Terex Acquires Superior Highwall Miners, Inc
Wednesday, November 7th, 2007
Terex Corporation announce that it has acquired Superior Highwall Miners, Inc. SHM, headquartered in Beckley, West Virginia, is a leading manufacturer of highwall mining equipment for use in trench mining, open pit mining, contour mining and auger hole mining applications. The total consideration for the transaction was approximately $140 million payable in cash. Terex anticipates that this transaction will be slightly accretive to 2008 earnings per share.
â€œWe believe that the Superior Highwall Miners acquisition provides us with an important growth opportunity,â€ commented Ronald M. DeFeo, Terex Chairman and Chief Executive Officer. â€œThe acquisition is a good fit with Terexâ€™s strategy of expanding our market presence in related product areas and is a natural extension of our current Materials Processing & Mining Group business. SHM has existing North American coal relationships and we believe Terex can help accelerate its prospects for increasing success globally.â€
For further information visit: www.terex.com