Terex Corp., Westport, Conn., plans to consolidate its aerial work platform and crane manufacturing operations, CEO Ron DeFeo said in a Jan. 24 conference call with investors.
Terex will discontinue its Terex aerial line as those products will be integrated with Genie Industries products. DeFeo also said Terex will scale back its crane manufacturing operations in Montceau, France, and many of its crane products will be discontinued as those product lines will be integrated with Demag products.
“Terex will focus on Genie as its brand in the AWP category,” DeFeo told RER. “We do not believe it makes sense to have duplicate products.”
Terex expects net aerial work platform sales in 2003 to be in the range of $475 million to $510 million, about a 10 percent decrease from the 2002 run rate. This reduction in net sales is primarily the result of lower capital expenditures forecasted for the large rental companies, although growth opportunities in Europe may partially offset the decrease, company officials said.
The company will provide a detailed review of its financial results for the fourth quarter and full year 2002 in late February.