Terex to Invest $3M in Light Equipment and Attachments Marketplace

Mon January 22, 2001 - National Edition

Terex Corporation announced that it has agreed to make a $3 million equity investment into TaskPoint, a B2B marketplace for light construction equipment, attachments, and related products.

"This investment will allow Terex to develop an e-presence in the light equipment and attachments business," said Ronald M. DeFeo, Terex’s chairman and chief executive officer. "We recently announced the launching of EarthKing, an independent and unbiased Internet marketplace for the construction and mining equipment industry. Our relationship with TaskPoint should help EarthKing accelerate its e-presence in the light construction equipment and attachments area. Our association with TaskPoint will effectively lower the overall costs to acquire light equipment and attachments and better serve the needs of our customers."

"We are pleased that TaskPoint’s vision, business model, and team have attracted Terex as a strategic investor," commented William H. Dears, TaskPoint president and CEO. "Terex is aggressively forging into the e-commerce arena and we look forward to leveraging our initiatives with a strong partner, as well as incorporating Terex’s light construction equipment into TaskPoint’s neutral B2B marketplace."