Terex sells mining business to Bucyrus
| December 21, 2009 |
Saying it will move from a construction and mining equipment company to a machinery and industrial products business, Terex will sell its mining business to Bucyrus International for $1.3 billion in cash. With the sell, Terex will divest itself of mining excavators, electric drive mining trucks, track and rotary blasthole drills and a highwall miner. The sell also includes related parts and aftermarket services, including company-owned distribution locations. Ron DeFeo, Terex chairman and chief executive officer, says the cash offers gives the company “excellent financial flexibility, as our cash balance will substantially equal our outstanding indebtedness.”
In a presentation held this morning, Terex says a snapshot of its net sales in the 2010-2013 time period will be divided as follows: aerial work platforms, $1 to 2 billion; construction, $1.1 to $1.8 billion; cranes, $2.2 to $3.6 billion and materials processing, $0.6 to $1.1 billion. Terex says it will become a company of “highly successful product niches.”
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