Terex Corp. announced plans to restructure the operations of recently acquired CMI Corp., cutting 500 jobs and closing three U.S. facilities and one plant in Belgium.
The restructuring will generate savings of more than $20 million, Terex said. It will begin immediately, with full integration accomplished within nine months.
The four CMI facilities to be closed are located in Brownwood, Tex.; Champaign, Ill.; Cedar Falls, Iowa; and Opglabbeek, Bel. The operations of the four will be consolidated into CMI's Oklahoma City location.
Terex, which had revenues exceeding $2 billion in 2000, completed its acquisition of CMI on Oct. 1. CMI makes asphalt and concrete mixing plants, road profiling and reclaiming equipment, paving systems, and landfill compactors and graders.
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