Terex increases its share buy back
Terex, the crane, access and telehandler manufacturer has increased and extended its share repurchase program, The company now may purchase an additional $500 million of its outstanding shares bringing the total that may be repurchased under the programme to $700 million.
The company is also extending the repurchase programme from its original expiration date of June 30, 2008 until June 30, 2009. Purchases may be made at the Company’s discretion from time to time in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit.
As of today, the Company has purchased around $166 million worth of shares under the plan as compared to $74 million as of September 30, 2007.
Ronald M. DeFeo, chairman and CEO of Terex, said: “Terex Corporation’s strong financial position and continued favorable business outlook enables us to expand our stock repurchase program. While we continue to seek opportunities to reinvest in our business, both through capital expenditures and acquisitions, we also see the value in investing in our own shares and the attractive return it represents.”