Tyrone firm Terex in 20% sales boost for last quarter of 2017
at Co Tyrone equipment company Terex, which employs over 1,000 people, increased by nearly 20% to hit $283m for the fourth quarter of 2017.
And Terex Corporation in the US — owner of Terex Materials Processing in Dungannon — said its fourth quarter sales were also up 9% to over $1bn.
The US company said market demand had been improving for its heavy equipment. It had also closed down 12 sites.
And for the whole of 2017, Terex Corporation net sales were $4.4bn, down nearly 2% on 2016 due to a fall-off in its mobile cranes business and the sale of non-core businesses.
And the materials processing business in Dungannon recorded a net sales increase of nearly 20% for the fourth quarter, and nearvestment ly 14% for the full year. The material processing operation designs and manufactures mobile crushing, screening and washing equipment.
Its main product lines include Powerscreen, Terex Finlay and Terex Mineral.
Full year sales reached $1.07bn, while quarter sales were up from $236.3m for the last quarter of 2016.
The business reported growth in product lines including crushing and screening, environmental equipment and its Fuchs material handlers.
John L Garrison, Terex president and chief executive, said: “The fourth quarter marked an excellent finish to an important year for Terex.
“We increased operating margins, bookings and backlog in every segment and significantly improved earnings per share.”
Mr Garrison said sales of the company’s construction businesses and its Material Handling and Port Solutions (MHPS) — the latter was sold to Finnish company Konecranes last year — has created value for shareholders.
He added: “We continued to simplify the company by executing our footprint rationalisation plan, exiting 12 manufacturing locations totaling 2.6 million square feet.
“We reduced administrative expenses while increasing inSALES in innovation, strategic sourcing, and commercial excellence.”
Powerscreen was bought over by Terex in 1999 — though the company continues to sell products under the famous Powerscreen brand.
A proposed takeover of the whole business by Chinese firm Zoomlion was abandoned in 2016. Powerscreen celebrated 50 years in business in Dunganoon in 2016.