De Feo sets new Terex target

Terex's chairman and CEO Ron de Feo said at Bauma that the company's aim was to reach revenues of $12 billion with operating margins of 12% by the year 2010. The so–called “12 by 12 in 10” target.

The company reported revenues of $7.6 billion last year at 10% margins. De Feo said that to achieve this target, sales would have to grow by 6% every year in North America, by 8% in Europe, and by 28% in the rest of the world.

He also ruled out any interest in acquiring United Rentals. “Terex wants to sell to rental companies, we do not want to be a rental company. Period. That's our customer.”

Meanwhile, Genie's president Tim Ford said production of scissors in Europe was still at the “planning phase” and said a UK location was likely and a location that “built on Terex infrastructure.” That's an indication that Terex's existing plant at Coventry is the probable location.