Terex's Board Approves Share Repurchase Program Increase

July 15, 2008 • Westport, Conn.-based Terex Corp.'s board of directors has authorized an increase in its share repurchase program, allowing the company to purchase an additional $500 million of its 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. As of June 30 2008, Terex 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,” said Ron DeFeo, chairman and CEO of Terex. “We continue to believe that investing in our shares provides an attractive return."

 

He added that Terex has the financial strength to expand the share repurchase program without affecting its ability to implement internal or external initiatives. “We remain optimistic about meeting our long-term goals and are committed to enhancing shareholder value," he said.