Materials handling giant Terex posts first quarter losses
GLOBAL materials handling giant Terex has swung from profit to a big first-quarter loss after production was halted due to the covid-19 pandemic.
The US-owned group, whose UK operations are largely centred on manufacturing sites in Omagh and Dungannon, said that while the first two months of the year met expectations, in March global economic activity, including customer capital equipment purchases, sharply contracted.
The New York-listed Terex Corporation announced a first quarter loss from continuing operations of $24.7 million (£19.7m) on sales of $833.6 million (£665.3m). First quarter comparators for 2019 were $57.2m (profit) and $1.1 billion.
The materials handling business, mostly focused in Mid-Ulster, saw its quarterly sales dip more than 23 per cent year on year to $315.6m (£251.9m).
Kieran Hegarty, president of Terex Materials Processing , said: “Production was quickly reduced in our global facilities due to customer demand and local government mandates.
“We're beginning to gradually and safely resume operations in response to customer demand and as permitted by government mandate.”
He added: “In Northern Ireland, Terex donated over 5,000 masks to a Covid-19 community group that is supporting local hospitals and care workers with PPE supplies.
“I'm extremely proud how our materials processing team members demonstrated the Terex value of citizenship during the Covid-19 pandemic.”
Terex also operates sites in Lurgan and Ballymoney and last year officially opened a new £12m manufacturing hub in Derry.