16.07.2008

Terex to buy back more shares

Terex, owner of Terex cranes and Genie aerial work platforms, has announced that its board of directors has authorised an increase in its share repurchase programme, allowing the company to purchase an additional $500 million of its shares.

This will bring the total amount that may be repurchased under its share repurchase programme to $1.2 billion. The expiration date for the repurchase is set at June 30, 2009.

Purchases may be made at the Company's discretion in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit.

As of June 30 2008, the Company had purchased around $362 million of its shares under the programme.

Ronald M. DeFeo, chairman and CEO of Terex said: "This action represents the second step-up in our share repurchase programme since it began. We continue to believe that investing in our shares provides an attractive return. Terex has the financial strength today to expand the share repurchase programme without affecting our ability to implement internal or external initiatives. We remain optimistic about meeting our long-term goals, and are committed to enhancing shareholder value."