Terex Board Authorizes Increase in Stock Buyback Plan
WESTPORT, CT, July 15, 2008 — Terex Corporation (NYSE: TEX) today announced that its Board of Directors has authorized an increase in its share repurchase program, under which the Company now may purchase an additional $500 million of the Company's outstanding common shares. This brings the total amount that may be repurchased under the share repurchase program to $1.2 billion, while keeping the program period expiration date of June 30, 2009. Purchases may be made at the Company's discretion from time to time in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit.
As of June 30 2008, the Company has purchased approximately $362 million of shares under the repurchase program.
"This action represents the second step-up in our share repurchase program since the program began. We continue to believe that investing in our shares provides an attractive return," said Ronald M. DeFeo, Chairman and CEO of Terex. "Terex has the financial strength today to expand the share repurchase program without affecting our ability to implement internal or external initiatives. We remain optimistic about meeting our long-term goals, and are committed to enhancing shareholder value."