NORWALK, Conn., Feb. 1, 2022
/PRNewswire/ -- Terex (NYSE: TEX) today announced its
Series B investment in Viatec, Inc., a South Carolina-based manufacturer of
plug-and-play electronic power take-off ("PTO") systems that
support electrification of utility fleets. Terex is the lead
investor in the Series B investment round along with other
participants including Duke Energy. In conjunction with this
investment, a Terex representative will fill one of five seats on
Viatec's board.
Terex Utilities has actively worked with Viatec since 2019,
focusing on simple and reliable plug-in PTO solutions for the
electric utility industry. Terex offers SmartPTO on a variety of
its Utilities products, which eliminates noise and carbon
emissions, lowers operating costs, and extends the life of utility
equipment by reducing engine operating hours.
"Viatec has developed an electrification solution for utility
customers that is highly effective and easy to use. Our investment
in Viatec will enable the company to scale production and make its
offering more widely available to electric utility and other
customers," said John L. Garrison,
Jr., Terex Corporation Chairman and Chief Executive
Officer.
"We are excited to take our company capabilities to the next
level," said Mark Ferri, Viatec's
President and Chief Executive Officer. "We look forward to our
continued partnership with Terex and appreciate the company's
investment."
Terex is pleased to make this investment alongside Duke Energy,
who was Viatec's earliest customer and has been integral to the
evolution of Viatec's offering. Duke Energy's participation
as a Series B investor is a positive indication of the value that
Viatec can bring to others in the utilities industry.
About Terex
Terex is a global manufacturer of aerial
work platforms and materials processing machinery. We design,
build and support products used in construction, maintenance,
manufacturing, energy, minerals and materials management
applications. Terex products and solutions enable customers
to reduce their environmental impact including electric and hybrid
offerings that deliver quiet and emission-free performance,
products that support renewable energy, and products that aid in
the recovery of useful materials from various types of waste. Our
products are manufactured in North
America, Europe,
Australia and Asia and sold worldwide. We engage with
customers through all stages of the product life cycle, from
initial specification and financing to parts and service
support.
About Duke Energy
Duke Energy (NYSE: DUK), a Fortune
150 company headquartered in Charlotte,
N.C., is one of America's largest energy holding companies.
Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio
and Kentucky, and collectively own
51,000 megawatts of energy capacity. Its natural gas unit serves
1.6 million customers in North
Carolina, South Carolina,
Tennessee, Ohio and Kentucky. The company employs 27,500
people.
Duke Energy is executing an aggressive clean energy strategy to
create a smarter energy future for its customers and communities –
with goals of at least a 50% carbon reduction by 2030 and net-zero
carbon emissions by 2050. The company is a top U.S. renewable
energy provider, on track to own or purchase 16,000 megawatts of
renewable energy capacity by 2025. The company also is investing in
major electric grid upgrades and expanded battery storage, and
exploring zero-emitting power generation technologies such as
hydrogen and advanced nuclear.
About Viatec
Founded in 2015, Viatec has developed,
patented and commercialized technology that is becoming recognized
as the next industry standard in the vocational vehicle sector for
auxiliary power. Viatec's flagship product is an electric power
take off system (PTO) under the brand name SmartPTO™.
Forward-Looking Statements
Certain
information in this press release includes forward-looking
statements (within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995) regarding future
events or our future financial performance that involve certain
contingencies and uncertainties, including those discussed in our
Annual Report on Form 10-K for the year ending December 31, 2020, and subsequent reports we file
with the U.S. Securities and Exchange Commission from time to time,
in the sections entitled "Management's Discussion and Analysis of
Financial Condition and Results of Operations – Contingencies and
Uncertainties." In addition, when included in this press
release or in documents incorporated herein by reference, the words
"may," "expects," "should," "intends," "anticipates," "believes,"
"plans," "projects," "estimates," "will" and the negatives thereof
and analogous or similar expressions are intended to identify
forward-looking statements. However, the absence of these
words does not mean that the statement is not
forward-looking. We have based these forward-looking
statements on current expectations and projections about future
events. These statements are not guarantees of future
performance. Such statements are inherently subject to a
variety of risks and uncertainties that could cause actual results
to differ materially from those reflected in such forward-looking
statements. Such risks and uncertainties, many of which are
beyond our control, include, among others:
- our business has been, and could be further, adversely
impacted by global health pandemics such as the outbreak of a new
strain of coronavirus ("COVID-19");
- our business is highly competitive and is affected by our
cost structure, pricing, product initiatives and other actions
taken by competitors;
- we are dependent upon third-party suppliers, making us
vulnerable to supply shortages and price increases;
- our operations are subject to a number of potential risks
that arise from operating a multinational business, including
compliance with changing regulatory environments and political
instability;
- a material disruption to one of our significant
facilities;
- our business is sensitive to government spending;
- our business is affected by the cyclical nature of markets
we serve;
- our financial results could be adversely impacted by the
United Kingdom's ("U.K.")
departure from the European Union ("E.U.");
- changes affecting the availability of the London Interbank
Offered Rate ("LIBOR") may have consequences on us that cannot yet
reasonably be predicted;
- our need to comply with restrictive covenants contained in
our debt agreements;
- our ability to generate sufficient cash flow to service our
debt obligations and operate our business;
- our ability to access the capital markets to raise funds and
provide liquidity;
- the financial condition of suppliers and customers, and
their continued access to capital;
- exposure from providing financing and credit support for
some of our customers;
- we may experience losses in excess of recorded
reserves;
- our business is global and subject to changes in exchange
rates between currencies, commodity price changes, regional
economic conditions, and trade relations;
- our retention of key management personnel;
- possible work stoppages and other labor matters;
- changes in import/export regulatory regimes, imposition of
tariffs, escalation of global trade conflicts and unfairly traded
imports, particularly from China,
could continue to negatively impact our business;
- compliance with changing laws and regulations, particularly
environmental and tax laws and regulations;
- litigation, product liability claims and other
liabilities;
- our compliance with the United
States ("U.S.") Foreign Corrupt Practices Act and similar
worldwide anti-corruption laws;
- increased regulatory focus on privacy and data security
issues and expanding laws;
- our ability to comply with an injunction and related
obligations imposed by the U.S. Securities and Exchange Commission
("SEC");
- our ability to successfully implement our strategy:
- disruption or breach in our information technology systems
and storage of sensitive data; and other factors.
Actual events or our actual future results may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and material factors. The
forward-looking statements contained herein speak only as of the
date of this press release and the forward-looking statements
contained in documents incorporated herein by reference speak only
as of the date of the respective documents. We expressly
disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement contained or
incorporated by reference in this press release to reflect any
change in our expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based.
Contact Information
Terex Corporation
Randy Wilson
Director, Investor Relations & Corporate
Treasury
203-221-5415
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SOURCE Terex Corporation