BWI: Terex Increasing Commitment to Indian Market in Support of Infrastructure Investment

Press release from Business Wire India
Source: Terex
Wednesday, December 01, 2010 02:00 PM IST (08:30 AM GMT)
Editors: General: Consumer interest, Economy; Business: Business services, Construction, Major diversified industrial groups, Real estate
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Terex Increasing Commitment to Indian Market in Support of Infrastructure Investment


New Delhi, Delhi, India, Wednesday, December 01, 2010 -- (Business Wire India) -- Global construction and infrastructure equipment maker Terex Corporation (NYSE: TEX) has been expanding its manufacturing presence in India, according to the company's executives who met with reporters here today. India's investment in critical infrastructure, expected to total $500 billion by the end of the nation's current five-year plan in 2012, is a major factor behind that investment.

Speaking at a press conference in New Delhi, Mr. Ron DeFeo, Chairman and Chief Executive Officer, Terex Corporation explained the company's view, "India's steady progress in improving the lives of its citizens through ongoing investment in critical infrastructure is indeed impressive. We are continuing to expand the Terex market presence in India through significant investment in our facilities and team members here. In doing so, we are building a strong organization that will be playing an increasing role in supplying equipment that is helping to build a truly modern and globally competitive nation."

According to the global investment firm Goldman Sachs, India will need to spend more than $1 trillion on infrastructure from 2010 to 2019, with roads requiring $427 billion, power $288 billion and railways $281 billion.

Jehangir Ardeshir, President & Managing Director, Terex India Private Limited, also spoke on the occasion. He said," India is a significant market for Terex and we will continue to work even more closely with all our customers, partners and associates to increase our footprint. Our manufacturing facilities at Noida and Hosur will be augmented and Terex will invest in developing new products and services. For those reasons, we think it is possible for Terex to triple overall revenue from Indian Operations in the next five years."

About Terex

Terex Corporation is a diversified global manufacturer operating in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining, shipping, transportation, energy, refining, and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. More information on Terex can be found at www.terex.com.

Safe Harbor (Forward Looking) Statement

This press release contains forward-looking information regarding future events or the Company's future financial performance based on the current expectations of Terex Corporation. In addition, when included in this press release, the words "may," "expects," "intends," "anticipates," "plans," "projects," "estimates" and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. The Company has based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance.

Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond the control of Terex, include among others: Our business is cyclical and weak general economic conditions affect the sales of our products and financial results; the impact of the sale of our Mining business, including the ability to use the proceeds of this transaction for acquisitions; our ability to access the capital markets to raise funds and provide liquidity; our business is sensitive to government spending; our business is very competitive and is affected by our cost structure, pricing, product initiatives and other actions taken by competitors; the effects of operating losses; a material disruption to one of our significant facilities; our retention of key management personnel; the financial condition of suppliers and customers, and their continued access to capital; our ability to obtain parts and components from suppliers on a timely basis at competitive prices; our ability to timely manufacture and deliver products to customers; the need to comply with restrictive covenants contained in our debt agreements; our business is global and subject to changes in exchange rates between currencies, as well as international politics, particularly in developing markets; the effects of changes in laws and regulations; possible work stoppages and other labor matters; compliance with applicable environmental laws and regulations; litigation, product liability claims, class action lawsuits and other liabilities; our ability to comply with an injunction and related obligations resulting from the settlement of an investigation by the United States Securities and Exchange Commission ("SEC"); an investigation by the Department of Justice; our implementation of a global enterprise system and its performance; and other factors, risks and uncertainties that are more specifically set forth in our public filings with the SEC.

Actual events or the actual future results of Terex may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors. The forward-looking statements speak only as of the date of this release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this release to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based.


CONTACT DETAILS
Shilpashree M, Manager, Market & Communications, Terex India Pvt. Ltd, +91 9845120700, shilpa.shree@terex.com
Nirmesh Singh, Press Link Communications, +91 9910792111, singhnirmesh@rediffmail.com

KEYWORDS
CONSUMER, ECONOMY, BUSINESS SERVICES, CONSTRUCTION, GROUPS, REAL ESTATE

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