04/10/2006 - 05:00 am

Wilkerson Moves into New Position at Terex, New AWP President Appointed

Terex Aerial Work Platform President Bob Wilkerson has moved into a new role at Terex Corp., Westport, Conn., and the company has named Tim Ford as the new president to lead the Genie brand. Ford will be based in Connecticut and will report directly to the company's chairman and chief executive officer, Ronald M. DeFeo.

Prior to joining Terex, Ford was executive vice president of the Toro Company, a $1.8 billion lawn care and turf maintenance product and service provider. Before Toro, Ford held various management positions with Honeywell International and General Electric. Ford has a bachelor's degree in business from the University of Maine and an MBA from Bentley College.

"I am pleased to welcome Ford to this critical leadership role where he will be a key contributor to the future success of Terex,” DeFeo said. “His demonstrated leadership ability and experience with implementing lean initiatives will be instrumental in further expanding the global footprint of the Terex Aerial Work Platforms segment and continuing to drive down costs. Ford also has the right personality to take charge of Genie and the rest of the AWP segment, as he is a great people person and a strong customer advocate."

Through December 31, Ford also will report to Wilkerson before he moves into a new position in which he will be focus on customer support and other growth initiatives throughout Terex. "Wilkerson has been a team member of Genie for 35 years and the leader of the organization for most of this time,” DeFeo said. “He has had a remarkable record of business building and has been the driving force in the success of Genie since its acquisition by Terex. The entire Terex organization is appreciative of his efforts."

In other Terex news, the company also announced it has concluded the sale of its entire direct and indirect ownership interest of 80.5% in Tatra a.s. to Blue River s.r.o. for approximately $26.2 million in cash plus the repayment of all inter-company debt owed to Terex by Tatra of approximately $31.6 million. Additionally, Blue River s.r.o. will assume all third part indebtedness of Tatra, which totals approximately $22 million. Terex had previously identified Tatra, a Czech-based manufacturer of heavy duty on and off road trucks, as non-core to Terex's future operations. The buyer, Blue River s.r.o., is a Czech-based consortium of four international private investors, led by a member of Tatra's supervisory board.

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