Terex Increases Quarterly Dividend to $0.06 Per Share – Announces New $200 Million Share Repurchase Program
Terex Corporation (NYSE:TEX) today announced its Board of Directors approved a quarterly dividend increase to its shareholders. The new quarterly cash dividend of $0.06 per share is an increase of 20% over the 2014 quarterly dividend amount. The dividend will be made on March 19, 2015 to shareholders of record as of March 10, 2015.
The Company’s previous $200 million share repurchase program initiated in December 2013 was completed in December 2014. Accordingly, the Company today announced a new share repurchase program, allowing the Company to repurchase an additional $200 million of Terex common stock.
Ron DeFeo, Terex Chairman and Chief Executive Officer, stated, “We are pleased to be in a position where we can increase the amount of cash returned to our shareholders. We feel this increased dividend and new share repurchase program demonstrates our confidence in our ability to maintain strong free cash flow and our ongoing commitment to enhancing long-term shareholder value.”
It is the Company’s intention that it will pay four quarterly dividends of $0.06 per share, for an aggregate of $0.24 per share, for the calendar year 2015. However, future declarations of quarterly dividends and the establishment of future record and payment dates are subject to the determination of the Terex Board of Directors.
Forward Looking Statements
This press release contains forward-looking information based on the current expectations of Terex Corporation. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond the control of Terex, include those factors that are more specifically set forth in the public filings of Terex with the Securities and Exchange Commission. Actual events or the actual future results of Terex may differ materially from any forward looking statement due to those and other risks, uncertainties and significant factors. The forward-looking statements speak only as of the date of this press release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this press release to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based
Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and the market.
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