Terex’s bright past, better future

John Garrison, Terex Corporation CEO, has said that as soon as further information is available on Zoomlion’s unsolicited cash bid for the company there will be an announcement. The Chinese construction equipment manufacturer is understood to have increased its offer for Terex in the estimated $3.4 billion bid. Meanwhile, Terex has an existing merger agreement with Finnish company Konecranes.
April 13, 2016 Read time: 2 mins
Garrison: no information yet on Zoomlion bid

John Garrison, 1222 Terex Corporation CEO, has said that as soon as further information is available on 1175 Zoomlion’s unsolicited cash bid for the company there will be an announcement.

The Chinese construction equipment manufacturer is understood to have increased its offer for Terex in the estimated $3.4 billion bid. Meanwhile, Terex has an existing merger agreement with Finnish company Konecranes.

“The board of directors has not changed its recommendation for the Konecranes’ merger,” Garrison told a press conference at bauma 2016. “We cannot comment on how long this is going to take. As soon as we have something to say we will make an announcement. Since I became CEO in November, 2015, it has been a very exciting and dynamic first couple of months. I must emphasise that in this company safety is the most important thing we do.”

The company is using the theme Bright Past, Better Future. “For example, this year our Genie brand is celebrating 50 years,” he said. “We are reintroducing the Demag brand to our cranes, and 2991 Powerscreen is also 50 years. There is a tremendous amount at Terex to be proud of, particularly with our 20,000 team members. But we can’t rest on our laurels.”

Plans are in hand to reintroduce the City Crane under the Demag name, but Ken Lousberg, president of Terex Cranes, said he could not give a date as yet.

“I think it will be a short development time,” he said.

Kieran Hegarty, president of Terex Materials Processing, said, “Our customers are telling us they want real-time diagnostics on their machines to maximise their efficiency. You are seeing a big focus on advanced telematics.”

For more information on companies in this article

Related Content

  • Zoomlion ends pursuit of Terex Corporation
    May 31, 2016
    Zoomlion has ended its multi-billion dollar bid to acquire Terex Corporation. In a statement to customers, Ken Lousberg, Terex Cranes president, said that discussions between the two construction equipment industry heavyweights over a near US$3.3 billion deal had been terminated. Lousberg said the recently announced sale of Terex Corporation’s Material Handling and Port Solutions business segment to Finland-based Konecranes for around $1.3 billion is proceeding as planned, subject to regulatory and Konecra
    Read More
  • Terex well placed for big gains thanks to sustained strategic investment
    March 16, 2023
    Terex’s sustained strategic investments in product electrification and other parts of its business have left the off-highway equipment giant in a strong position to grow and capitalise on major market trends, such as the growing importance of digitalised production to customer operations.
    Read More
  • Terex breaking new ground in China
    November 28, 2018
    Terex has this week staged a breaking ground ceremony on the site of what will be a new assembly and fabrication facility for Genie aerial work platforms in Changzhou, eastern China. Kieran Hegarty, president of Terex Materials Processing (Terex MP), and Colin Clements, Powerscreen global product line director, attended the event – marking the latest stage of ambitious Terex’s Chinese market development. Powerscreen, the major Terex MP global quarrying equipment manufacturer, who offer a full product line
    Read More
  • Terex targeting “mineral wealth” led growth markets
    July 2, 2013
    A senior Terex figure said the leading construction equipment manufacturer is hard at work targeting future “mineral wealth” led sales growth opportunities in Africa, Russia, Asia and Australia. Speaking during the recent Terex Truck Days event at the firm’s articulated and rigid dump truck manufacturing facility in Motherwell, Scotland, John Mlonek, commercial sales manager for Terex Construction, said, “With the downturn in Europe, lots of our efforts have gone more into markets like South Africa, which i
    Read More

Highlighted Content