Genie Scissors Likely In The Uk

20 March 2008

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

Mr Ford, speaking at Terex's Bauma press conference, also said the company would investigate expanding its platform refurbishment business from the UK where it recently carried out a multi–million Pound re–build project for UK rental company Nationwide.

At the same press conference, Terex's chairman and CEO Ron de Feo said the company's aim was to reach revenues of US$12 billion (€ 9 billion) with operating margins of 12% by the year 2010. That is the so–called “12 by 12 in 10” target.

The company reported revenues of $7.6 billion (€5.7 billion) last year at 10% margins. Mr De Feo said that to achieve the 2010 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.”

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