Terex Corporation
 |
|
| Public | |
| Traded as | : TEX S&P 400 Component |
| Industry | Lifting and Material Handling Financial Services |
| Founded | 1933 |
| Founder | George Armington |
| Headquarters | Westport, Connecticut, United States |
|
Area served
|
Worldwide |
|
Key people
|
John L. Garrison, Jr., President and CEO |
| Products |
Aerial work platforms |
| Services | Financial products |
| Revenue | US$7.3 billion (2014) |
|
Number of employees
|
22,000 (2015) |
| Website | www |
Aerial work platforms
Construction
Cranes
Material Handling & Port Solutions
Terex Corporation is an American worldwide manufacturer of lifting and material handling solutions for a variety of industries, including construction, infrastructure, quarrying, recycling, energy, mining, shipping, transportation, refining and utilities. The company's major business segments include aerial work platforms, construction, cranes, material handling & port solutions and materials processing. Terex has more than 22,000 employees and operates manufacturing facilities throughout the world. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services.
The Terex name has its origins as a division of General Motors. Due to a 1968 Justice Department ruling, General Motors was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest the Euclid brand name. GM coined the "Terex" name in 1968 from the Latin words "terra" (earth) and "rex" (king) for its construction equipment products and trucks not covered by the ruling.
General Motors sold the Terex division to German firm IBH Holding AG in 1980. After IBH Holding AG declared bankruptcy in 1983, ownership of Terex reverted to General Motors and was organized as Terex Equipment Limited (Scotland) and Terex USA (Hudson, Ohio).
American entrepreneur Randolph W. Lenz purchased Terex USA from GM in 1986, then exercised an option to purchase Terex Equipment Limited in 1987. In 1988, Lenz merged his primary construction equipment asset, Northwest Engineering Company, into Terex Corporation, making Terex Corporation the parent corporation. The construction assets acquired by Lenz throughout the 1980s including Northwest Engineering Company, Unit Rig (brands Dart Truck Company), Terex Equipment Limited and Koehring Cranes and Excavators, Inc. all became assets of Terex Corporation.
In 1999 Terex acquired Powerscreen PLC, a Northern Ireland-based group of companies. These companies included Powerscreen International, Finlay Hydrascreens, Moffet Mountie, BL Pegson as well as several others. Power screen and newly named Terex Finlay produce mobile crushing, screening, washing and recycling equipment. Their products are used in industries such as construction, quarrying, mining, landfill, aggregates, topsoil, compost/wood chips, asphalt, rock crushing, and recycling.
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