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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) July 27, 1999
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
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On July 27, 1999, Terex Corporation ("Terex") announced that valid
acceptances of its offer (the "Offer") to shareholders of Powerscreen
International plc ("Powerscreen") to acquire all of the ordinary share
capital of Powerscreen for consideration of 195.0 pence per share had been
received in respect of 56,921,274 shares, representing approximately 61.24%
of the issued share capital of Powerscreen. The Offer has been declared
unconditional in all respects, all conditions having been waived or
satisfied, with respect to all valid acceptances received. The Offer will
remain open for additional acceptances until further notice.
Powerscreen is primarily a manufacturer of screening and crushing
equipment in the United Kingdom, the Irish Republic and the United States.
It manufactures and markets mobile and static screening equipment used for
sorting and grading sand and gravel in quarries and waste materials on
landfill sites. Crushing equipment is used for processing rock into sand and
gravel and construction waste into re-useable materials.
For the fiscal year ended March 31, 1999, Powerscreen reported from
continuing operations, under U.K. GAAP, turnover (or sales) of approximately
pounds 225.1 million (approximately $372.2 million), operating profit of
approximately pounds 25.2 million (approximately $41.7 million), net debt of
approximately pounds 4.5 million (approximately $7.3 million) and equity
shareholders' funds of approximately pounds 58.5 million (approximately $94.3
million). Powerscreen's screening and crushing equipment represented
approximately 60% of its 1999 sales. The remaining approximately 40% of
sales were generated by the sale of truck-mounted material handlers, dumper
trucks, mixers and compaction equipment. For the fiscal year ended March 31,
1999, Powerscreen had an operating margin of approximately 11%. Terex
expects substantial cost savings from the integration of the two companies.
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: July 28, 1999
TEREX CORPORATION
By: /s/ Eric I Cohen
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Eric I Cohen
Senior Vice President
