, /PRNewswire/ — Terex Corporation (NYSE: TEX ) announced today that its Board of Directors approved a new share repurchase program of up to $150 million. The new authorization is in addition to the share repurchase program announced in July 2018, under which the company has approximately $43 million remaining.
John L. Garrison, Chairman and Chief Executive Officer, Terex ) stated, “We are pleased to expand our share repurchase program, as demonstrated at our recent Investor Day, based on the strength of our balance sheet and our expectations for future free cash flow generation. The new $150 million share repurchase authorization is in line with Our disciplined capital allocation strategy demonstrates our continued commitment to offsetting dilution and opportunistically returning capital to shareholders.”
The repurchase program will be based on available liquidity, cash flow and general market conditions. Repurchase programs can be executed through various methods, including open market purchases. The plan has no termination date, may be suspended or terminated at any time, and the company is under no obligation to purchase any number of common shares.
Forward-Looking Statements Certain information in this press release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995) regarding future events or Our future financial performance involves certain contingencies and uncertainties, including those discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, and our filings with the Securities and Exchange Commission from time to time. Follow-up report entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Unexpected Events and Uncertainties.” In addition, when this press release contains the words “may”, “anticipate”, “should”, “intend”, “anticipate”, “believe”, “plan”, “project”, “estimate”, “will” and other words and the negative thereof and similar 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. We make these forward-looking statements based on our current expectations and projections about future events. These statements are not guarantees of future performance. Such statements are inherently subject to various risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements.
Actual events or our actual future results could differ materially from these and any forward-looking statements as a result of these and other risks, uncertainties and material factors. The forward-looking statements contained herein speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this press release to reflect any change in our expectations therefor or any changes in events, conditions or circumstances on which any such statement is based Changes are based on.
About Terex Terex is a global manufacturer of material processing machinery and aerial work platforms. We design, manufacture and support products for construction, maintenance, manufacturing, energy, recycling, minerals and materials management applications. Certain Terex products and solutions enable customers to reduce their environmental impact, including electric and hybrid products that provide quiet and emission-free performance, products that support renewable products that recycle useful materials. Our products are manufactured in North America, Europe, Australia and Asia and sold worldwide. We engage with customers at all stages of the product lifecycle, from initial specification and financing to parts and service support.
Contact Information Paretosh Misra Director of Investor Relations
Phone: 203-604-3977 Email: [email protected]
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Source Terex Corporation