WESTPORT, Conn., July 12, 2018 (GLOBE NEWSWIRE) — Terex Corporation (NYSE:TEX) today announced that its Board of Directors authorized a new share repurchase program of up to $300 million. The Company completed its previous share repurchase program at the end of the second quarter of 2018.
John L. Garrison, Terex President and Chief Executive Officer, stated, “During our Investor Presentation in December 2016 we committed to pursuing a disciplined capital allocation strategy that included the efficient returns of capital to shareholders through share repurchases of $1 billion to $1.5 billion through 2020. Since then, we delivered on our commitment to follow this disciplined capital allocation strategy and have returned $1.25 billion to shareholders through share repurchases, already achieving the mid-point of our range. Today’s announcement demonstrates our continued commitment to returning capital to shareholders and creating long-term shareholder value in conjunction with our Focus, Simplify and Execute To Win strategy.”
The timing of the share repurchase program will be based on available liquidity, cash flows and general market conditions. The repurchase program may be executed through various methods, including open market purchases.
Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The Company reports in three business segments: Aerial Work Platforms, Cranes, and Materials Processing. Terex delivers lifecycle solutions to a broad range of industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and the market.