Terex reduces revenues forecast by 3%

Softening aerial work platform and construction equipment markets in North America and western Europe have led Terex Corp to reduce by 3% its full year guidance for sales in 2008. The company now expects total annual revenues to be in the US$10.2-$10.6 billion range compared to the previously announced $10.5-$10.9 billion.

Ron DeFeo, Terex chairman and chief executive officer, said; "While our Cranes and Materials Processing & Mining segments continue to perform better than our expectations, continued market softening and input costs in the Aerial Work Platforms and Construction segments in Western Europe and the United States are expected to more than offset those positive factors".

Rising input costs have forced Terex's aerial work platform division to institute an average 7.5% price increase on its products on 1 September. A lower increase was also imposed at the start of the year.