Terex Corp posts strong growth in materials processing division
The US parent company of Co Tyrone-based engineering firm Terex has posted an 18% rise in sales to $5.1bn (£3.9bn) for 2018.
A new annual report released by Terex Corporation yesterday showed an 18% increase in gross profits to $966.8m (£739m).
The company employs around 1,000 people across manufacturing sites in Omagh and Dungannon under Terex GB, which falls within the group's materials processing division. In October, Terex GB reported a pre-tax profit of £45.9m for 2017, up 62%. The parent group said the growth in its materials processing division remained strong throughout 2018, driven by global demand for crushing and screening products, material handlers and environmental equipment.
Terex reported sales of $1.3bn (£1bn) within the division, with its materials processing section starting 2019 with a backlog of orders worth $490m (£375m), 54% higher than last year.
Kieran Hegarty, president of Terex's materials processing (MP) division, said: "We're well positioned to support the strong global demand we see from our customers heading into 2019 and expand our penetration into emerging markets. New product development will continue to differentiate our MP businesses - with new crushing and screening products being launched this year and new Fuchs material handlers that are designed to serve new markets including timber yards, ports and waste processing.
"To support our growth we will execute our manufacturing strategy which includes expanding capacity in the UK, India and China and utilizing the Oklahoma City facility in the North America."
Terex yesterday announced the sale of its Demag Mobile Cranes business, expected to close in mid-2019, adding it will axe its mobile crane product lines manufactured at its Oklahoma City facility.
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Terex said it will continue to manufacture and support some specialized crane products, with the Australia-based Terex Pick and Carry business falling under the MP division.