Terex Corp. has completed the previously announced sale of its mining business to Bucyrus International for $1 billion in cash, plus approximately 5.8 million shares of Bucyrus common stock. The products divested by Terex in the transaction include hydraulic mining excavators, electric drive mining trucks, track and rotary blasthole drills, and the highwall miner, as well as the related parts and aftermarket service businesses, including the company-owned distribution locations.

“The closing of this transaction marks a positive step toward the transformation of Terex Corporation into a machinery and industrial products business,” says Ronald DeFeo, Terex chairman and chief executive officer. “Our focus going forward is on product and market niches where we can maintain and build superior customer propositions with high returns on capital for our shareholders. This transaction provides us both opportunity and flexibility to create value.”

Mr. DeFeo continues, “As we said in December 2009, this sale is good for customers, team members and shareholders because it strengthens this business and makes Bucyrus an industry leader in mining. For our part, the substantial after-tax proceeds will allow Terex to continue to invest in our current businesses, as well as to look to add new, well-positioned acquisitions with strong market presence to the company’s portfolio.”