Vice President, Investor Relations
TEREX ISSUES STATEMENT ON PATENT INFRINGEMENT JUDGMENT
WESTPORT, CT, Dec. 12, 2011 -- Terex Corporation (NYSE: TEX) previously disclosed an adverse jury verdict and injunction in a patent infringement lawsuit brought against Powerscreen International Distribution Limited (“Powerscreen”) and Terex Corporation by Metso Minerals Inc. in United States District Court for the Eastern District of New York.
On December 9, 2011, a final judgment in support of the adverse jury verdict was issued. The Court’s most recent ruling is in line with the Company’s expectations with regard to the damages award in this case. These types of patent cases are complex and the Company strongly believes that the judgment is contrary to both the law and the facts. Accordingly, Terex and Powerscreen will be appealing the judgment and the related injunction and believe that they will ultimately prevail on appeal.
It is important to note that the judgment and injunction only relate to certain models of Powerscreen mobile screening plants with the alleged infringing folding side conveyor design that were sold in the United States. These models have been updated with Powerscreen’s new proprietary S range of conveyors which have even better stockpiling capability than previous models. Thus, the judgment and injunction do not affect the continued use of any Powerscreen mobile screening plants currently in operation in the United States, the sales of any Powerscreen mobile screening plants outside of the United States, or the sale of any screening plants sold by Powerscreen in the United States or elsewhere. Likewise, the judgment and injunction do not affect the sale of any other products manufactured by Terex or any of its subsidiaries. Accordingly, Terex does not expect the judgment or injunction will have a material impact on Terex’s consolidated business or overall operating results.
Forward Looking Statements
This press release contains forward-looking information based on the current expectations of Terex Corporation. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond the control of Terex, include those factors that are more specifically set forth in the public filings of Terex with the Securities and Exchange Commission. Actual events or the actual future results of Terex may differ materially from any forward looking statement due to those and other risks, uncertainties and significant factors. The forward-looking statements speak only as of the date of this press release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this press 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 diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions 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.
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