Terex Authorizes New Share Repurchase Program
February 07 2018 - 4:10PM
Business Wire
Terex Corporation (NYSE:TEX) today announced that its Board of
Directors authorized a new share repurchase program of up to $325
million. The Company completed its previous share repurchase
program in the fourth quarter of 2017.
John L. Garrison, Terex President and Chief Executive Officer,
stated, “During our Investor Presentation in December 2016 we
committed to pursuing a disciplined capital allocation strategy
that included the efficient returns of capital to shareholders
through share repurchases of $1 billion to $1.5 billion through
2020. In 2017, we delivered on our commitment to follow our
disciplined capital allocation strategy and returned $924 million
to shareholders through share repurchases. Upon completion of
today’s new $325 million share repurchase authorization Terex will
have purchased $1.25 billion of its outstanding shares, achieving
the mid-point of our range. Today’s announcement demonstrates our
continued commitment to returning capital to shareholders and
creating long-term shareholder value in conjunction with our Focus,
Simplify and Execute To Win strategy.”
The timing of the share repurchase program will be based on
available liquidity, cash flows and general market conditions. The
repurchase program may be executed through various methods,
including open market purchases.
Forward Looking Statements:
This press release contains forward-looking information
regarding future events or Terex’s future financial performance
based on the current expectations of Terex Corporation. In
addition, when included in this press release, the words “may,”
“expects,” “intends,” “anticipates,” “plans,” “projects,”
“estimates” and the negatives thereof and analogous or similar
expressions are intended to identify forward-looking statements.
However, the absence of these words does not mean that the
statement is not forward-looking. Terex has based these
forward-looking statements on current expectations and projections
about future events. These statements are not guarantees of future
performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this 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 global manufacturer of lifting and
material processing products and services that deliver lifecycle
solutions to maximize customer return on investment. The
Company reports in three business segments: Aerial Work Platforms,
Cranes, and Materials Processing. Terex delivers
lifecycle solutions to a broad range of industries, including the
construction, infrastructure, manufacturing, shipping,
transportation, refining, energy, utility, quarrying and mining
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180207006244/en/
Terex CorporationBrian J. Henry, Senior Vice PresidentBusiness
Development & Investor
Relations203-222-5954brian.henry@terex.com
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