================================================================================
UNITED STATES
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) July 20, 2000
TEREX CORPORATION
--------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 1-10702 34-1531521
--------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
500 Post Road East, Suite 320, Westport, Connecticut 06880
--------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (203) 222-7170
NOT APPLICABLE
--------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
================================================================================
<PAGE>
Item 5. Other Events.
On July 20, 2000, Terex Corporation ("Terex") announced that it has signed
a definitive agreement to sell its truck-mounted forklift businesses to Partek
Cargotec, a subsidiary of Partek Corporation of Finland, for $144 million in
cash. The units to be divested by Terex include Moffett Engineering Limited, a
subsidiary of Powerscreen International plc that was acquired in July 1999, and
the Princeton and Kooi units that were acquired by Terex from Allegheny Teledyne
in November 1999. The transaction is subject to normal regulatory approvals and
closing conditions and is expected to close in the third quarter of 2000.
Moffett, Princeton and Kooi manufacture truck mounted material handlers
that are mounted on delivery vehicles and are used to unload materials at
delivery sites. This equipment is used primarily in the building material
industry. Moffett has operations in Dundalk, Ireland, Princeton has operations
in Canal Winchester, Ohio, and Kooi has operations in Vrouwenparochie, the
Netherlands.
Terex intends to use the approximately $125 million of after-tax proceeds
from this transaction to repay long-term bank debt.
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 21, 2000
TEREX CORPORATION
By: /s/Eric I Cohen
Eric I Cohen
Senior Vice President
