Terex Continues Major Restructuring

Nov. 1, 2001
WESTPORT. Conn. Terex will close seven more plants and cut an additional 725 jobs in a continuing effort at consolidating production to boost efficiency.

WESTPORT. Conn. — Terex will close seven more plants and cut an additional 725 jobs in a continuing effort at consolidating production to boost efficiency. Combined with other recently announced cuts, the company is closing 11 facilities and cutting 1,225 jobs, about 16 percent of its work force.

Terex said the newest cuts will affect its Terex Lifting U.K. operations in Tetbury, England; Terex Aerials in Cork, Ireland; and Benford Ltd. in Warwick, England. Terex plans to consolidate four U.S. facilities — Terex Lifting in Conway, S.C.; Royer Industries and Re-Tech, Lebanon, Pa., Standard Havens, Glasgow, Mo.; and Canica-Jaques, Vancouver, Wash.

“Given the number of acquisitions we have made over the past few years and the current market conditions, it makes sense for us to step back and adjust our structure,” said Terex CEO Ron DeFeo.

The Westport, Conn.-based manufacturer produces earthmoving equipment, cranes, boom trucks, floodlighting, trowels, traffic control systems and other products.

Terex said it would take a charge of $30 million to $35 million for the steps. It expects to save about $40 million annually as a result of the restructuring.