Terex Corporation has announced a new operating structure organizing the company into four primary reporting groups: Terex Cranes, Terex Construction, Terex Mining, and Terex Roadbuilding and Utility Products.
Upon the completion of the previously announced acquisition of Genie Industries Inc., Terex will add Terex Aerial Work Platforms as a fifth reporting group.
"The purpose of these changes is to strengthen the company’s ability to service our customers and to provide a better return to our shareholders," commented Ronald M. DeFeo, Terex’s chairman and chief executive officer. "Over the past twelve months we have grown as a company and have added more than $1.5 billion in pro forma revenues through eight completed or announced acquisitions. These acquisitions have continued to increase our product and geographic diversification and will improve the overall Terex franchise. With growth, however, comes change, and today’s announcement reflects the continued growth and management leadership required to run our businesses."
DeFeo added, "The new organizational structure not only aligns us more closely with how our customers buy our equipment, but also puts manufacturing and sales for each product group under focused leadership. I am confident that the new structure will allow us to better focus on servicing our customers and markets and provide products which generate greater value for our customers."
Fil Filipov, formerly Terex executive vice president, has been named as president - Terex Cranes. In this new capacity, he will be responsible for all operations, manufacturing, and sales and marketing activities for Terex crane products sold worldwide, including mobile telescopic cranes, lattice boom cranes, tower cranes and boom trucks.
Filipov will lead the integration and future growth of the recent Demag acquisition as part of the Terex Crane group. Demag, which fills a strategic need within the product portfolio, solidifies the Terex European crane franchise and positions Terex to compete as a leading worldwide crane company. In addition to Terex’s crane businesses, Filipov will continue to be responsible for Terex’s Advance Mixer operations and Terex’s investment in Tatra a.s.
Colin Robertson, formerly president Terex Europe, has been named as president - Terex Construction. In this new capacity, he will be responsible for all operations, manufacturing, and sales and marketing for Terex construction products sold worldwide, including off-highway articulated and rigid trucks, loader backhoes, mini- and midi-excavators, wheeled excavators, compaction equipment, telehandlers and wheel loaders. The Terex Construction organization consolidates Terex’s construction equipment lines and establishes it as a major competitor in both the heavy and compact product areas, bringing under one roof a powerful combination of products with tremendous growth potential. Mr. Robertson will continue to be responsible for the Powerscreen Group, which includes the Powerscreen, Finlay and BL Pegson businesses.
Thys de Beer will continue in his current role as president - Terex Mining. Terex Mining is a supplier of haul trucks and mining shovels with operations and offices around the world focused on the surface mining segment, including the operations of O&K Mining and Unit Rig.
The Terex Roadbuilding and Utility Products Group will be led by DeFeo. Included in this group will be Terex’s product offerings for the roadbuilding, utility, and light construction industries, including asphalt and concrete plants and pavers, reclaimers, stabilizers and milling machines, crushing and screening equipment (with the exception of the Powerscreen Group), aerial devices, digger derricks, tree trimmers, light towers and generators. Reporting to DeFeo will be Bill McClane, president - Cedarapids, Jim Holland, president - CMI Terex, Chris Ragot, president - Terex Utilities, and Kerry O’Sullivan, president - Terex Light Construction.
As noted above, upon completion of Terex’s acquisition of Genie, scheduled to take place late in the third quarter of 2002, Genie will make up a new reporting group, Terex Aerial Work Platforms, with Bob Wilkerson, currently president of Genie, having responsibility for this group and reporting to DeFeo.
Ernie Verebelyi, who has been serving as group president - Terex Americas, has announced his intention to retire effective September 30, 2002. "Ernie joined the company in 1998 and during the past four years has played a critical role in the growth and profitability of Terex," said DeFeo. "During his tenure, Terex grew from $1.2 billion in annual revenues to $3.4 billion in annual revenues pro forma for the recently completed and announced acquisitions. I want to thank Ernie for his hard work and dedication in helping to build a stronger Terex franchise."
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