Newsletter #192 (View other news stories)
Terex to restate finances for three years
WESTPORT, CT, United States
Thursday, 20 Jan 2005
Equipment manufacturing powerhouse Terex Corporation plans to restate its 2001-2003 financial statements following an examination of intercompany transactions and apparent account imbalances, the Westport-based firm said in a January 13 filing with the US Securities and Exchange Commission.
Financial statements for the three years "should no longer be relied upon", Terex said in a statement.
An internal examination began on October 28 and determined that a material weakness existed in the firm’s controls over financial reporting.
Terex bolstered its business in aerial work platforms significantly with the September 2002 acquisition of Genie Holdings Inc, of Redmond, Washington.
While the numbers are subject to adjustment, Terex’s 2003 report said the business segment for aerial work platforms accounted for 14 percent of that year’s sales of USD3.9 billion.
The segment designs, manufactures and markets boom lifts, scissor lifts and telehandlers through facilities in Redmond and Moses Lake, Washington, and Baraga, Michigan.
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