Terex completes mining business sale

04 March 2010

"The closing of this transaction marks a positive step toward the transformation of Terex Corporation into a machinery and industrial products business," said Ron DeFeo, Terex chairman and CEO. "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."

DeFeo added: "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."