Materials Processing ‘critically important’ as Terex looks to expand
29 June 2022
The head of Terex Corporation has described its Materials Processing section as “of critical importance” to the business as it embarks on an ambitious acquisition programme.
John Garrison, who holds the titles of chairman of the board, president and CEO of the corporation, was speaking at the recent Hillhead exhibition in the north of England, alongside Terex Materials Processing (MP) president Kieran Hegarty and Pat Brian, the vice president and managing director of mobile crushing and screening.
At one time, Terex Materials Processing (MP) accounted for less than 20% of the total company, but now – through a combination of growth in its segment and portfolio rationalisation elsewhere in the company – that figure is now around 60% and still growing.
Kieran Hegarty believes a lot of Terex MP’s upturn – including plans for a significant investment in its fabrications facility in Ballymoney, Northern Ireland – has been due to the way the company dealt with the Covid-19 pandemic two years ago.
He said: “We were very quick out of the blocks.
“And despite still facing a lot of challenges in the supply chain and cost inflation, we are not seeing any signs of recession. We remain very positive. “
That positivity is shared by John Garrison, who says that Terex has never been financially better placed for acquisition-based expansion.
“We have the strongest balance sheet in the history of the company,” he said.
“That makes us open to grow via acquisition, with opportunities in each vertical market.
“We are looking to build a pipeline, but it takes time.”
He added that the ongoing equipment electrification programme would be central to deciding which companies Terex will be looking to buy.
“It is absolutely a consideration,” said John.
“We will be asking where they are on the electric curve. If they are not far enough along it, we can still help them.”