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Terex (TEX) To Divest Certain Roadbuilding Assets, Operations

 February 11, 2013 10:46 AM
 


(By Balaseshan) Terex Corp. (NYSE: TEX), a maker of capital goods machinery products, said it has agreed to divest certain roadbuilding assets and operations to the Fayat Group (Bomag and Marini).

The Westport, Connecticut-based company will divest its roadbuilding operations in Brazil and certain mobile roadbuilding product lines in the U.S.

The divested product lines include asphalt plants and pavers manufactured in Porto Allegre, Brazil, and assets for the asphalt paver, reclaimer stabilizer and material transfer product lines which are currently manufactured in Oklahoma City.

Terex said it has determined that it will be exiting the balance roadbuilding product lines in Oklahoma City, and has taken charges in connection with the business assets being sold and the balance Oklahoma City roadbuilding assets.

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The amount of the charges that will impact the fourth quarter 2012 results, when reported, is about $15 million. Terex will continue manufacturing operations in Oklahoma City for its product lines not affected by this transaction.

" We continue to focus on improving our Construction segment performance as well as the company's overall returns on invested capital, and this transaction is part of that process," said Ron DeFeo, Terex Chairman and Chief Executive Officer.

The transaction is anticipated to close during the first quarter.

On January 14, Terex announced several senior leadership changes.

TEX is trading down 0.90% at $33.21 on Monday. The stock has been trading between $14.05 and $33.71 for the past 52 weeks.

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