Terex forms financial services unit

Terex announced Friday it has formed a financial services unit to help customers acquire its equipment.

The unit will work with GE Vendor Financial Services, which provides financial services to equipment manufacturers, dealers and their end users.

“The formation of Terex Financial Services in coordination with a strong business partner will enable us to offer financial products, services and cost-effective financing of our products in North America with minimal expense and without adding any additional debt to Terex’s balance sheet,” said Ron DeFeo, Terex’s chairman, after the announcement.

Terex, based in Westport, Conn., is involved in construction, infrastructure, recycling and mining-related capital equipment. Some of its brand names include Advance, Atlas, Benford, CPV, Demag, Grayhound Koehring and Royer.