NORWALK, Conn.,
April 25,
2022 /PRNewswire/ -- Terex (NYSE: TEX) today
announced the acquisition of Steelweld, a manufacturer of heavy
fabrications based in Northern
Ireland. The purchase of Steelweld supports Materials
Processing's growth strategy by increasing fabrication capabilities
in Northern Ireland.
"We are excited to welcome Steelweld's talented employees to
the Terex team. Over the past 40 years, the company has
built a highly skilled work force and has a valued reputation for
high levels of quality and service," said John L. Garrison, Jr., Terex Corporation
Chairman and Chief Executive Officer.
Kieran Hegarty, Terex Materials
Processing President continued, "Steelweld's expertise in heavy
fabrications will provide additional knowledge and talent to
support the growth of Terex Materials Processing."
About Terex
Terex Corporation is a global manufacturer
of materials processing machinery and aerial work platforms. We
design, build and support products used in construction,
maintenance, manufacturing, energy, recycling, minerals and
materials management applications. Certain 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.
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
ended December 31, 2021, 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 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;
- consolidation within our customer base and
suppliers;
- 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 ability to integrate acquired businesses;
- our business is affected by the cyclical nature of markets
we serve;
- 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 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 and skilled
labor;
- 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. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement contained 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
Randy
Wilson
Director, Investor Relations & Corporate Treasury
Phone: 203-221-5415 Email: randy.wilson@terex.com
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SOURCE Terex Corporation