EU Antitrust Clears Terex Purchase of Demag Cranes

WESTPORT, CT (August 5, 2011) – Terex Corporation (NYSE: TEX) received clearance from the European Union to complete its previously announced purchase offer for Demag Cranes AG. With this approval, the final condition of closing has been met, and settlement of the purchase offer is anticipated to occur the week of August 15.

Demag Cranes AG will add a new business segment to Terex with products in industrial cranes and hoists, port technology and service. Demag Cranes AG's business is said to complement existing Terex business, and the combination offers Terex a strong footprint in Europe and emerging markets.