US parent of Tyrone-based Terex reports sales in excess of £5bn
THE American parent of Co Tyrone-based engineering company Terex reported an 18 per cent uplift in sales last year to $5.1 billion (£3.9bn).
New York stock exchange-listed Terex Corporation has reported a strong set of financial results for the year and last quarter of 2018.
Sales were up from $4.4 bn (£3.4bn) in 2017 to $5.1bn (£3.9bn) last year, while in the final three months Terex reported an increase of 16 per cent in sales to $1.2bn (£0.9bn). Backlog was also up by almost a fifth (19 per cent) at the firm.
The Terex Materials Processing segment, which has factories in Omagh, Dungannon and Ballymoney, delivered excellent performance across its portfolio of businesses with sales of $1.3bn (£1bn), 17 per cent higher than 2017. Final quarter sales also rose by 20 per cent to $340m (£260m).
Growth was driven by global demand for crushing and screening products, material handlers, and environmental equipment. The segment entered 2019 with a backlog of $490m (£375m), 54 per cent greater than the previous year.
Kieran Hegarty, president of Terex Materials Processing said the business will look to expand capacity into new and existing markets on the back of "strong global demand".
“We’re well positioned to support the strong global demand we see from our customers heading into 2019 and expand our penetration into emerging markets," he said.
"New product development will continue to differentiate our MP businesses - with new crushing and screening products being launched this year and new Fuchs material handlers that are designed to serve new markets including timber yards, ports and waste processing. To support our growth we will execute our manufacturing strategy which includes expanding capacity in the UK, India and China and utilising the Oklahoma City facility in the North America.”
Terex chairman and CEO, John L.Garrison added:
“Overall, our global team executed well in the fourth quarter, completing a strong year for Terex."