First publishedon www.AggBusiness.com
The Terex Materials Processing (TMP) business segment within Terex Corporation saw its net sales rise by nearly 20% in the fourth quarter of 2017, with a 13.6% rise achieved in the full year. TMP – which includes Powerscreen, Terex Minerals Processing Systems, Terex Finlay, EvoQuip, Terex Washing Systems, Terex Ecotec, Terex Conveyors, and Terex Concrete and Construction Products – also reported backlog up 47% at year end. The business segment benefitted from growth in several of its product lines including crushing & screening, environmental equipment and its Fuchs material handlers.
Kieran Hegarty, president of TMP, said: “We enter 2018 with strength in many of the markets we serve. Materials Processing is investing in innovation, and will continue to launch new products and services designed to improve our customers’ return on investment over the course of the year.”
Terex Corporation as a whole reported a strong finish to the year, with Q4 net sales of nearly US$1.1 billion, up 9.1% versus 2016 thanks to improving market demand and successful implementation of the company’s transformation strategy. For the full year, Terex reported net sales of $4.4 billion – down 1.8% from 2016 due to the sale of non-core businesses and softness in its mobile cranes business. The positive year-end momentum is poised to continue with the company reporting backlog up by 56% at year end.
“The fourth quarter marked an excellent finish to an important year for Terex with profitability increasing significantly,” said John L. Garrison, Terex president and CEO. “We continued to simplify the company to enhance efficiency and make it easier for our customers to do business with us. We reduced administrative expenses while increasing investment in innovation, strategic sourcing, and commercial excellence.”