Terex expects to cut about 1.8 percent of its workers this year, Bloomberg is reporting. Its restricting of its compact construction operations in Germany and likely sale or closing of several business, will cost $11.7 million and result in the reduction of 368 workers this year, Terex said in a filing. Also Terex will cut about 26 jobs in its material-handling and ports segment.
Chairman and CEO Ron DeFeo said during the company’s earnings statement recently that the company will exit a number of compact construction component business in Germany that were generating poor returns. “We expect these actions to improve operating results as the year progresses,” DeFeo said.
Terex is also restricting its material handling and ports segment, closing a production site in Spain that the company said had been under-performing.
Terex, based in Westport, Conn., still employs more than 21,000 people worldwide.
