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Fourth Quarter and Year End 2009 Earnings Release Conference Call
February 18, 2010

Ron DeFeo - Terex Corporation - Chairman and Chief Executive Officer
Good morning Ladies and Gentlemen and thank you for your interest in Terex Corporation today.

On the call with me this morning is Phil Widman, our Senior Vice President and Chief Financial Officer, Tom Riordan, the Company’s President and Chief Operating Officer and Tom Gelston, Vice President of Investor Relations.  Also participating on the call and available for your questions are Rick Nichols for the Cranes segment, Tim Ford for the Aerial Work Platforms segment, George Ellis for the Construction segment, Steve Filipov, President of Developing Markets and Strategic Accounts and Eric Nielsen for the Materials Processing segment.

A replay of this call will be archived on the Company’s website, www.terex.com under “Audio Archives” in the “Investor Relations” section of the website.

I would like to begin with some opening commentary, followed by Phil Widman who will provide a more detailed financial report. Tom Riordan will discuss operations by segment. Then we will open up the call for questions.  During the Q & A portion please ask only one question and one follow-up.

The presentation we will be referring to is accessible on the Company’s website.  Let me begin by referring to the forward looking statement on page 2.  I will remind you that we will discuss expectations of future events and performance of the Company on today’s call and that such expectations are subject to uncertainties related to macroeconomic factors, interest rates, governmental actions and other factors.  A fuller description of the factors that affect future expectations is included in the presentation, our press release and other public filings.  I encourage you to read them.

Turning to page 3 of the presentation, let me offer some overview thoughts on the recently completed quarter and year, as well as our current 2010 view. Virtually all of our comments today will be for continuing operations and, as you might expect, there are a lot of moving pieces when you pull out the Mining business.  Firstly, continuing operations produced a net sales level of about $4 Billion in 2009.  This is more than a 50% reduction and reflects the massive industry contraction that has taken place within our product lines. We think revenue has now stabilized.

Manufacturing costs for Terex have been dramatically reduced, and we believe this confirms the strength of our business model, which historically has been focused on manufacturing and outsourcing. Our exposure is almost entirely to construction-related markets with not many offsets to other industrial applications at this point in time.  Nor do we have a finance company that generates income as a primary mission.

We have weathered the storm with excellent liquidity and, with the Mining sale due to close shortly for $1.3 billion of value, we are in an excellent place to further develop the Company over the next year.  We are excited about the potential.  However, we recognize that our success is dependent upon bringing our remaining businesses back to profitability and believe we will be breakeven at the operating level for the full year 2010, and we are driving to end the year with EPS profitability in the final quarter of the year. This is a challenging goal.

 
 

The following information was filed by Terex Corp (TEX) on Thursday, February 18, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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