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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 11, 2002
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TEREX CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-10702 34-1531521
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
500 Post Road East, Suite 320, Westport, Connecticut 06880
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (203) 222-7170
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NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On September 11, 2002, Terex Corporation ("Terex" or the "Company") announced a
new operating structure. The Company now operates primarily in four business
segments: (i) Terex Construction, (ii) Terex Cranes, (iii) Terex Mining, and
(iv) Terex Roadbuilding and Utility Products and Other. The industry segment
information shown in Note O - "Business Segment Information" in the Notes to the
Consolidated Financial Statements contained in the Company's Annual Report on
Form 10-K for the year ended December 31, 2001, has been reclassified as shown
below to reflect results based on the four current business segments.
Terex Construction designs, manufactures and markets loader backhoes,
articulated and rigid off-highway trucks, mobile crushing and screening
equipment, excavators (including both mini- and midi-excavators), compaction
equipment, loading machines, wheeled loaders, rough terrain telescopic boom
material handlers, related components and replacement parts, and other products.
Currently, Terex Construction products are marketed under the following brand
names: Atlas, Benford, B.L. Pegson, CPV, Fermec, Finlay, Fuchs, Italmacchine,
Matbro, Powerscreen, Schaeff, Square Shooter and Terex. These products are used
primarily by construction, logging, mining, industrial and government customers
in building roads and commercial and residential buildings and supplying coal,
minerals, sand and gravel.
Terex Cranes designs, manufactures and markets telescopic mobile cranes
(including rough terrain, truck and all-terrain mobile cranes), lattice boom
cranes, tower cranes, truck-mounted cranes (boom trucks), related components and
replacement parts, and other products. Currently, Terex Cranes products are
marketed under the following brand names: American, Bendini, Comedil, Demag,
Franna, Koehring, Lorain, Marklift, Peiner, PPM, RO and Terex. These products
are used primarily for construction, repair and maintenance of infrastructure,
buildings and manufacturing facilities.
Terex Mining designs, manufactures and markets large hydraulic excavators and
high capacity surface mining trucks, related components and replacement parts,
and other products. Currently, Terex Mining products are marketed under the
following brand names: Lectra Haul, O&K, Payhauler, Terex and Unit Rig. These
products are primarily used by mining and government customers in supplying coal
and minerals.
Terex Roadbuilding and Utility Products and Other designs, manufactures and
markets equipment for the roadbuilding, utility and light construction
industries. Products include asphalt and concrete plants and pavers, reclaimers,
stabilizers and milling machines, crushing and screening equipment, aerial
devices, digger derricks, tree trimmers, light towers, generators, related
components and replacement parts, and other products. Currently, Terex
Roadbuilding and Utility Products and Other products are marketed under the
following brand names: Advance, Amida, Bartell, Bid-Well, Canica, Cedarapids,
Cifali, CMI, Coleman Engineering, Grayhound, Hi-Ranger, Jaques, Johnson-Ross,
Load King, Morrison, Muller, Re-Tech, Royer, Simplicity, Telelect and Terex.
These products are used primarily by government, utility and construction
customers to build roads, maintain utility lines and trim trees.
On July 19, 2002, the Company announced it had signed an Agreement and Plan of
Merger with Genie Holdings, Inc. ("Genie"), a global manufacturer of aerial work
platforms. Upon completion of Terex's acquisition of Genie, Genie will comprise
a new segment, Terex Aerial Work Platforms.
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Industry segment information is presented below (amounts in millions):
Year Ended December 31,
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2001 2000 1999
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Sales
Terex Construction................................. $ 739.1 $ 708.0 $ 507.2
Terex Cranes....................................... 492.5 675.2 711.9
Terex Mining....................................... 266.2 319.3 453.0
Terex Roadbuilding, Utility Products and Other..... 365.5 415.0 236.5
Eliminations/Corporate............................. (50.8) (48.8) (52.0)
------------ ------------- ---------------
Total............................................ $ 1,812.5 $ 2,068.7 $ 1,856.6
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Income from Operations
Terex Construction................................. $ 49.4 $ 84.1 $ 55.7
Terex Cranes....................................... 12.3 56.9 57.0
Terex Mining....................................... 14.5 6.9 35.6
Terex Roadbuilding, Utility Products and Other..... 26.0 51.7 28.7
Eliminations/Corporate............................. 2.0 (1.3) 1.3
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Total............................................ $ 104.2 $ 198.3 $ 178.3
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Depreciation and Amortization
Terex Construction................................. $ 11.9 $ 13.0 $ 9.4
Terex Cranes....................................... 9.0 10.4 9.7
Terex Mining....................................... 5.3 5.8 5.6
Terex Roadbuilding, Utility Products and Other..... 9.8 8.8 4.4
Eliminations/Corporate............................. 4.3 3.5 3.1
------------ ------------- ---------------
Total............................................ $ 40.3 $ 41.5 $ 32.2
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Capital Expenditures
Terex Construction................................. $ 4.8 $ 6.9 $ 7.1
Terex Cranes....................................... 3.8 11.8 5.0
Terex Mining....................................... 0.5 1.6 5.4
Terex Roadbuilding, Utility Products and Other..... 4.3 3.9 3.6
Eliminations/Corporate............................. 0.1 --- 0.3
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Total............................................ $ 13.5 $ 24.2 $ 21.4
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December 31,
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2001 2000
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Identifiable Assets
Terex Construction................................. $ 1,009.6 $ 976.5
Terex Cranes....................................... 457.4 495.9
Terex Mining....................................... 386.0 411.8
Terex Roadbuilding, Utility Products and Other..... 533.8 359.5
Corporate.......................................... 825.2 685.6
Eliminations....................................... (825.0) (945.6)
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Total............................................ $ 2,387.0 $ 1,983.7
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The industry segment information shown in Note K - "Business Segment
Information" in the Notes to Condensed Consolidated Statements contained in the
Company's Quarterly Report on Form 10-Q for the period ended June 30, 2002, has
been reclassified as shown below to reflect results based on the four current
business segments.
Industry segment information is presented below (amounts in millions):
Three Months Ended Six Months Ended
June 30, June 30,
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2002 2001 2002 2001
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Sales
Terex Construction............................... $ 347.0 $ 203.7 $ 611.3 $ 383.7
Terex Cranes..................................... 136.4 141.2 271.5 279.6
Terex Mining..................................... 73.2 30.7 138.5 91.7
Terex Roadbuilding, Utility Products and Other... 157.7 84.0 290.3 189.8
Eliminations/Corporate........................... (24.1) (20.3) (39.4) (28.1)
-------------- --------------- ------------- -------------
Total.......................................... $ 690.2 $ 439.3 $ 1,272.2 $ 916.7
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Income (Loss) from Operations
Terex Construction............................... $ 29.1 $ 20.8 $ 44.6 $ 35.5
Terex Cranes..................................... 12.3 12.9 19.6 21.8
Terex Mining..................................... (3.1) (0.9) (1.5) 2.1
Terex Roadbuilding, Utility Products and Other... 2.6 5.7 11.0 16.6
Eliminations/Corporate........................... (2.3) 0.7 (3.6) 1.2
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Total.......................................... $ 38.6 $ 39.2 $ 70.1 $ 77.2
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June 30, December 31,
2002 2001
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Identifiable Assets
Terex Construction............................ $ 1,350.7 $ 1,009.6
Terex Cranes.................................. 499.1 457.4
Terex Mining.................................. 269.1 386.0
Terex Roadbuilding, Utility Products and Other 584.9 533.8
Corporate..................................... 931.3 825.2
Eliminations.................................. (963.3) (825.0)
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Total....................................... $ 2,671.8 $ 2,387.0
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: September 16, 2002
TEREX CORPORATION
By: /s/ Eric I Cohen
Eric I Cohen
Senior Vice President
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