29.04.2016

Terex to reduce headcount

Terex is to cut around 650 jobs as part of a restructuring programme to make cost savings of around $60 million.

Half of this is likely to come from the Port Solutions business, which has been struggling in the current climate. most of the staff reductions will be aimed at reducing Sales, General and Administration costs. Terex aims to achieve 40 percent of the savings in the second half of 2016, with the rest coming in 2017.

The announcement was made during the company’s quarterly conference call during which it also said that it is working with its financial and legal advisors to assess Zoomlion's financing capability, as well as the likely hood of it obtaining shareholder and government approvals. At the same time Zoomlion is carrying out its due diligence of Terex, with both sides working together to explore the practicalities of the $31 bid. In the meantime Terex continues to move forward with the Konecranes merger in terms of antitrust filings along with requirements for regulatory and shareholder approvals.