WESTPORT, Conn.--(BUSINESS WIRE)--Terex Corporation (NYSE:TEX) today announced that its Board of Directors authorized a new share repurchase program of up to $325 million. The Company completed its previous share repurchase program in the fourth quarter of 2017.
John L. Garrison, Terex President and Chief Executive Officer, stated, “During our Investor Presentation in December 2016 we committed to pursuing a disciplined capital allocation strategy that included the efficient returns of capital to shareholders through share repurchases of $1 billion to $1.5 billion through 2020. In 2017, we delivered on our commitment to follow our disciplined capital allocation strategy and returned $924 million to shareholders through share repurchases. Upon completion of today’s new $325 million share repurchase authorization Terex will have purchased $1.25 billion of its outstanding shares, achieving the mid-point of our range. Today’s announcement demonstrates our continued commitment to returning capital to shareholders and creating long-term shareholder value in conjunction with our Focus, Simplify and Execute To Win strategy.”
The timing of the share repurchase program will be based on available liquidity, cash flows and general market conditions. The repurchase program may be executed through various methods, including open market purchases.
Forward Looking Statements:
This press release contains forward-looking information regarding future events or Terex’s future financial performance based on the current expectations of Terex Corporation. In addition, when included in this press release, the words “may,” “expects,” “intends,” “anticipates,” “plans,” “projects,” “estimates” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. Terex has based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance.
Actual events or the actual future results of Terex may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors. The forward-looking statements speak only as of the date of this release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this release to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based.
Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The Company reports in three business segments: Aerial Work Platforms, Cranes, and Materials Processing. Terex delivers lifecycle solutions to a broad range of industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and the market.