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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) February 24, 1997
TEREX CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-10702 34-1531521
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
500 Post Road East, Suite 320, Westport, Connecticut 06880
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (203) 222-7170
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On February 24, 1997, Terex Corporation ("Terex" or the "Company") executed an
Agreement of Purchase and Sale (the "Purchase Agreement") with Simon Engineering
plc and certain subsidiaries (collectively, "Simon Engineering") pursuant to
which the Company has agreed to acquire the industrial businesses of Simon
Access division ("Simon Access Division") from Simon Engineering for the sum of
$90 million.
The Simon Access Division to be acquired consists principally of several
business units in the United States and Europe which are engaged in the
manufacture and sale of access equipment designed to position people and
materials to work at heights. The Simon Access Division products include truck
mounted aerial devices, aerial work platforms and truck mounted cranes (boom
trucks) which are sold to utility companies as well as to customers in the
industrial and construction markets. Specifically, Terex has agreed to acquire
100% of the outstanding common stock of (i) Simon-Telelect Inc., a Delaware
corporation, (ii) Simon Aerials, Inc., a Wisconsin corporation, (iii) Sim-Tech
Management Limited, a private limited company incorporated under the laws of
Hong Kong, (iv) Simon Cella, S.r.l., a company incorporated under the laws of
Italy, and (v) Simon Aerials Limited, a company incorporated under the laws of
Ireland; and 60% of the outstanding common stock of Simon-Tomen Engineering
Company Limited, a limited liability stock company organized under the laws of
Japan. Not included in the businesses to be acquired are the Simon Access
Division's fire fighting equipment businesses.
The consummation of the acquisition is expected to take place in April 1997 and
is subject principally to (i) expiration or termination of the applicable
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, and (ii) the approval of the transactions contemplated by the
shareholders of Simon Engineering plc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: February 26, 1997
TEREX CORPORATION
By: /s/ Joseph F. Apuzzo
Joseph F. Apuzzo
Vice President Finance and Controller
(Principal Accounting Officer)
