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Terex Corporation
Type Public (NYSETEX)
Predecessor Northwest Engineering Company
Founded 1925 (1925)
Headquarters Westport, Connecticut, United States
Area served Worldwide
Key people Ronald M. DeFeo, Chairman and CEO
Industry Construction Equipment
Financial Services
Products Aerial work platforms
Construction
Cranes
Materials processing
Services Financial products
Training
Revenue US $4.043 billion
Employees 15,900 (2009)
Website terex.com
An old excavoator under the Northwest name at the Pageant of Steam grounds
Terex 2566 B
Terex dump trucks
A TS-14b scraper in Hudson, Ohio

Terex Corporation (NYSETEX)is a diversified global manufacturer of a broad range of heavy equipment for a variety of industries, including construction, infrastructure, quarrying, recycling, surface mining, shipping, transportation, refining, utility and maintenance. The company's major business segments include aerial work platforms, construction, cranes, materials processing & mining, and roadbuilding and utility products. Terex has more than 15,900 employees and operates 50 manufacturing facilities in North America, South America, Europe, Asia and Australia. Terex sells its products in more than 170 countries.

Contents

Corporate History

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.[1]

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 and Terex USA. 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 assests acquired by Lenz throughout the 1980's including Northwest Engineering Company, Unit Rig, Terex Equipment Limited and Koehring Cranes and Excavators, Inc. all became assets of Terex Corporation

The original GM Euclid plant established in Hudson, Ohio was closed by Terex Corporation in the late 1980's.

In the 1970s, Terex produced the world's largest truck, the Terex 33-19 "Titan". The single prototype produced served until 1990 and is now on display in Sparwood, British Columbia, near the mine it served. It remains the world's largest truck by dimensions, but not by carrying capacity (370 tons). In 2008, Terex introduced a 400-ton mining truck, the MT6300, with 400 tons of hauling capacity.

Due to a stragegy of acquisitions, Terex Corporation owns more than 50 different brands.

In February 2010, Terex sold its mining equipment division to Bucyrus International Inc. for USD $1.3 billion.

Plug-in hybrids

DUECO, the largest privately owned final-stage manufacturer[2] of Terex Utilities and Hi-Ranger products in the United States, has purchased Odyne Corporation. DUECO, in conjunction with Odyne, has developed the U.S. first plug-in hybrid system for medium and heavy duty trucks[3][4][5]

Iraq

Richard Carl Fuisz told the House Agriculture Committee in 1992 that Terex Corporation had built mobile Scud missile launchers for Saddam Hussein with the "CIA's blessing".[6][7] Terex "vigorously denied" the charge and started a libel suit against Fuisz. A 16-month federal investigation concluded that there was "no credible evidence that Terex supplied Scud missile launchers to Iraq" and the New York Times printed a retraction of their Seymour M. Hersh article saying "The Times has no evidence that contradicts the task force's findings."The Sunday Herald in 2005 reported on documents provided by Iraq to the UN naming companies that had provided assistance to Iraq's weapons program. Although the US government attempted to censor the contents, Terex is listed in a table of "UK firms that sold arms to Iraq", arms that involved "rocket" material.[8]

References

  1. ^ Alves, Michael; Haddock, Keith; Halberstadt, Hans; Sargent, Sam (2003-12-27). Heavy Equipment. St. Paul, Minnesota, United States: Crestline. p. 50. ISBN 978-0760317754. http://books.google.com/books?id=_H6Jkm7nCDYC&pg=PA50&lpg=PA50&dq=terex+33-19&source=bl&ots=aLdvTUMCpI&sig=cAkkViRgltoljP-4AR1kgr_tpsI&hl=en&ei=5ACfS5L6GoeusgOLv7GeCw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CAUQ6AEwADg8#v=onepage&q=terex%2033-19&f=false. Retrieved 2010-03-15. "The Terex name was born in 1968 because General Motors had to discontinue the manufacture and sale of off-highway trucks..." 
  2. ^ http://trailer-bodybuilders.com/mag/trucks_back_basics_certification/
  3. ^ http://www.dueco.com/
  4. ^ http://www.odyne.com/web_resources/press_release_pdfs/05-30-07-Dueco.pdf
  5. ^ http://www.calcars.org/calcars-news/1072.html
  6. ^ Hersh, Seymour (January 26, 1992). "U.S. Linked to Iraqi Scud Launchers". New York Times. http://query.nytimes.com/gst/fullpage.html?res=9E0CEFD71539F935A15752C0A964958260&partner=rssnyt&emc=rss. Retrieved 2009-03-13. "Just after the first wave of Scud attacks on Israel, an American named Richard C. Fuicz began telling United States Government investigators about a visit he made in September 1987 to a truck manufacturing plant owned by the Terex Corporation, a subsidiary of KCS of Westport, Conn." 
  7. ^ "CIA Said to Back Sale". Boston Globe. July 2, 1992. http://nl.newsbank.com/nl-search/we/Archives?p_product=BG&p_theme=bg&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EADDFEA0371EB31&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM. Retrieved 2009-03-03. "An American businessman told Congress yesterday that a US heavy equipment firm built mobile Scud missile launchers for Saddam Hussein with the CIA's blessing. Both the CIA and the firm -- the Terex Corp. of Westport, Conn. -- immediately denied the allegation. Dr. Richard C. Fuisz, a physician, inventor and businessman, told a subcommittee of the House Agriculture Committee that he toured a Terex plant in Scotland in September 1987 and was told by Art Rowe, the plant" 
  8. ^ "17 British Firms Armed Saddam with his Weapons". Sunday Herald. February 23, 2003. http://www.commondreams.org/headlines03/0223-07.htm. Retrieved 2009-03-04. "British companies who supplied Iraq with nuclear, biological, chemical, rocket and conventional weapons technology are to be investigated and could face prosecution following a Sunday Herald investigation." 

External links

Coordinates: 41°12′54″N 81°26′16″W / 41.21488°N 81.43782°W / 41.21488; -81.43782

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