At Wednesday morning's press conference, Ron DeFeo, Chairman and CEO of Terex, said the company is in "recovery mode" and hopes the company will double its business by 2013.
The company's goal, says DeFeo, is to achieve $8 billion in net sales and a 12% operating profit by 2013. "It's a steep climb," he says. "But it's the objective we've set for our organization."
Terex serves several market segments - aerial work platforms, construction, materials processing and cranes - and expects growth in all categories except cranes, which will remain flat says DeFeo.
One of the ways the company plans to grow is with new product introductions. At Conexpo, Terex is introducing a new line of skid-steer loaders to complement its line of compact equipment. The company is also featuring its new TLB840 backhoe-loader.
Roadbuilding contractors can look forward to the unveiling of the front-discharge mixer truck and the Hydra Platform truck-mounted under-bridge access platform. Asphalt contractors can see the RS950 reclaimer/stabilizer up close and personal. Terex is also featuring the latest updates to its warm mix asphalt system.
Three Genie rough-terrain scissor lifts offer a new design. And the company is introducing its first battery-powered LED light towers.
The Materials Processing Division is offering a new protable crushing and screening plant, jaw crusher, cone crusher and incline screen.
Terex Cranes is introducing its BT 28106 and Crossover 6000 boom truck models as well as a T100 truck crane.
DeFeo also predicted a highway bill reauthorization by the end of 2011. "We'll have the same level of revenue as the last bill," he says. "Unfortunately, no one wants to support a gas tax increase, so we'll have to find additional sources of revenue."
Other ideas for revenue sources include public/private partnerships and an infrastructure bank. "The U.S. is very creative when trying to find funds," says DeFeo. "The Obama administration and Congress may seek alternate taxes, in areas such as oil, drilling and Wall Street, but with the Republicans in charge, those ideas won't get any traction. The bottom line for the highway bill - we'll get the same level of revenue, and the burden will be on the states to prioritize projects."
