Westport, Conn.-based Terex Corp. last week announced that its board of directors has authorized an increase in its share repurchase program, under which the company now may purchase an additional $500 million of the company’s outstanding common shares. This brings the total amount that may be repurchased under the share repurchase program to $1.2 billion, while keeping the program period expiration date of June 30, 2009. Purchases may be made at the company’s discretion from time to time in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit.
As of June 30, 2008, the company has purchased approximately $362 million of shares under the repurchase program.
“This action represents the second step-up in our share repurchase program since the program began,” said Ronald DeFeo, chairman and CEO of Terex. “We continue to believe that investing in our shares provides an attractive return. Terex has the financial strength today to expand the share repurchase program without affecting our ability to implement internal or external initiatives. We remain optimistic about meeting our long-term goals, and are committed to enhancing shareholder value.”
In other company news, Terex Corp. said it will release its second-quarter 2008 financial results on Wednesday, July 23, after market close. The company will host a conference call to review the financial results on July 24, at 8:30 a.m. Eastern time. Ronald DeFeo, chairman and CEO, will host the call.
To access the call, dial 1-877-726-6603 on July 24, at least 10 minutes before the call is scheduled to begin. International participants should dial 1-706-634-5517. A simultaneous webcast of this conference call will also be available at www.terex.com in the Investor Relations section of the website.
A replay will be available shortly after the live call and can be accessed until July 31, 2008 at 5 p.m. Eastern time. To access the telephone replay, dial 1-800-642-1687 (International 1-706-645-9291) and enter conference id #54790569. To access the web replay of the call, go to the Investor Relations section of the company’s website at www.terex.com.
Terex Corp. is a diversified global manufacturer with 2007 net sales of more than $9.1 billion. Terex operates in five business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, Terex Materials Processing & Mining, and Terex Roadbuilding, Utility Products and Other.
