02.07.2001

Terex to close four factories

Ron DeFeo, chief executive officer of Terex, has announced that the company plans to close four of its manufacturing locations before the end of the year.

The announcement came as Terex signed an agreement to buy Oklahoma City based CMI, a manufacturer of asphalt and concrete mixing plants and other paving, landfill and reclamation systems used in road and bridge building. Fil Filipov, who previously led Terex Lifting, will become CMI president.

DeFeo did not specify which facilities would be closed, but speculation includes the company’s two remaining European powered access manufacturing facilities in Cork, Ireland and Hoorn, The Netherlands. He said that by closing the unspecified facilities and moving production, the company would save US$10 million to US$15 million a year.