Terex Corporation Authorizes New Share Repurchase Program and Increases Quarterly Dividend
February 21 2017 - 4:30PM
Business Wire
Terex Corporation (NYSE:TEX) today announced that its Board of
Directors authorized a new share repurchase program of up to $350
million to commence upon completion of the company’s current $200
million program, which has approximately $70 million remaining. The
Board also declared a quarterly dividend of $0.08 per share, an
increase of 14% over the 2016 quarterly amount. The dividend will
be paid on March 20, 2017 to shareholders of record as of March 10,
2017.
John L. Garrison, Terex President and Chief Executive Officer,
stated, “Today’s new $350 million share repurchase authorization
and dividend increase are consistent with our disciplined capital
allocation strategy that, combined with our Focus, Simplify and
Execute To Win strategy, will create long term value for our
shareholders.”
The timing of the share repurchase program will be based on
available liquidity, cash flows and general market conditions. The
repurchase program may be executed through various methods,
including open market purchases.
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 the Company’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. The Company 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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version on businesswire.com: http://www.businesswire.com/news/home/20170221006690/en/
Terex CorporationBrian J. Henry, 203-222-5954Senior Vice
PresidentBusiness Development & Investor
Relationsbrian.henry@terex.com
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