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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) September 30, 2000
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 September 30, 2000, Terex Corporation ("Terex") completed the sale of its
truck-mounted forklift businesses to subsidiaries of Partek Corporation of
Finland ("Partek") for approximately $144 million in cash. The units divested by
Terex included Moffett Engineering Limited ("Moffett") (a subsidiary of
Powerscreen International plc that was acquired by Terex in July 1999) and
Terex's Princeton and Kooi units (acquired by Terex from Allegheny Teledyne in
November 1999).
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 and various
locations in Germany.
The sale of the truck mounted forklift business was structured as the sale to
affiliates of Partek of all of the shares of Moffett and Terex B.V., the parent
of Kooi, and of all of the assets of Princeton and of Kooi's German operations.
Terex is using approximately $125 million of after-tax proceeds from this
transaction to repay long-term bank debt.
Item 7. Financial Statements and Exhibits
(c) Exhibits
1. Asset Purchase and Sale Agreement between Terex Corporation and Partek
Acquisition Company, Inc., dated as of July 20, 2000.
2. Share Purchase and Sale Agreement among Powerscreen International plc,
Partek Cargotec Holding Ltd and, for purposes of Article 9 only, Moffett
Engineering Limited, dated as of July 20, 2000.
3. Share Purchase and Sale Agreement among Holland Lift International B.V.,
Partek Cargotec Holding Netherlands B.V. and, for purposes of Article 9
only, Kooi B.V., dated as of July 20, 2000.
4. Asset Purchase and Sale Agreement among PPM Deutschland GmbH Terex Cranes,
Hiab GmbH and, for purposes of Section 2.3 only, Holland Lift International
B.V., Partek Cargotec Holding Netherlands B.V. and Kooi B.V., dated as of
September 29, 2000.
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: October 4, 2000
TEREX CORPORATION
By: /s/ Eric I Cohen
Eric I Cohen
Senior Vice President
