Heavy Equipment Guide Logo

Terex Cranes shares fourth quarter 2018 results

Terex will continue to manufacture and support several specialized crane products including Terex® rough terrain cranes for the global market in Crespellano, Italy, Terex® tower cranes in Fontanafredda, Italy, and Terex® pick and carry cranes in Brisbane, Australia.
Terex will continue to manufacture and support several specialized crane products including Terex® rough terrain cranes for the global market in Crespellano, Italy, Terex® tower cranes in Fontanafredda, Italy, and Terex® pick and carry cranes in Brisbane, Australia.

Company info

200 Nyala Farm Road
Westport, CT
US, 06880

Website:
terex.com

Read more

Following Terex Corporation's release of its fourth quarter and full year 2018 results, Terex Cranes is pleased to share these, along with its segment-specific, results.

Terex Corporationannounced fourth quarter 2018 net sales of $1.2 billion, up 16% versus Q4 2017 net sales of $1.1 billion. For the full year 2018, Terex reported net sales of $5.1 billion, an increase of 18% versus net sales of $4.4 billion for the full year 2017. Terex also announced an agreement to sell its Demag Mobile Cranes business and a decision to exit the mobile crane product lines manufactured at its Oklahoma City facility. The Demag Mobile Cranes business sale, which is subject to government regulatory approvals and other customary closing conditions, is expected to close in mid-2019. 

Terex will continue to manufacture and support several specialized crane products including Terex rough terrain cranes for the global market in Crespellano, Italy, Terex tower cranes in Fontanafredda, Italy, and Terex pick and carry cranes in Brisbane, Australia. Terex will continue to manufacture Terex Utilities products at its Watertown, South Dakota facilities and the Oklahoma City facility will continue to be a major Terex manufacturing center, focusing on telehandlers, aerial re-manufacturing, and various products for Materials Processing. Both Terex Utilities and the Oklahoma facility will become part of the Terex AWP business segment.

"Overall, our global team executed well in the fourth quarter, completing a strong year for Terex," remarked John L. Garrison, Terex Chairman and CEO.   "We continued to implement the Focus, Simplify and Execute to Win elements of our strategy and made significant progress in our Commercial Excellence, Lifecycle Solutions, and Strategic Sourcing priority areas.  We also continued investing to improve the experiences of our customers and grow our businesses. We will continue to support all of our customers, including those affected by the changes in our Cranes segment, as we execute our strategy to be a high performing, customer-focused company."   

Sales for the Terex Cranes segment grew 12% compared to 2017 to $365 million. For the full year, the Cranes segment achieved net sales of $1.3 billion, growing 10% versus last year.  The business made improvements in materials management and operational performance, resulting in a return to profitability in Q4.  

Steve Filipov, President of Terex Cranes commented, "In Q4 the Cranes segment succeeded in overcoming the material supply challenges that impacted our performance earlier in 2018 - I'm proud of the team for meeting our commitments to better fulfill customer demand and return to profitability.  The sale of the Demag Mobile Cranes business to Tadano Ltd. is based on strong industrial logic. Bringing these two complementary businesses together will combine Tadano's 100 years of experience with Demag Mobile Cranes' nearly two centuries to create a lifting company capable of bringing new leadership to the industry and continuing to create innovative lifting solutions. I also want to assure our customers that our parts and services team remains firmly in place and committed to providing them with world class support for all of their Terex cranes, and will support their Demag cranes through the transition to the new owners."

More from Industry News

EDGE Innovate honoured with Queen's Award for Enterprise: International Trade

EDGE Innovate has been honoured with a Queen's Award for Enterprise for International Trade. EDGE Innovate joins an elite group of organizations to be recognized with a prestigious Queen's Award for Enterprise. Now in it's 53rd year, the Queen's Awards for Enterprise is among the most prestigious business awards in the UK. EDGE Innovate has been awarded the Queen's Award for International Trade for Outstanding Short Term Growth in overseas sales over the last three years.

Allison Transmission acquires Vantage Power and AxleTech Electric Vehicle Systems Division

Allison Transmission Holdings Inc. has purchased Vantage Power and AxleTech's electric vehicle (EV) systems division. Allison Transmission has a more than 103-year history of leading technological advancements: from James Allison owning the winning race car of the Indianapolis 500 Mile Race in 1915 to building every transmission that is in the United States Army's Abrams Battle Tank. Allison is building upon the legacy of those and other advancements with an electrification strategy that leverages and extends current electric hybrid technologies, develops new electrified propulsion solutions, and expands system and integration level capabilities in alternative propulsion. 

EDFA named new BOMAG representative for Quebec

BOMAG announces that it is partnering with Mont-St-Hilaire-based agent EDFA as its rental equipment line representative in the province of Quebec. As the new BOMAG manufacturer's representative, EDFA will work with independent and provincial rental outlets to make sure they have the right mix of BOMAG compaction equipment in their rental fleets to support their customers. 

free-paper-airplane

Get our newsletter

Learn more

Case awards 2019 Dire States Grant to sewer project in Chapin, SC

CASE Construction Equipment has awarded the $25,000 Dire States Equipment Grant to Chapin, South Carolina for the East Chapin Sewer Force Main Project. The project will install a new parallel force main to relieve pressures in the service area on the existing sewer force main and pump stations. The additional force main will provide capacity to reroute sewer flow to significantly reduce the likelihood of future overflows that may affect the drinking water of approximately 130,000 drinking water customers in area. 

Nortrax announces Wirtgen Group general manager and dedicated sales team

Nortrax announces that Richard Perzan will be joining the Nortrax leadership team in a newly created position as General Manager Roadbuilding and Minerals. Reporting to Perzan will be the addition of two newly hired Wirtgen Group Territory Managers, Ryan Link and Dave Notari. Perzan will lead his team as well as help facilitate the sales department with complete responsibility for all activities related to Wirtgen, Hamm, Kleemann and Vogele product groups.

Record bauma attracts more than 620,000 visitors

With more than 620,000 visitors from over 200 countries, bauma 2019, the world's leading trade fair for construction machinery, building material machines, mining machines, construction vehicles and construction equipment, generated the best results in the exhibition's 65-year history. The number of visitors rose by about 40,000 over the total produced during the previous event in 2016. More than 250,000 visitors came from countries outside Germany. The top 10 visitor countries after Germany were: Austria, Italy, Switzerland, France, the Netherlands, Russia, Sweden, the Czech Republic, Poland and Great Britain. The trade fair also experienced a strong increase in attendance from overseas visitors. Significant gains in this group were produced by China, Australia and Japan. More than 5,500 visitors came from China alone. The number of exhibitors totaled about 3,700 from 63 countries - likewise a record. 

PRINOTH launches Panther T7R at bauma

The PRINOTH PANTHER T7R is set to redefine the standards for tracked dumper productivity & cost effectiveness, and so we are proud to add this remarkable new vehicle to an already impressive product offering. With its design & engineering guided from the ground up by those who know our vehicles best: our customers - the PANTHER T7R goes well beyond technological innovation,delivering both lower cost of ownership and the ability to get the job done.

Genesis and Steelwrist sign agreement on SQ automatic coupler systems

As the global demand for fully automatic coupler systems is rapidly increasing, Genesis Attachments will from now on offer demolition work tools with SQ type adaptor plates directly from factory. The target is to increase productivity and reduce downtime for end users as the interface between work tools and adaptor plates can be made in a more efficient way with optimized hose routings directly from factory.

free-magazine-subscription

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more
free-paper-airplane

Get our newsletter

Learn more

Doosan Bobcat North America and Montabert announce transfer in U.S. distribution rights

Effective immediately, Doosan Bobcat North America will transition its rights to the U.S. sales, marketing and service of the Montabert brand of attachments to Montabert SAS, creating a direct link between the brand's U.S. distribution network and factory in Lyon, France. This change is the result of an agreement reached jointly by both parties to support Montabert SAS's desire to get closer to its U.S. customer base. 

CES is new rental equipment distributor for Bomag in Ontario and Newfoundland & Labrador

Bomag has announced that Construction Equipment Solutions (CES) is a new rental equipment industry distributor for the provinces of Ontario and Newfoundland & Labrador. As a new Bomag rental distributor, CES will offer independent and national rental outlets sales and parts support for Bomag's extensive line of rental compaction equipment from its Pickering, Ontario, headquarters. 

free-magazine-subscription

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more