Terex Cranes Global Marketing
Press & Public Relations
TEREX, COAST CRANE COMPANY ANNOUNCE AGREEMENT, 20-CRANE ORDER
Westport, CT, April 26, 2011 – Terex Cranes announced today that it has appointed Seattle based Coast Crane Company to distribute its entire crane product line for the states of Alaska, Hawaii, Idaho and Montana, the provinces of British Columbia and the Yukon Territory, as well as Guam and the Republic of the Marshall Islands. Coast Crane Company, recently acquired by Essex Rental Corp (NASDAQ: ESSX) is a leading provider of cranes with 14 facilities servicing the West Coast.
In addition to distributing new cranes, Coast Crane operates a rental fleet of cranes and lifting equipment. In conjunction with the appointment announcement, Terex Cranes reported an order for 20 cranes from Coast Crane & Equipment with a retail value of more than $15 million (US), signed this week at their West Coast Location. The order includes a mix of Rough Terrain cranes, ranging from 55 ton to 130 ton capacity, as well as crawler cranes up to 165 ton capacity. Coast Crane will offer the cranes purchased for sale or rent to their extensive customer base.
This new order comes as part of Essex Rental Corp’s vision to grow their business by combining the strengths of both their nationwide crawler crane rental company - Essex Crane Rental Corp., with the diverse offerings of their recently acquired Coast Crane. Coast Crane brings a significant expansion to Essex Rental Corp.’s product offering, by strategically building on three core competencies, including:
· The sale of new and used cranes from leading manufacturers
· Industry leading rental fleet of crawler cranes, tower cranes, rough terrain cranes, boom trucks and other lift equipment, and
· The West Coast’s most effective team of professionals, extensively trained and equipped to supply crane owners and users the parts and service support they require
“Our new relationship with Terex Cranes presents significant opportunities for both our businesses,” says Ronald Schad, President and Chief Executive Officer, Essex Rental Corp. “The ability to rent Terex cranes through both Coast Crane and Essex Crane will significantly enhance Coast Crane’s opportunities to provide our customers with the broad range of lifting solutions they need. In the future, Essex will look for opportunities to expand its crawler crane fleet with the full line of Terex cranes.”
“The addition of Terex® cranes will provide Essex Crane and Coast Crane customers with the most complete line of lifting solutions in the USA. This new contract signals the outset of great opportunities for growing our business throughout North America. I think that we can say that we share the same excitement as Essex Rental Corp. about the future prospects of our new partnership,” says Frank Bardonaro, Vice President and Managing Director for Terex Cranes in the Americas.”
About Essex Rental Corp.
Essex, through its subsidiaries, Essex Crane Rental Corp. and Coast Crane Company, is one of North America's largest providers of mobile cranes (including lattice-boom crawler cranes, truck cranes and rough terrain cranes), self-erecting cranes, stationary tower cranes, elevators and hoists, and other lifting equipment used in a wide array of construction projects. In addition, the Company provides product support including installation, maintenance, repair, and parts and services for equipment provided and other equipment used by its construction industry customers. With a fleet of over 1,000 cranes and other construction equipment and unparalleled customer service and support, Essex supplies a wide variety of innovative lifting solutions for construction projects related to power generation, petro-chemical, refineries, water treatment and purification, bridges, highways, hospitals, shipbuilding, offshore oil fabrication and industrial plants, and commercial and residential construction.
More information on Essex Rental Corp. can be found at www.essexrentalcorp.com
Terex Corporation is a diversified global manufacturer operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining, shipping, transportation, energy, refining 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. More information on Terex can be found at www.terex.com.
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From left to right: Ron DeFeo, CEO, Terex Corporation and Ronald Schad, President & CEO, Essex Rental Corp. shake hands to seal the future success of their partnership.
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