Terex

Terex Corporation

Type	Public (NYSE: TEX)
Industry	Construction Equipment Financial Services
Predecessor	Northwest Engineering Company
Founded	1925 (1925)
Founder(s)	Gerald Williamson
Headquarters	Westport, Connecticut, United States
Area served	Worldwide
Key people	Ronald M. DeFeo, Chairman and CEO
Products	Aerial work platforms Construction Cranes Materials processing
Services	Financial products Training
Revenue	US$4.043 billion
Employees	15,900 (2009)
Website	terex.com

A worker at a mine in Northern Alberta, Canada stands next to a Terex 6800AC "Heavy Hauler". The 6800AC is one of the biggest dump trucks in the world^[1]

An old excavoator under the Northwest name at the Pageant of Steam grounds

Terex articulated dump trucks

A TS-14b scraper in Hudson, Ohio

A Genie S-65 Boom lift on the Washington State University-Vancouver campus in Vancouver, Washington. Genie Industries is a subsidiary of Terex.

Terex Corporation (NYSE: TEX)is an American-based diversified global manufacturer of a broad range of heavy equipment for a variety of industries, including construction, infrastructure, quarrying, recycling, surface mining, shipping, transportation, refining, utility and maintenance. The company's major business segments include aerial work platforms, construction, cranes, materials processing & mining, and roadbuilding and utility products. Terex has more than 15,900 employees and operates 50 manufacturing facilities in North America, South America, Europe, Asia and Australia. Terex sells its products in more than 170 countries.

Corporate history

The Terex name has its origins as a division of General Motors. Due to a 1968 Justice Department ruling, General Motors was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest the Euclid brand name. GM coined the "Terex" name in 1968 from the Latin words "terra" (earth) and "rex" (king) for its construction equipment products and trucks not covered by the ruling.^[2]

General Motors sold the Terex division to German firm IBH Holding AG in 1980. After IBH Holding AG declared bankruptcy in 1983, ownership of Terex reverted to General Motors and was organized as Terex Equipment Limited and Terex USA. American entrepreneur Randolph W. Lenz purchased Terex USA from GM in 1986, then exercised an option to purchase Terex Equipment Limited in 1987. In 1988 Lenz merged his primary construction equipment asset, Northwest Engineering Company, into Terex Corporation, making Terex Corporation the parent corporation. The construction assests acquired by Lenz throughout the 1980s including Northwest Engineering Company, Unit Rig (brands Dart Truck Company), Terex Equipment Limited and Koehring Cranes and Excavators, Inc. all became assets of Terex Corporation.

The original GM Euclid plant established in Hudson, Ohio was closed by Terex Corporation in the late 1980s.

In the 1970s, Terex produced the world's largest truck, the Terex 33-19 "Titan". The single prototype produced served until 1990 and is now on display in Sparwood, British Columbia, near the mine it served. It remains the world's largest truck by dimensions, but not by carrying capacity (370 tons). In 2008, Terex introduced a 400-ton mining truck, the MT6300, with 400 tons of hauling capacity.

In 1999 Terex acquired Finlay Hydrascreens which became Terex Finlay, they produce mobile crushing, screening, washing and recycling equipment. Their products are used in industries such as construction, quarrying, mining, landfill, aggregates, topsoil, compost/wood chips, asphalt, rock crushing, demolition, and recycling. Terex Finlay headquarters are located in Omagh, Northern Ireland.

Due to a strategy of acquisitions, Terex Corporation owns more than 50 different brands.

The United States Terex Corporation acquired the majority ownership (71%) of Tatra in late 2003 but as of late 2006 sold off that share to Blue River S.R.O. for about $26.2 million in cash.^{[3] [4]}

In February 2010, Terex sold its mining equipment division to Bucyrus International Inc. for US$1.3 billion.^[5]

On 13 March 2010, Terex has announced that it will now offer a full two-year factory warranty on rough terrain canes, crawler cranes, boom tucks, truck cranes and tower cranes built in the US.^[6]

Allegations of arms sale to Iraq

In 1992 American businessman Richard Carl Fuisz reported to the Operations Subcommittee of the House Committee on Agriculture that he witnessed the construction of military vehicles at a Terex owned facility in Scotland in 1987. Fuisz alleged that Terex employees reported that the vehicles were manufactured at the request of the CIA and British Intelligence and were destined for service with the Iraqi military.^[7] Terex denied the allegations and in 1992, Terex filed a libel complaint against Fuisz and Seymour M. Hersh, writer of a New York Times article covering Fuisz's allegations. After several investigations, including a 16 month long Federal task force investigation, no legal charges were filed against Terex and the New York Times in an Dec. 7, 1995 editor's note said," "The article should never have suggested that Terex has ever supplied Scud missile launchers to Iraq, and The Times regrets any damage that may have resulted to Terex from any false impression the article may have caused."^[8]

In 2005, Scotland's Sunday Herald reported that documents provided by Iraq to the United Nations named Terex as a company that provided assistance to Iraq's weapons program.^[9]

References

1. ^ "10 Largest Dump Trucks on Earth". http://www.dieselpowermag.com/features/0804dp_10_largest_dump_trucks/terex.html. 
2. ^ Alves, Michael; Haddock, Keith; Halberstadt, Hans; Sargent, Sam (2003-12-27). Heavy Equipment. St. Paul, Minnesota, United States: Crestline. p. 50. ISBN 978-0760317754. http://books.google.com/books?id=_H6Jkm7nCDYC&pg=PA50&lpg=PA50&dq=terex+33-19&source=bl&ots=aLdvTUMCpI&sig=cAkkViRgltoljP-4AR1kgr_tpsI&hl=en&ei=5ACfS5L6GoeusgOLv7GeCw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CAUQ6AEwADg8#v=onepage&q=terex%2033-19&f=false. Retrieved 2010-03-15. "The Terex name was born in 1968 because General Motors had to discontinue the manufacture and sale of off-highway trucks..." 
3. ^ http://all-tatra.blogspot.com/2006/10/terex-corporation-sells-stake-in-czech.html
4. ^ http://all-tatra.blogspot.com/2006/10/terex-announces-divestiture-of-its.html
5. ^ "Bucyrus Completes Acquisition of Mining Business of Terex". bucyrus.com. Bucyrus International Inc. 2010-02-19. Archived from the original on 2010-03-01. http://www.webcitation.org/5nun8TX6R. Retrieved 2010-03-01. "Bucyrus International, Inc. ...announced today that it has completed its acquisition of the mining equipment business of Terex Corporation." 
6. ^ Terex Extended US Crane Warranty
7. ^ Seymour M. Hersh (1992-01-26). "U.S. Linked to Iraqi Scud Launchers". The New York Times (The New York Times Company). Archived from the original on 2010-03-23. http://www.webcitation.org/5oSJ8Lerj. Retrieved 2010-03-23. "Richard C. Fuicz began telling United States Government investigators about a visit he made in September 1987 to a truck manufacturing plant owned by the Terex Corporation, a subsidiary of KCS of Westport, Conn." 
8. ^ "Editor's Note". The New York Times (The New York Times Company). 1995-12-07. Archived from the original on 2010-03-23. http://www.webcitation.org/5oSKnJGhO. Retrieved 2010-03-23. "Despite several investigations, no legal proceedings or charges were brought against Terex." 
9. ^ Neil Mackay (2003-02-23). "Revealed: 17 British firms armed Saddam with his weapons". The Sunday Herald (Herald & Times Group). "UK firms that sold arms to Iraq...Terex" 

External links

Coordinates: 41°12′54″N 81°26′16″W / 41.21488°N 81.43782°W / 41.21488; -81.43782

• Terex official website
• Terex Vectra (India) website
• Terex Memorabilia Hudson Library & Historical Society