Terex Cranes Global Marketing Director, Corporate Communications
Press & Public Relations Phone: (+1) 203-222-6113
TEREX ANNOUNCES TOWER CRANE INVESTMENT
WESTPORT, CT, USA, October 7, 2010 — Terex Corporation (NYSE:TEX) announced today that it has acquired 33 percent of privately-held Recom S.r.l. and simultaneously entered into a long term agreement to acquire the rest of the company. Located in Belluno, Italy, Recom designs and manufactures luffing jib tower cranes that are distributed exclusively by Terex Cranes.
“This investment helps ensure long-term stability for an important part of our tower crane product portfolio, and reflects our commitment to strengthen and build our tower crane business,” said Rick Nichols, President of Terex Cranes. “Recom has a demonstrated culture of innovation that will contribute to our new product development, and we are pleased to make this commitment to the company and its team members with whom we have worked for several years.”
Founded in 2003, Recom has quickly established a reputation for designing and producing world class luffing jib tower cranes, having achieved a leading market position in 2008 through Terex Cranes’ global distribution. Terms of the transaction were not disclosed.
Terex Corporation is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes, and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website to make information available to its investors and the market at www.terex.com.
# # #