04.09.2002

Terex shuffles Demag management

Terex has appointed Fil and son Steve Filipov to the senior management team of Demag Mobile Cranes. The announcement co-incides with completion of purchase of Demag by Terex from Siemens.

The members of the Demag management team are now Fil Filipov, Steve Filipov, Alexander Knecht and Bernd Düser.

Wilfried Hubert, who became a member of the team in December last year, following the departure of managing director Eberhard Kuhn has now left Demag.

Terex has meanwhile announced that Fil Filipov, President of Terex Cranes, will assume responsibility for Demag as it becomes part of the Terex Cranes Group. "We are very excited about the opportunity at Demag," commented Filipov. "Demag has a reputation in the market place for its engineering, product innovation and excellent quality, which we will look to leverage throughout the Terex Cranes Group. The addition of Demag also enables us to offer our customers a full range of cranes to meet their needs, including the larger and higher technology cranes where we have not had a significant market presence. This acquisition also provides us with substantial opportunities for cost savings, and we have currently targeted $20 million of cost savings through synergies, outsourcing of non-core activities, streamlining of the organization and production processes, improvements in purchasing and management of working capital, all without sacrificing product support or other customer needs."