Terex, Daewoo Enter Supply, Distribution Agreement

Mon July 21, 2003 - National Edition
CEG



Terex Corporation announced July 18 that it has entered into an agreement with Daewoo Heavy Industries and Machinery to distribute crawler excavators and wheel loaders under the Terex brand inNorth America. The agreement includes crawler excavators from 13 to 47-ton (11.7 to 42.3 t) operatingweights and wheel loaders with bucket capacities from 2 to 5.3 cu. yds. (1.5 to 4 cu m).

Terex Chairman and Chief Executive Officer Ronald M. DeFeo commented, "This agreement fills a gap in our product line with cost-effective and reliable products, and now our full product offering is one of the most complete in the industry. Our dealers can now focus on a full Terex product line and deliver on our mission of providing the highest returns for users of construction equipment."

Jae-Shin Yang, President and CEO of Daewoo, commented, "We are pleased to have Terex as a partner in this important market in addition to our existing distribution network. Customers in North America are increasingly recognizing the superior value of our products, and working with Terex will accelerate that market recognition."

Terex expects to begin offering these Terex branded crawler excavators and wheel loaders during the fourth quarter of 2003.