A week after announcing it would complete its financial restatements soon, Terex Corp now says it needs more time to complete the filing of its financial reports with the Securities & Exchange Commission (SEC) (Forkliftaction.com News #227).

Terex said in a statement that it planned to review additional items in its financial statements for completeness and accuracy.

Company chairman and CEO Ronald M DeFeo was disappointed by the delay.

"But, given the prior disclosure and following a voluntary meeting with the SEC, we have chosen to review some historical items not included in our prior scope of work," he said.

Terex would not provide details of the additional items being reviewed but said they were "items in the financial statements not included in the previously announced investigation" with a particular emphasis on the years 2002 and before.

The restatement process and additional review would not impact the company's current cash position nor its opinion of its future income forecasts, the company said.

Terex will request a further extension from its bank lending group to complete the review.