Terex Seeking Buyouts Shows Companies Loosening Grip on Cash

When Phillip Widman joined Terex Corp. in 2002 as chief financial officer, one of his biggest challenges was managing the construction equipment company’s expansion.

Terex, a maker of cranes, excavators and other heavy machinery, was on an acquisition tear, completing 11 purchases during Widman’s first five years on the job. In that time, sales tripled and operating profit climbed more than 12-fold. That all changed in late 2008, when the global recession sent Terex into a skid. New orders almost evaporated. Sales for some of its product lines plunged as much as 80 percent.