Terex Acquiring Two Firms

Terex Corp. announced that it will acquire Atlas Weyhausen and The Schaeff Group.

Atlas Weyhausen is a German manufacturer of wheeled excavators and truck mounted articulated cranes. The Schaeff Group is a German manufacturer of compact construction equipment and a full range of scrap material handlers. Both of these transactions are anticipated to close during the fourth quarter of 2001 or early in 2002.

"The acquisition of Atlas Weyhausen and The Schaeff Group provides an enormous opportunity for us," commented Ronald M. DeFeo, Terex chairman and CEO. "The acquisitions are an excellent fit with Terex's strategy of diversifying both the products and geographic range of our customer offerings. The combination of Atlas and Schaeff will increase our penetration into Germany by adding approximately $250 million in annual German revenues and 60 independent dealers in a market where today we have limited presence, while also adding new products to the Terex portfolio."

Atlas competes primarily in two product categories: wheeled excavators from 11 to 20 tons and truck mounted articulated cranes. Schaeff competes primarily in four product categories: mini-excavators ranging from 1.5 to 5.5 tons, midi-excavators ranging from 6.5 to 11 tons, wheel loaders ranging from 50 to 140 hp, and scrap material handlers ranging from 20 to 65 tons.