Terex Corporation is an American worldwide manufacturer of lifting and material handling solutions for a variety of industries, including construction, infrastructure, quarrying, recycling, energy, mining, shipping, transportation, refining and utilities. The company's major business segments include aerial work platforms, construction, cranes, material handling & port solutions and materials processing. Terex has more than 22,000 employees and operates manufacturing facilities throughout the world. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services.
The Terex name has its origins as a division of General Motors. Due to a 1968 Justice Department ruling, General Motors was required to stop manufacturing and selling off-highway trucks in the United States for four years and divest the Euclid brand name. GM coined the "Terex" name in 1968 from the Latin words "terra" (earth) and "rex" (king) for its construction equipment products and trucks not covered by the ruling.
General Motors sold the Terex division to German firm IBH Holding AG in 1980. After IBH Holding AG declared bankruptcy in 1983, ownership of Terex reverted to General Motors and was organized as Terex Equipment Limited (Scotland) and Terex USA (Hudson, Ohio).
American entrepreneur Randolph W. Lenz purchased Terex USA from GM in 1986, then exercised an option to purchase Terex Equipment Limited in 1987. In 1988, Lenz merged his primary construction equipment asset, Northwest Engineering Company, into Terex Corporation, making Terex Corporation the parent corporation. The construction assets acquired by Lenz throughout the 1980s including Northwest Engineering Company, Unit Rig (brands Dart Truck Company), Terex Equipment Limited and Koehring Cranes and Excavators, Inc. all became assets of Terex Corporation.
In 1999 Terex acquired Powerscreen PLC, a Northern Ireland-based group of companies. These companies included Powerscreen International, Finlay Hydrascreens, Moffet Mountie, BL Pegson as well as several others. Power screen and newly named Terex Finlay produce mobile crushing, screening, washing and recycling equipment. Their products are used in industries such as construction, quarrying, mining, landfill, aggregates, topsoil, compost/wood chips, asphalt, rock crushing, and recycling.
Due to a strategy of acquisitions, Terex Corporation owns more than 50 different brands. This includes CMI Roadbuilding, acquired in 2001. This unit was sold off in 2013 at a loss. In 2001, the Australian rock crusher specialist Jaques Limited was also absorbed by Terex.
In 2002, Terex acquired Genie Industries—a leading manufacturer of aerial work platforms. Genie Industries became known as the Genie Brand within the Terex Aerial Work Platforms (AWP) segment.
Terex Corporation acquired the majority ownership (71%) of Tatra in late 2003, but as of late 2006 sold off that share to Blue River S.R.O. for about $26.2 million in cash.
In February 2010, Terex sold its mining equipment division to Bucyrus International Inc. for US$1.3 billion.
In April 2015, Terex purchased the assets of Continental Biomass Industries (CBI) of Newton, NH. CBI is still commonly referred to as the Heavyweight Champion of Wood Waste Grinders and is a prominent player in the manufacturing of biomass processing equipment.
GAZ Group of Russia operates a joint venture with Terex (RM-Terex). The joint venture is involved in a wide range of works in the road, civil and industrial construction, utilities, mining, forestry, oil and gas industry.
In 1992 American businessman Richard Carl Fuisz reported to the Operations Subcommittee of the House Committee on Agriculture that he witnessed the construction of military vehicles at a Terex owned facility in Scotland in 1987. Fuisz alleged that Terex employees reported that the vehicles were manufactured at the request of the CIA and British Intelligence and were destined for service with the Iraqi military. Terex denied the allegations and, in 1992, Terex filed a libel complaint against Fuisz and Seymour M. Hersh, writer of a New York Times article covering Fuisz's allegations. After several investigations, including a 16-month-long Federal task force investigation, no legal charges were filed against Terex and the New York Times, in an editor's note on December 7, 1995, said, "The article should never have suggested that Terex has ever supplied Scud missile launchers to Iraq, and The Times regrets any damage that may have resulted to Terex from any false impression the article may have caused."