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.”

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