Diesel Progress / Diesel Progress April 2006 / Terex Corporation Acquires 50% of Sichuan Changjiang Engineering Crane Co., Ltd.

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Terex Corporation Acquires 50% of Sichuan Changjiang Engineering Crane Co., Ltd.

Terex Corporation it has acquired a 50% interest in Sichuan Changjiang Engineering Crane Co., Ltd., based in Luzhou, Sichuan Province, China. Changjiang Crane is a leading producer of on-highway truck cranes in China, with a product range from 8 to 160 ton lifting capacity. The senior management of Changjiang Crane will own the remaining 50% interest in the company. Changjiang Crane will become part of the global operations of the Terex Cranes operating segment, and Terex expects to consolidate the results of Changjiang Crane with those of the Terex Cranes segment.

Currently, Chinese regulations generally limit foreign enterprises from owning more than 50% of domestic companies that produce on-highway vehicles, including truck cranes. If and when regulations permit, Terex has the right to acquire the remaining 50% of Changjiang Crane.

Steve Filipov, President of Terex Cranes, commented "There is significant opportunity to grow this business both inside and outside of China, and over time we hope to utilize its supply chain to help improve our component costs globally. We plan to apply engineering and operational resources to help Changjiang Crane accelerate its product and manufacturing development, building upon the significant accomplishments of the existing management team."

The current CEO of Changjiang Crane, Mr. Wang Li, will remain in that position. Mr. Li commented, "We look forward to the additional growth and development of Changjiang Crane as the newest member of the Terex Cranes family."