Westport, Conn.-based Terex Corp. last week announced that its board of directors has increased and extended 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 that may be repurchased under the share repurchase program to $700 million, and extends the program period from its original expiration date of June 30, 2008 through 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 today, the company has purchased approximately $166 million of shares under the repurchase program, as compared to approximately $74 million of shares repurchased as of Sept. 30.
“Terex Corp.’s strong financial position and continued favorable business outlook enables us to expand our stock repurchase program,” said Ronald DeFeo, chairman and CEO of Terex. “While we continue to seek opportunities to reinvest in our business, both through capital expenditures and acquisitions, we also see the value in investing in our own shares and the attractive return it represents. We remain committed to enhancing shareholder value and have confidence in the performance and future prospects of Terex.”
Terex Corp. is a diversified global manufacturer with 2006 net sales of $7.6 billion. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining and utility industries.
