06.11.2007

Terex buys mining company

Terex has acquired Superior Highwall Miners, a manufacturer of highwall mining equipment based in Beckley, West Virginia. The company produces equipment for use in trench mining, open pit mining, contour mining and auger hole mining applications.

The total cost of the deal was around $140 million in cash. Terex says that the transaction will be slightly accretive to 2008 earnings.

Ron DeFeo, Terex chairman and chief executive officer said: “We believe that the Superior Highwall Miners acquisition provides us with an important growth opportunity.”

“The acquisition is a good fit with Terex’s strategy of expanding our market presence in related product areas and is a natural extension of our current Materials Processing & Mining Group business. SHM has existing North American coal relationships and we believe Terex can help accelerate its prospects for increasing success globally.”