Terex Announces Aerial Agreement During Presidential Trade Mission in China
November 13 2017 - 9:00AM
Business Wire
Terex Corporation (NYSE:TEX) joined 27 other companies on the
U.S. Trade Mission to China led by President Donald Trump and
Secretary of Commerce Wilbur Ross and hosted by China President Xi
Jinping. The mission’s purpose was to promote commercial
opportunities for U.S. business in China.
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Front Row - left: John Garrison, CEO
& President of Terex Corporation; right: YIN Yaping, President
of Xuzhou Handler Special Vehicles Co., Ltd. Back Row - left to
right: Wilbur Ross, U.S. Secretary of Commerce; WANG Yang, Vice
Premier of China; ZHONG Shan, China Minister of Commerce Photo
Credit: Chinese State Council (www.gov.cn)
Joining Terex at official trade delegation events were Xuzhou
Handler Special Vehicles Co., Ltd., the distributor for Terex®
Utilities products in China; and Shanghai Horizon Equipment &
Engineering Co., Ltd, China’s leading aerial work platform rental
business and a valued customer of Genie® equipment.
During the mission, Terex Utilities and Xuzhou Handler signed a
letter of intent for Xuzhou to purchase 5,000 units of insulated
aerial devices from Terex over a five-year period, with a total
value of more than USD 250 million. These products will enable and
support the continuing improvement and ongoing adoption of live
line work practices in the Chinese public utility sector. The
signing was witnessed by Secretary Ross and China’s Vice Premier
Wang Yang.
“It’s been an honor for Terex to participate in the Trade
Mission,” said John Garrison, President and CEO of Terex
Corporation. “The visit helped us to renew our longstanding
relationships in China and to build new ones. We thank Xuzhou
Handler for their business and look forward to working with them
and with other customers and prospective customers in China to
continue to advance safe work practices for working at height and
on live lines. In so doing, we expect that all involved will
benefit from expanded business opportunities.”
Terex has been committed to driving the adoption of safe work
practices in China and engaging in mutually beneficial business
relationships for almost three decades. The company currently has
more than 600 team members in China with facilities in Beijing,
Shanghai and Changzhou. Since 2013, Terex has organized a series of
safety focused reverse trade missions and executive training
programs in the United States. Terex partnered with China’s State
Administration of Work Safety to facilitate enactment of standards
and regulations relevant to work at heights and heavy lifting
safety and partnered with the U.S. Trade Development Agency to
promote ‘live-line’ awareness at China’s State Grid and Southern
Grid. These relationships have helped to cultivate a growth market
environment for Terex Corporation’s technologies and products,
including Genie® aerials, Terex® insulated aerial devices and
Terex® and Demag® cranes.
About Terex:
Terex Corporation is a global manufacturer of lifting and
material processing products and services that deliver lifecycle
solutions to maximize customer return on investment. The
Company reports in three business segments: Aerial Work Platforms,
Cranes, and Materials Processing. Terex delivers
lifecycle solutions to a broad range of industries, including the
construction, infrastructure, manufacturing, shipping,
transportation, refining, energy, utility, quarrying and mining
industries. Terex offers financial products and services
to assist in the acquisition of Terex equipment
through Terex Financial Services. Terex uses its
website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
Forward Looking Statements:
This press release contains forward-looking information
regarding future events or Terex’s future financial performance
based on the current expectations of Terex Corporation. In
addition, when included in this press release, the words “may,”
“expects,” “intends,” “anticipates,” “plans,” “projects,”
“estimates” 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. Terex has based these
forward-looking statements on current expectations and projections
about future events. These statements are not guarantees of future
performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
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Terex CorporationBrian J. Henry, 203-222-5954Senior Vice
PresidentBusiness Development & Investor
Relationsbrian.henry@terex.com
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