Terex Announces Initiation of Quarterly Dividend
December 05 2013 - 4:10PM
Business Wire
$200 Million Share Repurchase Program
Authorized
Terex Corporation (NYSE:TEX) today announced its Board of
Directors approved the initiation of quarterly cash dividends to
its shareholders. The initial quarterly cash dividend of $0.05 per
share will be made on December 20, 2013 to shareholders of record
as of December 16, 2013. Additionally, the Terex Board of Directors
authorized a share repurchase program, allowing the Company to
repurchase Terex common stock in total value up to $200 million
through December 31, 2015.
Ron DeFeo, Terex Chairman and Chief Executive Officer, stated, "
We are pleased to be in a position where we can begin to return a
portion of our free cash flow to our shareholders on a regular
basis. Our shareholders have seen Terex mature into a diversified
operating Company, and we feel that this dividend initiation and
share repurchase authorization reflects this transformation. Over
the past 18 months, our priorities have been to generate cash flow
for debt repayment, which has enabled us to strengthen our balance
sheet. Going forward, the recurring dividend and share repurchase
program demonstrates our confidence in our earnings growth
opportunities over the coming years, ability to maintain strong
free cash flow and equity value opportunities, as we feel our
equity value does not reflect our Company’s performance
potential."
It is the Company’s intention that it will pay four quarterly
dividends of $0.05 per share, for an aggregate of $0.20 per share,
for the calendar year 2014. However, future declarations of
quarterly dividends and the establishment of future record and
payment dates are subject to the determination of the Terex Board
of Directors.
Forward Looking Statements
This press release contains forward-looking information based on
the current expectations of Terex Corporation. Because
forward-looking statements involve risks and uncertainties, actual
results could differ materially. Such risks and uncertainties, many
of which are beyond the control of Terex, include those factors
that are more specifically set forth in the public filings of Terex
with the Securities and Exchange Commission. Actual events or the
actual future results of Terex may differ materially from any
forward looking statement due to those and other risks,
uncertainties and significant factors. The forward-looking
statements speak only as of the date of this press release. Terex
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statement
included in this press release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based
About Terex
Terex Corporation is a diversified global manufacturer reporting
in five business segments: Aerial Work Platforms, Construction,
Cranes, Material Handling & Port Solutions and Materials
Processing. Terex manufactures a broad range of equipment for use
in various industries, including the construction, infrastructure,
quarrying, manufacturing, mining, shipping, transportation,
refining, energy and utility industries. Terex offers financial
products and services to assist in the acquisition of Terex
equipment through Terex Financial Services. Terex uses its website
(www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
Terex CorporationTom Gelston, 203-222-5943Vice President,
Investor Relationsthomas.gelston@terex.com
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