Terex Corporation has reported an 87% fall in net profits to $12.8m for 2001 on net sales down 12% to $1,812.5m.
In 2000 Terex had a net income of $95.1m on sales of £2,068.7m.
Excluding the impact of businesses bought and sold, sales fell 17% year on year.
Sales held up in the fourth quarter, however, at $442.1m, compared to $446.6m in the fourth quarter of 2000, even though the market for construction equipment fell significantly in the period.
Over the year, a one-off charge of $33.1m was taken to cover for the cost of restructuring the business, including the closure of the mobile crane factory at Conway SC, USA.
The reorganisation of the company into geographic operations rather than along product lines means that numbers are no longer published for what used to be Terex Lifting. However, the company revealed that sales of mobile hydraulic cranes suffered a ‘double digit decline’ in North America, which is hardly surprising given the 30% fall in the market over the year. On the positive side, the boom truck business gained market share.
