Terex Acquires ZenRobotics". Construction Equipment. Archived from the original on 3 March 2024. Retrieved 4 March 2024.
  25. ^ NASDAQ, Stock market exchange website (1 August 2022). "Terex Acquires ProAll". NASDAQ. Archived from the original on 4 March 2024. Retrieved 3 March 2024.
  26. ^ Construction Equipment, trade website (10 April 2023). "Terex acquires MARCO conveyors". Construction Equipment. Archived from the original on 4 March 2024. Retrieved 4 March 2024.
  27. ^ "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.
  28. ^ 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.
  29. ^ 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.
  30. ^ "Terex Divests Some Asphalt Products". Construction Equipment. Mediapress Studios. 11 February 2013. Archived from the original on 30 December 2015. Retrieved 5 May 2017.
  31. ^ Terex Agrees to Sell Truck Business to Volvo for $160 Million Archived 20 February 2024 at the Wayback Machine investorsterex.com December 09, 2013
  32. ^ FT.com, Financial Times (16 May 2016). "Terex sells MHPS port handling business". ft.com. Archived from the original on 25 May 2021. Retrieved 3 March 2024.
  33. ^ Investor Day Presentation (December 2024). "Terex Investor Day" (PDF). Archived (PDF) from the original on 17 May 2023. Retrieved 3 March 2024.
  34. ^ Terex Published History. "Terex.com History Timeline" (PDF). terex.com. Archived (PDF) from the original on 3 April 2023. Retrieved 3 March 2024.
  35. ^ 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.
  36. ^ "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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41°12′54″N 81°26′16″W / 41.21488°N 81.43782°W / 41.21488; -81.43782

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