Terex CEO lays out future strategy

Terex Corporation has continued to divest itself of businesses that are not core to its three main industry sectors - cranes, aerial work platforms and materials processing. Speaking at the CONEXPO-CON/AGG show in Las Vegas, president and CEO John Garrison laid out the company’s future strategy.
March 9, 2017 Read time: 2 mins
CEO John Garrison says Terex in improved financial position

1222 Terex Corporation has continued to divest itself of businesses that are not core to its three main industry sectors - cranes, aerial work platforms and materials processing.

Speaking at the CONEXPO-CON/AGG show in Las Vegas, president and CEO John Garrison laid out the company’s future strategy.

“It’s been a dynamic and exciting time at Terex, transforming Terex for the future,” he said.

Already this year the company has sold its compact construction equipment division in the UK to French company Mecalac and its Materials Handling and Port Solutions business to Konecranes. In 2016 the firm also sold its German construction machinery business to Yanmar. There are now just two smaller businesses to divest, including a site that builds backhoe loaders in India.

Terex is also set to close 14 manufacturing facilities around the world, around one third of its global capacity, as it restructures production of equipment.

“That’s necessary for us to get our cost structure in line,” said Garrison.

However he claimed that the company is ready to respond to any upturn in demand and will continue to invest in organic growth from within the three operating divisions. At CONEXPO-CON/AGG alone Terex unveiled 12 new cranes, aerial work platforms and crushing solutions. The business will also continue to invest in customer service offer and dealer support.

For more information on companies in this article

Related Content

  • Good financial results for Manitou
    July 23, 2012
    French off-highway machine manufacturer Manitou reports strong financial performance, despite tough trading conditions. Jean-Christophe Giroux, Manitou president and CEO said, “It’s been another great quarter, that somewhat contrasts with the general perception because we’re at a double inflexion point. This will not materially impact our full year 2012 revenue, which we still forecast to be up 10% vs. 2011, still within our 10-15% guidance. But we’ll adjust our runrates and throughput dynamically.”
    Read More
  • Showcasing global road innovation at key event
    August 27, 2019
    IRF Global R2T Conference & Exhibition to Present Winning Strategies Now in its second edition, the IRF Global R2T Conference & Exhibition has quickly established itself as the international meeting point. Leading industry innovators, researchers, and stakeholders can acquire essential engineering and business insights, and help build tomorrow’s transportation infrastructure today. A newly-released programme featuring more than 150 speakers spread across 50 policy and technical sessions offers an exc
    Read More
  • Jobs promise as Berco expands in UK
    July 31, 2012
    Berco UK has officially marked its relocation to a new larger factory and office in Spennymoor, County Durham, north-east England, and announced plans to double its workforce during the next few years. Helen Goodman, Member of Parliament for Bishop Auckland, officially opened Berco's new site, heralding the arrival of the company as a welcome boost to the town's economy with the promise of new jobs. Berco, whose headquarters is in Italy, is a leader in the manufacture of undercarriage components and systems
    Read More
  • McLanahan launches new equipment as US election boosts sales
    March 10, 2017
    The election of president Donald Trump had an immediate and positive effect on business, according to McLanahan’s CEO Sean McLanahan, speaking at a press conference at CONEXPO-CON/AGG. “The day after the election our phones started ringing,” said McLanahan. “Projects that had been mothballed are being put back online...our sales are up significantly since that time.” Sentiment from visitors at the show so far has been equally upbeat, added the CEO.
    Read More

Highlighted Content