Terex Announces CMI Restructuring Plan.Business Editors WESTPORT, Conn.--(BUSINESS WIRE)--Oct. 5, 2001 Terex Corporation (NYSE NYSE See: New York Stock Exchange : TEX (tai epsion chi) A typesetting language developed by Stanford professor Donald Knuth that is noted for its ability to describe elaborate scientific formulas. Pronounced "tek" or the guttural "tekhhh" (the X is the Greek chi, not the English X), TeX is widely used for mathematical book ) today announced its plans for restructuring the operations of CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. Corporation, which Terex acquired on October 1, 2001. The plan calls for integrating the production of four existing CMI facilities into CMI's Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm location, as well as other cost reduction initiatives. The restructuring plan will reduce personnel by approximately 500 and is expected to generate cost savings in excess of $20 million. The restructuring plan will be implemented immediately with full integration accomplished within nine months. The four CMI facilities impacted by the integration are located in Brownwood, Texas Brownwood aka "The Wood" is a city in the heart of Texas, United States and serves as the county seat of Brown CountyGR6. As of the 2000 U.S. Census estimate, the city had a total population of 18,813. , Champaign, Illinois, Cedar Falls, Iowa Cedar Falls is a city in Black Hawk County, Iowa, United States, and it is home to one of Iowa's three public universities, the University of Northern Iowa. The population was 36,145 at the 2000 census. and Opglabbeek, Belgium. "The integration of these facilities will improve capacity utilization at the Oklahoma City facilities, which have over 700,000 square feet of covered space. We will also reduce overhead costs overhead costs see fixed costs. ," commented Fil imp. 1. imp. os> of Fall, v. i. os> Fell. Filipov, Terex Executive Vice President and President of CMI. "In spite of today's challenging business environment, we believe there are opportunities to grow the business. We will accomplish this by executing our restructuring plan, which we anticipate will deliver both cost savings and improved quality and product support in order to better meet the needs of the customer." Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2000 revenues in excess of $2 billion. Terex is involved in a broad range of construction, infrastructure, recycling and mining-related capital equipment under the brand names of Terex, Unit Rig, Payhauler, O&K, Fermec, Benford, Powerscreen, Finlay, B.L. Pegson, Simplicity, Cedarapids, Grayhound, CMI, Bid-Well, Load King, Cifali, Jaques, Canica-Jaques, Lorain, PPM, P&H, Franna, Marklift, Koehring, Bendini, RO, Telelect, Square Shooter, American, Italmacchine, Peiner, Comedil, Matbro, Amida, Bartell, Coleman, Muller and Morrison. More information on Terex can be found at www.terex.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement The above contains forward-looking information based on Terex's current expectations. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond Terex's control, include among others, the sensitivity of construction and mining activity to interest rates, government spending and downward economic cycles and general economic conditions; the success of the integration of acquired businesses; the retention of key management; foreign currency fluctuations; pricing, product initiatives, and other actions taken by competitors; the effect of changes in laws and regulations, including environmental laws and regulations; the effect of debt and restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. ; and other factors, risks, uncertainties more specifically set forth in Terex's public filings with the SEC. The forward-looking statements herein 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 Terex's expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based. --30--jtp/ny* jeh
CONTACT: Investor Relations
Terex Corporation
Kevin O'Reilly, 203/222-5943
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION MANUFACTURING
MINING/METALS
SOURCE: Terex Corporation
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