terex corp (TEX) Key Developments
Terex Corporation Presents at Morgan Stanley 3rd Annual Laguna Conference, Sep-17-2015 03:35 PM
Sep 16 15
Terex Corporation Presents at Morgan Stanley 3rd Annual Laguna Conference, Sep-17-2015 03:35 PM. Venue: Montage Laguna Beach, Laguna Beach, California, United States. Speakers: Tom Gelston, VP IR.
Terex Corporation Announces Receipt of Requisite Consents for Consent Solicitation
Sep 8 15
Terex Corporation announced that it has received the requisite consents with respect to its previously announced consent solicitation from holders of its 6.00% Senior Notes due 2021 and 6.50% Senior Notes due 2020 to certain proposed amendments to the indentures governing the Notes. The consent solicitation was conducted in connection with the previously announced merger of Terex with Konecranes Plc, a Finnish public company limited by shares (Konecranes). The consent solicitation expired at 5:00 p.m., New York City time, on September 4, 2015. As of the Expiration Time, Terex had received the requisite consents needed to approve the proposed amendments to the indentures governing the Notes. These consents cannot be revoked. Having received the requisite consents for each series of Notes, Terex intends to promptly execute supplemental indentures covering the proposed amendments to the indentures, as described in greater detail in the Consent Solicitation Notice previously provided to holders of Notes. The terms of the supplemental indentures will not become operative unless and until the remaining conditions to the consent solicitation have been satisfied or waived. In the event that each of the conditions to the consent solicitation described in the Notice is satisfied or waived, including but not limited to consummation of the Merger, Terex will pay to each holder of record of Notes as of 5:00 p.m., New York City time, on August 26, 2015, who delivered a valid consent prior to the Expiration Time, a cash fee of $17.50 for each $1,000 principal amount of 2021 Notes and $10.00 for each $1,000 principal amount of 2020 Notes consented to by such holder. Holders of Notes of any series who did not submit consents prior to the Expiration Time will not receive a consent fee, even if the proposed amendments become operative with respect to such series of Notes. Subject to applicable law, the consent solicitation with respect to either series of Notes may be abandoned or terminated for any reason at any time, including after the Expiration Time and prior to the applicable proposed amendments becoming operative, in which case the consents received with respect to such series of Notes will be voided and no consent fee will be paid to any holders with respect to such consents. Consummation of the Merger is expected to occur in the first half of 2016, subject to satisfaction of closing conditions including approval by Terex’s stockholders and Konecranes’ shareholders.
Terex Corporation Presents at RBC Capital Markets' Global Industrials Conference 2015, Sep-09-2015 03:05 PM
Sep 3 15
Terex Corporation Presents at RBC Capital Markets' Global Industrials Conference 2015, Sep-09-2015 03:05 PM. Venue: Mandarin Oriental Hotel, 3752 Las Vegas Boulevard South, Las Vegas, Nevada, United States. Speakers: Thomas Gelston, Vice President of Investor Relations.
Terex Corporation Announces Commencement of Consent Solicitation
Aug 27 15
Terex Corporation (Terex) announced that it is soliciting consents from holders of its 6.00% Senior Notes due 2021 and 6.50% Senior Notes due 2020 to certain proposed amendments to the indentures governing the Notes. The consent solicitation is being conducted in connection with the previously announced merger of Terex with Konecranes Plc. Terex is offering cash fees of $17.50 for each $1,000 principal amount of 2021 Notes and $10.00 for each $1,000 principal amount of 2020 Notes to holders of such Notes who consent to the following proposed amendments.
Terex Corporation Announces Management Changes
Aug 19 15
Terex Corporation announced that Tim Ford, currently president, Terex Cranes, is leaving the company to pursue other opportunities. With Mr. Ford’s departure, Ken Lousberg, currently president of TerexChina, will take on the role of president of Terex Cranes as well as the responsibility for Latin America previously with Mr. Ford. While Mr. Lousberg will retain responsibility for China, a Country Leader for Chinese business will be named as soon as possible to help coordinate business in China reporting to Mr. Lousberg. Mr. Lousberg joined Terex through the Genie acquisition in 2002 and has held several senior management positions at various Terex operations. George Ellis will take on a new role as senior vice president, operations planning and president, Terex Construction. In addition to retaining his current responsibilities for Terex construction, government programs and India, Mr. Ellis will assume global responsibility for the Terex Business System, sourcing, transportation, logistics, and manufacturing footprint. Mr. Ellis also joined Terex through the Genie acquisition in 2002 and has held several senior management positions at various Terex operations. Scott Hensel, now vice president, Terex Services North America has been named to the newly created position of vice president and managing director, Terex Utilities and Services reporting to Ken Lousberg. In this new role, in addition to his current responsibility for managing and growing the North American services business, Mr. Hensel will also have management responsibility for the Terex Utilities business. Mr. Hensel was previously a partner at McKinsey & Company and joined Terex in 2014 to improve and grow the Terex Services North America business. Kieran Hegarty, president, Terex Materials Processing will assume management responsibility for the Terex Fuchs business which will become part of the Terex Materials Processing segment.