Terex

For the fictional character in the Star Wars: Poe Dameron comic series, see Agent Terex.

Terex Corporation is an American company^[3][4][5] and worldwide manufacturer of lifting and material-handling equipment. Terex does business in the Americas, Europe, Australia and Asia Pacific.^[6]

Terex Corporation

Company type	Public
Traded as	NYSE: TEX S&P 400 component
Industry	Manufacturing
Founded	1933; 92 years ago (1933)
Founder	George Armington
Headquarters	Norwalk, Connecticut, U.S.
Area served	Worldwide
Key people	Simon A. Meester (President & CEO)[1]
Products	Aerial Work Platforms Materials Processing
Services	Parts and equipment maintenance and repair; equipment financing
Revenue	US$5.13 billion (2024)
Operating income	US$526 million (2024)
Net income	US$335 million (2024)
Total assets	US$5.73 billion (2024)
Total equity	US$1.83 billion (2024)
Number of employees	11,400 (2024)
Website	terex.com
Footnotes / references [2]

Corporate history

The origins of Terex date to 1933, when the Euclid Company was founded by George A. Armington to build hauling dump trucks. In 1953, General Motors purchased Euclid, expanding the business to include more than half of all U.S. off-highway dump truck sales. Due to a 1968 Justice Department ruling, GM was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest the Euclid brand. 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 led by Horst-Dieter Esch de in 1980.^[7] After IBH Holding AG declared bankruptcy in 1983,^[8] ownership of Terex returned to General Motors and was organized as Terex Equipment Limited (Scotland), Terex do Brasil Limitada (Belo Horizonte, Brazil), and Terex USA (Hudson, Ohio).^{[citation needed]}

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 the parent entity.^[9]

Terex Corporation was incorporated in Delaware in 1986 and listed on the New York Stock Exchange in 1991.^[10] As a publicly traded company, Terex grew from acquisitions under the leadership of Ron DeFeo, who became president in 1993 and CEO in 1995.

In 1997 Terex acquired mining business from O&K, including the worlds largest hydraulic excavator RH 400, later produced as Cat 6090.^[11] In 2010 Terex sold its mining business to Bucyrus.^[12]

In December 2013, Volvo Construction Equipment (VCE) acquired the Terex line of heavy haul trucks.

John L. Garrison, Jr., succeeded him as President and CEO in 2015 and further transformed the business through acquisitions, new-business launches, and divestitures.^[13] In January 2024, Terex named Simon A. Meester, formerly President of the company's Aerial Work Platforms business segment, as Terex president and chief executive officer.^[9]

In September 2021 VCE rebranded the business Rokbak.^[9]

Products

Materials Processing (MP) manufactures the following:

• crushers
• washing systems
• screens
• trommels
• apron feeders
• material handlers
• pick and carry cranes
• rough terrain cranes
• tower cranes
• wood processing, biomass and recycling equipment
• concrete mixer trucks and concrete pavers
• conveyors
• related components and replacement parts for the above

Customers use these products in construction, infrastructure and recycling projects, quarrying and mining applications, as well as landscaping and biomass production industries, material handling applications, maintenance applications to lift equipment or material, moving materials and equipment on rugged or uneven terrain, lifting construction material and placing material at point of use. Terex MP brands and business lines include: Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Terex Advance, ProStack, Terex Bid-Well, MDStm, MARCO, Green-Tec, Magna, and Terex Recycling Systems.^[14]

Aerial Work Platforms (AWP) manufactures mobile elevating platforms, utility equipment and telehandlers. Products include portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, scissor lifts, Terex Utility equipment (including digger derricks and insulated aerial devices) and telehandlers, as well as replacement parts. Aerial equipment safely positions workers and materials at height, enhancing safety and productivity. Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for construction and maintenance of transmission and distribution lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as infrastructure projects. AWP markets principally under the Terex and Genie brand names.^[14]

A worker at a mine in Northern Alberta, Canada stands next to a Terex 6300AC "Heavy Hauler". The 6300AC was one of the biggest dump trucks in the world. c. 2000^[15]

Acquisitions and divestitures

On October 8, 2024, Terex completed the acquisition of the Environmental Solutions Group (ESG) from Dover Corporation for $2 billion.^[16] ESG is an integrated equipment manufacturer serving the solid waste and recycling industries. Its market-leading brands include Heil, Marathon, Curotto-Can, Bayne Thinline, Parts Central, and digital solutions 3rd Eye and Soft-Pak. As of December 2024, Terex marketed under more than 30 customer-facing brands.^[14] Terex was built through a series of acquisitions, internal start-ups, and divestitures over the years. These and other actions helped to shape the current business portfolio:

Acquisitions

1999 – Powerscreen, Finlay, Simplicity, Franna^[17][18][19]

2001 – Canica, Jaques,^[20] Bid-Well, CMI Roadbuilding^[21]

2002 – Genie, Fuchs, Advance Mixer^[22]

2015 – CBI, Ecotec^[23]

2020-2023 – MDS,^[24] Steelweld,^[25] ZenRobotics,^[26] ProAll,^[27] MARCO^[28]

2024 – Environmental Solutions Group (ESG)

Divestitures

2010 – Mining Segment^[29]

2013 – Roadbuilding / Heavy hauling businesses^{[30][31][32][33]}

2017 – MHPS port handling business;^[34] construction business

2019 – Demag cranes business^[35][36]

Criticism

In 1992 American businessman Richard Carl Fuisz reported to the Operations Subcommittee of the House Committee on Agriculture that he witnessed the construction of military vehicles at a Terex owned facility in Scotland in 1987. Fuisz alleged that Terex employees reported that the vehicles were manufactured at the request of the CIA and British Intelligence and were destined for service within the Iraqi military.^[37] Terex denied the allegations and, in 1992, filed a libel complaint against Fuisz and Seymour M. Hersh, writer of an article in The New York Times covering Fuisz's allegations. After several investigations, including a 16-month-long federal task force investigation, no legal charges were filed against Terex. The New York Times, in an editor's note on 7 December 1995, said, "The article should never have suggested that Terex has ever supplied Scud missile launchers to Iraq, and The Times regrets any damage that may have resulted to Terex from any false impression the article may have caused."^[38]