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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. Products included are hydraulic mining excavators, electric drive mining trucks, track and rotary blasthole drills and a highway miner. Also included are related parts and aftermarket services, including company-owned distribution locations.
In a presentation this morning, Terex says its net sales in the 2010 to 2013 time period will total $4.9 to $8.5 billion.