FOR IMMEDIATE RELEASE
TEREX ANNOUNCES AERIAL AGREEMENT
DURING PRESIDENTIAL TRADE MISSION IN CHINA
BEIJING, CHINA, November 13, 2017 – Terex Corporation (NYSE:TEX) joined 27 other companies on the U.S. Trade Mission to China led by President Donald Trump and Secretary of Commerce Wilbur Ross and hosted by China President Xi Jinping. The mission’s purpose was to promote commercial opportunities for U.S. business in China.
Joining Terex at official trade delegation events were Xuzhou Handler Special Vehicles Co., Ltd., the distributor for Terex® Utilities products in China; and Shanghai Horizon Equipment & Engineering Co., Ltd, China’s leading aerial work platform rental business and a valued customer of Genie® equipment.
During the mission, Terex Utilities and Xuzhou Handler signed a letter of intent for Xuzhou to purchase 5,000 units of insulated aerial devices from Terex over a five-year period, with a total value of more than USD 250 million. These products will enable and support the continuing improvement and ongoing adoption of live line work practices in the Chinese public utility sector. The signing was witnessed by Secretary Ross and China’s Vice Premier Wang Yang.
“It’s been an honor for Terex to participate in the Trade Mission,” said John Garrison, President and CEO of Terex Corporation. “The visit helped us to renew our longstanding relationships in China and to build new ones. We thank Xuzhou Handler for their business and look forward to working with them and with other customers and prospective customers in China to continue to advance safe work practices for working at height and on live lines. In so doing, we expect that all involved will benefit from expanded business opportunities.”
Terex has been committed to driving the adoption of safe work practices in China and engaging in mutually beneficial business relationships for almost three decades. The company currently has more than 600 team members in China with facilities in Beijing, Shanghai and Changzhou. Since 2013, Terex has organized a series of safety focused reverse trade missions and executive training programs in the United States. Terex partnered with China’s State Administration of Work Safety to facilitate enactment of standards and regulations relevant to work at heights and heavy lifting safety and partnered with the U.S. Trade Development Agency to promote ‘live-line’ awareness at China’s State Grid and Southern Grid. These relationships have helped to cultivate a growth market environment for Terex Corporation’s technologies and products, including Genie® aerials, Terex® insulated aerial devices and Terex® and Demag® cranes.
Brian J. Henry, Senior Vice President
Business Development & Investor Relations
Phone: (203) 222-5954
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.
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.
Front Row – left: John Garrison, CEO & President of Terex Corporation; right: YIN Yaping, President of Xuzhou Handler Special Vehicles Co., Ltd.
Back Row - left to right: Wilbur Ross, U.S. Secretary of Commerce; WANG Yang, Vice Premier of China; ZHONG Shan, China Minister of Commerce
Photo Credit: Chinese State Council (www.gov.cn)
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