Terex#allegations of arms sale to Iraq

{{Short description|American worldwide manufacturer of lifting and material-handling plant}}

{{for|the fictional character in the Star Wars: Poe Dameron comic series|Agent Terex}}

{{Infobox company

| name = Terex Corporation

| logo = Terex-logo.svg

| logo_size = 250px

| type = Public

| traded_as = {{ubl|{{NYSE|TEX}}|S&P 400 component}}

| successor =

| foundation = {{Start date and age|1933}}

| founder = George Armington

| defunct =

| location = Norwalk, Connecticut, U.S.

| locations =

| area_served = Worldwide

| key_people = Simon A. Meester
(President & CEO){{cite web | url=https://www.sec.gov/Archives/edgar/data/97216/000009721623000193/a10-17x2023exh99_1pressrel.htm | title=Terex Announces Leadership Succession Plan | access-date=25 February 2024 | archive-date=25 February 2024 | archive-url=https://web.archive.org/web/20240225203354/https://www.sec.gov/Archives/edgar/data/97216/000009721623000193/a10-17x2023exh99_1pressrel.htm | url-status=live }}

| industry = Manufacturing

| products = Materials Processing, Aerials, Environmental Solutions

| services = Parts and equipment maintenance and repair; equipment financing

| revenue = {{decrease}} {{US$|5.13 billion|link=yes}} (2024)

| operating_income = {{decrease}} {{US$|526 million}} (2024)

| net_income = {{decrease}} {{US$|335 million}} (2024)

| assets = {{increase}} {{US$|5.73 billion}} (2024)

| equity = {{increase}} {{US$|1.83 billion}} (2024)

| num_employees = 11,400 (2024)

| owner =

| divisions =

| subsid =

| homepage = {{URL|terex.com}}

| footnotes = {{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/97216/000009721625000011/tex-20241231.htm |title=Terex Corporation 2024 Annual Report (Form 10-K) |date=7 February 2025 |publisher=U.S. Securities and Exchange Commission |website=sec.gov |access-date=7 February 2025 }}

| intl =

}}

Terex Corporation is an American company{{Cite web|title=Contact Us & Feedback|url=https://www.terex.com/en/about/contact-us-feedback|access-date=2020-09-23|website=Terex Corporate|language=en|archive-date=19 September 2020|archive-url=https://web.archive.org/web/20200919051550/https://www.terex.com/en/about/contact-us-feedback|url-status=live}}{{Cite web |title=Terex Corporation |url=http://www.hoovers.com/company-information/cs/company-profile.terex_corporation.8c0be26ca809f4a0.html |access-date=2022-07-12 |archive-date=31 August 2017 |archive-url=https://web.archive.org/web/20170831000106/http://www.hoovers.com/company-information/cs/company-profile.terex_corporation.8c0be26ca809f4a0.html |url-status=live }}{{Cite web |title=Terex |url=https://www.linkedin.com/company/terex |access-date=2022-07-12 |website=LinkedIn |archive-date=10 November 2012 |archive-url=https://web.archive.org/web/20121110135927/http://www.linkedin.com/company/terex |url-status=live }}{{Self-published source|date=July 2022}} and worldwide manufacturer of materials processing machinery, waste and recycling equipment, mobile elevating work platforms, and equipment for the electric utility industry.{{Cite web |last=Adler |first=William |date=May 2, 2025 |title=SEC 10Q Filing - Terex Q1 2025 earnings / 5-2-25 |url=https://investors.terex.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=18428719 |access-date=May 2, 2025 |website=Terex}} Terex does business in the Americas, Europe, Australia and Asia Pacific.{{Cite web |title=Company 10K filing as published by SEC.Gov |date=February 2024 |url=https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/97216/000009721624000013/tex-20231231.htm |access-date=March 3, 2024 |website=SEC.gov}}

Corporate history

The origins of Terex date to 1933, when the Euclid Company was founded by George A. Armington to build hauling dump trucks. In 1953, General Motors purchased Euclid, expanding the business to include more than half of all U.S. off-highway dump truck sales. Due to a 1968 Justice Department ruling, GM was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest the Euclid brand. GM coined the "Terex" name in 1968 from the Latin words "terra" (earth) and "rex" (king) for its construction equipment products and trucks not covered by the ruling.

General Motors sold the Terex division to German firm IBH Holding AG led by Horst-Dieter Esch de in 1980.{{Cite web|title=IBH Holding AG, the West German firm which bought...|url=https://www.upi.com/Archives/1980/12/19/IBH-Holding-AG-the-West-German-firm-which-bought/1253346050000/|access-date=2020-09-23|website=UPI|language=en|archive-date=21 April 2022|archive-url=https://web.archive.org/web/20220421201106/https://www.upi.com/Archives/1980/12/19/IBH-Holding-AG-the-West-German-firm-which-bought/1253346050000/|url-status=live}} After IBH Holding AG declared bankruptcy in 1983,{{Cite news|last=Greenhouse|first=Steven|date=1983-11-08|title=Ibh's Terex Takes Chapter 11 Step|language=en-US|work=The New York Times|url=https://www.nytimes.com/1983/11/08/business/ibh-s-terex-takes-chapter-11-step.html|access-date=2020-09-23|issn=0362-4331|archive-date=21 April 2022|archive-url=https://web.archive.org/web/20220421201106/https://www.nytimes.com/1983/11/08/business/ibh-s-terex-takes-chapter-11-step.html|url-status=live}} ownership of Terex returned to General Motors and was organized as Terex Equipment Limited (Scotland), Terex do Brasil Limitada (Belo Horizonte, Brazil), and Terex USA (Hudson, Ohio).{{Citation needed|date=September 2020}}

American entrepreneur Randolph W. Lenz purchased Terex USA from GM in 1986, then exercised an option to purchase Terex Equipment Limited in 1987. In 1988, Lenz merged his primary construction equipment asset, Northwest Engineering Company, into Terex Corporation, making Terex the parent entity.{{Cite web |last=Terex Company History |date=March 3, 2024 |title=Terex Company History - terex.com |url=https://www.terex.com/docs/librariesprovider3/default-document-library/terex---history-for-terex.com---july-2021.pdf?sfvrsn=12c851c0_9 |url-status=live |archive-url=https://web.archive.org/web/20230403231049/https://www.terex.com/docs/librariesprovider3/default-document-library/terex---history-for-terex.com---july-2021.pdf?sfvrsn=12c851c0_9 |archive-date=3 April 2023 |access-date=March 3, 2024}}

Terex Corporation was incorporated in Delaware in 1986 and listed on the New York Stock Exchange in 1991.{{Cite web |last=Hoist Magazine |date=2012 |title=Hoist Magazine History of Terex Corporation, NYSE filing date |url=https://www.hoistmagazine.com/features/our-story-terex-corporation/ |url-status=live |archive-url=https://web.archive.org/web/20170818095036/https://www.hoistmagazine.com/features/our-story-terex-corporation/ |archive-date=August 18, 2017 |access-date=March 6, 2024 |website=Hoist Magazine online}} As a publicly traded company, Terex grew from acquisitions under the leadership of Ron DeFeo, who became president in 1993 and CEO in 1995.

In 1997, Terex acquired mining business from O&K, including the world's largest hydraulic excavator RH 400, later produced as Cat 6090.https://www.ots.at/presseaussendung/OTS_19971215_OTS0130/orenstein-koppel-ag-terex-uebernimmt-ok-mining

In 2010 Terex sold its mining business to Bucyrus.https://investors.terex.com/news/news-details/2010/Terex-Completes-Sale-of-Mining-Business-to-Bucyrus/default.aspx

In December 2013, Volvo Construction Equipment (VCE) acquired the Terex line of heavy haul trucks. In September 2021 VCE rebranded the business Rokbak.

In 2015, John L. Garrison, Jr., succeeded Ron DeFeo as President and CEO and further transformed the business through acquisitions, new-business launches, and divestitures.{{Cite web |last=Terex Investor Day |date=December 2022 |title=Terex Investor Day 2022 - Public Filing |url=https://s22.q4cdn.com/583752720/files/doc_presentations/2022/12/Terex-Investor-Day-Presentation_Final_12.13.22.pdf |access-date=3 March 2024 |archive-date=17 May 2023 |archive-url=https://web.archive.org/web/20230517210329/https://s22.q4cdn.com/583752720/files/doc_presentations/2022/12/Terex-Investor-Day-Presentation_Final_12.13.22.pdf |url-status=live }} In January 2024, Terex named Simon A. Meester, formerly President of Genie and the company's Aerial Work Platforms business segment, as Terex President and Chief Executive Officer.

Products

Per a Company SEC filing on May 2, 2025, effective in the first quarter of 2025 Terex reported its business in three reportable segments: (1) Materials Processing ("MP"), (2) Aerials, and (3) Environmental Solutions ("ES"):

MP manufactures crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and pavers, and conveyors. Customers use these products in construction, infrastructure and recycling projects, quarrying and mining, landscaping and biomass production, material handling, maintenance, moving materials on rugged terrain, lifting construction material, and placing material at point of use. MP brands include Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Terex Advance, ProStack, Terex Bid-Well, MDS, MARCO, Green-Tec, Magna, and Terex Recycling Systems.{{Cite web |date=February 2024 |title=Terex 10K filing |url=https://s22.q4cdn.com/583752720/files/doc_financials/2022/q4/dc081704-d2c0-431e-bf81-5068d6a13602.pdf |access-date=March 3, 2024 |website=Securities and Exchange Commission}}{{source-attribution}}

Aerials manufactures mobile elevating work platforms (MEWPS) and telehandlers. Customers use these products to construct and maintain industrial, commercial, institutional and residential facilities, for purposes within the entertainment industry, and infrastructure projects. Aerials markets principally under the Genie brand.

ES manufactures waste, recycling, and utility equipment including refuse collection bodies, hydraulic cart lifters, automated carry cans, compaction, balers, recycling equipment, digger derricks, insulated aerial devices, self-propelled articulating insulated booms, cameras with integrated smart technology, and waste hauler software solutions. Customers use these products in the solid waste and recycling industry, and for construction and maintenance of transmission and distribution lines, tree trimming, and foundation drilling applications. ES brands include Heil, Marathon, Curotto-Can, Bayne Thinline, Parts Central, digital solutions 3rd Eye and Soft-Pak, and Terex Utilities.{{Cite web |last=Adler |first=William |date=May 6, 2025 |title=Environmental Solutions Group |url=https://www.terexesg.com/ |access-date=May 6, 2025 |website=Terex ESG}}File:Terex 6300AC.jpg

Acquisitions and divestitures

On October 8, 2024, Terex completed the acquisition of the Environmental Solutions Group (ESG) from Dover Corporation for $2 billion.{{Cite web |date=October 9, 2024 |title=Terex Corporation Acquires Environmental Solutions Group |url=https://www.waste360.com/mergers-acquisitions/terex-corporation-acquires-environmental-solutions-group |access-date=December 1, 2024 |website=Waste 360}} ESG is an integrated equipment manufacturer serving the solid waste and recycling industries. As of December 2024, Terex marketed under more than 30 customer-facing brands. Terex was built through a series of acquisitions, internal start-ups, and divestitures over the years. These and other actions helped to shape the current business portfolio:

Acquisitions

1999 – Powerscreen, Finlay, Simplicity, Franna{{cite web |title=Terex pays £181m for revived Powerscreen |url=https://www.theengineer.co.uk/inspiration/terex-pays-181m-for-revived-powerscreen/ |archive-url=https://archive.today/20170505132027/https://www.theengineer.co.uk/inspiration/terex-pays-181m-for-revived-powerscreen/ |archive-date=5 May 2017 |access-date=5 May 2017 |website=The Engineer |df=dmy-all}}{{cite web |date=16 June 1999 |title=TEREX AGREES TO ACQUIRE POWERSCREEN FOR $294 MILLION |url=https://www.nytimes.com/1999/06/16/business/company-news-terex-agrees-to-acquire-powerscreen-for-294-million.html |archive-url=https://web.archive.org/web/20150527102641/http://www.nytimes.com/1999/06/16/business/company-news-terex-agrees-to-acquire-powerscreen-for-294-million.html |archive-date=27 May 2015 |access-date=5 May 2017 |website=The New York Times}}{{Cite news |last=Jones |first=Dow |date=1999-07-21 |title=COMPANY NEWS; TEREX TO BUY RAYTHEON UNIT FOR $170 MILLION |url=https://www.nytimes.com/1999/07/21/business/company-news-terex-to-buy-raytheon-unit-for-170-million.html |access-date=2022-07-13 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=6 February 2020 |archive-url=https://web.archive.org/web/20200206032623/https://www.nytimes.com/1999/07/21/business/company-news-terex-to-buy-raytheon-unit-for-170-million.html |url-status=live }}

2001 – Canica, Jaques,{{cite web |title=Terex Company History |url=http://www.terex.com/minerals-processing-systems/en/about-us/company-history/ |access-date=2013-12-27 |publisher=Terex.com |archive-date=23 October 2013 |archive-url=https://web.archive.org/web/20131023061539/http://www.terex.com/minerals-processing-systems/en/about-us/company-history/ |url-status=live }} Bid-Well, CMI Roadbuilding{{cite web |title=Home - Terex Construction |url=http://www.terexrb.com/content.aspx?pgID=43 |archive-url=https://web.archive.org/web/20110901180728/http://www.terexrb.com/content.aspx?pgID=43 |archive-date=1 September 2011 |access-date=2013-12-27 |publisher=Terexrb.com}}

2002 – Genie, Fuchs, Advance Mixer{{cite web |title=Genie - Our Story |url=http://genielift.com/en/about-genie/our-story/index.htm |access-date=30 January 2013 |publisher=Genie Lift |archive-date=15 January 2013 |archive-url=https://web.archive.org/web/20130115193048/http://genielift.com/en/about-genie/our-story/index.htm |url-status=live }}

2015 – CBI, Ecotec{{Cite web |last=Waste Today Magazine |first=trade publication |date=2015 |title=Terex acquires Ecotec |url=https://www.wastetodaymagazine.com/news/terex-acquires-neuson-ecotec/ |access-date=March 3, 2024 |website=WastetodayMagazine.com |archive-date=4 March 2024 |archive-url=https://web.archive.org/web/20240304000105/https://www.wastetodaymagazine.com/news/terex-acquires-neuson-ecotec/ |url-status=live }}

2020-2023 – MDS,{{Cite web |last=Equipment World |first=Trade publication |date=2021 |title=Terex Acquires MDS |url=https://www.equipmentworld.com/dealers/article/15066451/construction-industry-news-from-terex-mp-and-more |access-date=March 3, 2024 |website=Equipment World |archive-date=4 March 2024 |archive-url=https://web.archive.org/web/20240304000102/https://www.equipmentworld.com/dealers/article/15066451/construction-industry-news-from-terex-mp-and-more |url-status=live }} Steelweld,{{Cite web |last=BBC.com |first=BBC |date=April 27, 2022 |title=Terex acquires Steelweld |url=https://www.bbc.com/news/uk-northern-ireland-61241590 |access-date=March 3, 2024 |website=BBC.com |archive-date=2 September 2022 |archive-url=https://web.archive.org/web/20220902170527/https://www.bbc.com/news/uk-northern-ireland-61241590 |url-status=live }} ZenRobotics,{{Cite web |last=Construction Equipment |first=Trade media |date=April 2022 |title=Terex Acquires ZenRobotics |url=https://www.constructionequipment.com/industry-news/news/21151937/terex-materials-processing-acquires-zenrobotics |access-date=March 4, 2024 |website=Construction Equipment |archive-date=3 March 2024 |archive-url=https://web.archive.org/web/20240303235922/https://www.constructionequipment.com/industry-news/news/21151937/terex-materials-processing-acquires-zenrobotics |url-status=live }} ProAll,{{Cite web |last=NASDAQ |first=Stock market exchange website |date=August 1, 2022 |title=Terex Acquires ProAll |url=https://www.nasdaq.com/press-release/terex-mp-acquires-proall-canadas-leading-producer-of-volumetric-mixers-for-concrete |access-date=March 3, 2024 |website=NASDAQ |archive-date=4 March 2024 |archive-url=https://web.archive.org/web/20240304000114/https://www.nasdaq.com/press-release/terex-mp-acquires-proall-canadas-leading-producer-of-volumetric-mixers-for-concrete |url-status=live }} MARCO{{Cite web |last=Construction Equipment |first=trade website |date=April 10, 2023 |title=Terex acquires MARCO conveyors |url=https://www.constructionequipment.com/industry-news/news/33003165/terex-mp-buys-conveyor-maker-marco |access-date=March 4, 2024 |website=Construction Equipment |archive-date=4 March 2024 |archive-url=https://web.archive.org/web/20240304000052/https://www.constructionequipment.com/industry-news/news/33003165/terex-mp-buys-conveyor-maker-marco |url-status=live }}

2024 – Environmental Solutions Group (ESG)

Divestitures

2010 – Mining Segment{{cite web |date=2010-02-19 |title=Bucyrus Completes Acquisition of Mining Business of Terex |url=http://www.bucyrus.com/news/article/20100219_155931.aspx |archive-url=https://web.archive.org/web/20100227052030/http://www.bucyrus.com/news/article/20100219_155931.aspx |archive-date=27 February 2010 |access-date=2010-03-01 |publisher=Bucyrus International Inc |quote=Bucyrus International, Inc. ...announced today that it has completed its acquisition of the mining equipment business of Terex Corporation. |df=dmy-all}}

2013 – Roadbuilding / Heavy hauling businesses{{cite web |author1=Wayne Grayson |date=21 March 2013 |title=Bomag keeps CMI, Cedarapids names on machines after purchase |url=http://www.equipmentworld.com/bomag-keeps-cmi-cedarapids-names-on-machines-after-purhcase/ |archive-url=https://web.archive.org/web/20160316044215/http://www.equipmentworld.com/bomag-keeps-cmi-cedarapids-names-on-machines-after-purhcase/ |archive-date=16 March 2016 |access-date=5 May 2017 |website=Equipment World |publisher=Randall-Reilly}}{{cite web |author1=John Latta |date=20 March 2013 |title=New look: BOMAG rebadges its CMI, Cedarapids purchases |url=http://www.betterroads.com/new-look-bomag-rebadges-its-cmi-cedar-rapids-purchases/ |archive-url=https://web.archive.org/web/20170505135051/http://www.equipmentworld.com/new-look-bomag-rebadges-its-cmi-cedar-rapids-purchases/ |archive-date=5 May 2017 |access-date=5 May 2017 |website=Equipment World's Better Roads |publisher=Randall-Reilly}}{{cite web |date=11 February 2013 |title=Terex Divests Some Asphalt Products |url=https://www.constructionequipment.com/terex-divests-some-asphalt-products-0 |archive-url=https://web.archive.org/web/20151230024323/https://www.constructionequipment.com/terex-divests-some-asphalt-products-0 |archive-date=30 December 2015 |access-date=5 May 2017 |website=Construction Equipment |publisher=Mediapress Studios}}[https://investors.terex.com/investor-relations/press-releases/press-release-details/2013/Terex-Agrees-to-Sell-Truck-Business-to-Volvo-for-160-Million/default.aspx Terex Agrees to Sell Truck Business to Volvo for $160 Million] {{Webarchive|url=https://web.archive.org/web/20240220125331/https://investors.terex.com/investor-relations/press-releases/press-release-details/2013/Terex-Agrees-to-Sell-Truck-Business-to-Volvo-for-160-Million/default.aspx |date=20 February 2024 }} investorsterex.com December 09, 2013

2017 – MHPS port handling business;{{Cite web |last=FT.com |first=Financial Times |date=May 16, 2016 |title=Terex sells MHPS port handling business |url=https://www.ft.com/content/35f2f0f3-6179-335d-9f47-b492918fcb91 |access-date=March 3, 2024 |website=ft.com |archive-date=25 May 2021 |archive-url=https://web.archive.org/web/20210525000222/https://www.ft.com/content/35f2f0f3-6179-335d-9f47-b492918fcb91 |url-status=live }} construction business

2019 – Demag cranes business{{Cite web |last=Investor Day Presentation |date=December 2024 |title=Terex Investor Day |url=https://s22.q4cdn.com/583752720/files/doc_presentations/2022/12/Terex-Investor-Day-Presentation_Final_12.13.22.pdf |access-date=March 3, 2024 |archive-date=17 May 2023 |archive-url=https://web.archive.org/web/20230517210329/https://s22.q4cdn.com/583752720/files/doc_presentations/2022/12/Terex-Investor-Day-Presentation_Final_12.13.22.pdf |url-status=live }}{{Cite web |last=Terex Published History |title=Terex.com History Timeline |url=https://www.terex.com/docs/librariesprovider3/default-document-library/terex---history-for-terex.com---july-2021.pdf?sfvrsn=12c851c0_9 |access-date=March 3, 2024 |website=terex.com |archive-date=3 April 2023 |archive-url=https://web.archive.org/web/20230403231049/https://www.terex.com/docs/librariesprovider3/default-document-library/terex---history-for-terex.com---july-2021.pdf?sfvrsn=12c851c0_9 |url-status=live }}

Criticism

In 1992 American businessman Richard Carl Fuisz reported to the Operations Subcommittee of the House Committee on Agriculture that he witnessed the construction of military vehicles at a Terex owned facility in Scotland in 1987. Fuisz alleged that Terex employees reported that the vehicles were manufactured at the request of the CIA and British Intelligence and were destined for service within the Iraqi military.{{cite news

|title = U.S. Linked to Iraqi Scud Launchers

|author = Seymour M. Hersh

|url = https://www.nytimes.com/1992/01/26/world/us-linked-to-iraqi-scud-launchers.html?partner=rssnyt&emc=rss

|newspaper =The New York Times

|date = 1992-01-26

|access-date = 2010-03-23

|quote = Richard C. Fuicz began telling United States Government investigators about a visit he made in September 1987 to a truck manufacturing plant owned by the Terex Corporation, a subsidiary of KCS of Westport, Conn.

|archive-url = https://web.archive.org/web/20220421201409/https://www.nytimes.com/1992/01/26/world/us-linked-to-iraqi-scud-launchers.html?partner=rssnyt&emc=rss

|archive-date = 21 April 2022

|df = dmy-all

}} Terex denied the allegations and, in 1992, filed a libel complaint against Fuisz and Seymour M. Hersh, writer of an article in The New York Times covering Fuisz's allegations. After several investigations, including a 16-month-long federal task force investigation, no legal charges were filed against Terex. The New York Times, in an editor's note on 7 December 1995, said, "The article should never have suggested that Terex has ever supplied Scud missile launchers to Iraq, and The Times regrets any damage that may have resulted to Terex from any false impression the article may have caused."{{cite news

|title = Editor's Note

|url = https://www.nytimes.com/1995/12/07/us/editors-note-089265.html

|newspaper =The New York Times

|date = 1995-12-07

|access-date = 2010-03-23

|quote = Despite several investigations, no legal proceedings or charges were brought against Terex.

|archive-url = https://web.archive.org/web/20220613140951/http://www.nytimes.com/1995/12/07/us/editors-note-089265.html?pagewanted=1

|archive-date = 13 June 2022

}}