Sales at Terex Cranes were down in 2016 by 19.5 per cent to US$ 1,274.5 million on the $ 1,566.5 million figure for 2015. In the fourth quarter of 2016 sales were $ 327 million, down more than 18 per cent on the $ 406 million of the same period a year earlier.
Commenting on the performance of Terex Corporation overall, John Garrison, Terex president and CEO, said, “Our fourth quarter results were in line with our expectations and reflect the challenging global market conditions.”
Garrison continued, “We have taken significant steps to better position Terex for the future. We completed the sale of our MHPS [port and industrial cranes] business, initiated major restructuring actions within our cranes segment, and dramatically improved our balance sheet. We continue to implement our strategy, to focus and simplify the company, and build capabilities in key commercial and operational areas.”
In outlook Garrison said that he expects the global crane market to remain challenging with a further decline in 2017.