FOR IMMEDIATE RELEASE
TEREX AUTHORIZES NEW SHARE REPURCHASE PROGRAM
WESTPORT, CT, September 6, 2017 – Terex Corporation (NYSE:TEX) today announced that its Board of Directors authorized a new share repurchase program of up to $225 million. The Company completed its previous share repurchase program at the end of August 2017.
John L. Garrison, Terex President and Chief Executive Officer, stated, “During our Investor Presentation in December 2016 we committed to pursuing a disciplined capital allocation strategy that included the efficient returns of capital to shareholders through share repurchases of $1 billion to $1.5 billion through 2020. During 2017 Terex has already repurchased approximately $700 million of its shares resulting in approximately 20.7 million shares that have been repurchased year to date, bringing our shares outstanding as of today to approximately 86 million. Upon completion of today’s new $225 million share repurchase authorization Terex will have purchased almost $1 billion of its outstanding shares, close to achieving the low end of our range. Our actions throughout the year, including today’s most recent announcement, demonstrate our continued commitment to returning capital to shareholders and creating long-term shareholder value in conjunction with our Focus, Simplify and Execute To Win strategy.”
The timing of the share repurchase program will be based on available liquidity, cash flows and general market conditions. The repurchase program may be executed through various methods, including open market purchases.
Brian J. Henry, Senior Vice President
Business Development & Investor Relations
Phone: (203) 222-5954
Forward Looking Statements:
This press release contains forward-looking information regarding future events or Terex’s future financial performance based on the current expectations of Terex Corporation. In addition, when included in this press release, the words “may,” “expects,” “intends,” “anticipates,” “plans,” “projects,” “estimates” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. Terex has based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance.
Actual events or the actual future results of Terex may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors. The forward-looking statements speak only as of the date of this release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this release to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based.
Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The company reports in three business segments: Aerial Work Platforms, Cranes, and Materials Processing. Terex delivers lifecycle solutions to a broad range of industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and the market.
200 Nyala Farm Road, Westport, Connecticut 06880
Telephone: (203) 222-7170, Fax: (203) 222-7976, www.terex.com
© 2017 Terex Corporation. All Rights Reserved.