Terex acquires hydra platforms, under-bridge access equipment maker
WESTPORT, CT, April 21, 2008 — Terex Corporation (NYSE: TEX) today announced that it has acquired Hydra Platforms Mfg., Inc. Based in Rock Hill, South Carolina, Hydra Platforms is a leading manufacturer of truck and trailer mounted self erecting under-bridge access equipment used for bridge construction, maintenance and inspection. Terms were not disclosed.
Hydra Platforms will become part of the Terex Roadbuilding segment and will work with the company’s Bid-Well subsidiary. Bid-Well is the leading manufacturer, seller and service provider of bridge paving equipment in the United States.
“Hydra is a leader in a growing market for under-bridge access,” said George Ellis, Vice President and General Manager, Terex Roadbuilding. “More than 93% of bridges in the United States were built before 1980 and 25 percent have been designated as structurally deficient or functionally obsolete. As a result, more funds are being committed for bridge inspection and repair. Hydra Platforms’ products provide a cost effective tool for bridge contractors, engineers and state Departments of Transportation to address this vital public safety aspect of our nation’s aging infrastructure.”
Ellis continued, “Hydra Platforms is an excellent strategic fit for Terex since our Bid-Well organization serves the same customer base and, through Bid-Well, we hope to expand Hydra’s national and international reach.”
Terex Corporation is a diversified global manufacturer with 2007 net sales of more than $9.1 billion. Terex operates in five business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, Terex Materials Processing & Mining, and Terex Roadbuilding, Utility Products and Other. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. More information on Terex can be found at www.terex.com.