November 2 - Terex Corporation posted income from continuing operations of USD33.3 million in the third quarter of 2016, compared with USD30.3 million in the same period of 2015.
"Our aerial work platforms (AWP) and materials processing (MP) segments performed in line with expectations, while our cranes segment performance was negatively impacted by more challenging markets than we anticipated and operational factors," said John L. Garrison, president and ceo of Terex.
Garrsion said that the global capital equipment market remains challenging: "The market for mobile cranes weakened further than planned in the third quarter, with the primary driver being the retrenchment in the oil and gas sector in North America and legislative changes to subsidies in the German wind energy industry."
He added that Terex is taking actions to improve its cranes business, having appointed Steve Filipov to replace Ken Lousberg as president of Terex Cranes in October (http://www.heavyliftpfi.com/news/change-at-the-top-for-terex.html).
"We are reviewing all aspects of our cost structure and have been taking actions throughout the entire company to reduce costs. These savings were critical to at least partially offsetting challenging conditions in our markets," he stated.
Garrison explained that Terex is progressing with the planned completion of its material handling and port solutions (MHPS) business to Konecranes in early 2017.