{"id":1831,"date":"2016-05-01T15:31:21","date_gmt":"2016-05-01T15:31:21","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=1831"},"modified":"2016-05-01T15:31:21","modified_gmt":"2016-05-01T15:31:21","slug":"terex-announces-job-cuts-after-tough-quarter","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/terex-announces-job-cuts-after-tough-quarter\/","title":{"rendered":"Terex announces job cuts after tough quarter"},"content":{"rendered":"

After a loss-making start to the year, Terex<\/a> is to cut 670 jobs across all segments in a bid to produce annualised cost savings of US$60m.<\/p>\n

Of the total, 40% will be realised in 2016 while specifically 7% of jobs in selling, general and administrative (SG&A) expenses will be lost.<\/p>\n

As much as US$30m per year in savings is to come from the port solutions segment where Terex president and CEO, John Garrison, wants to improve profitability.<\/p>\n

He stated: \u201cWe have initiated a broad-based restructuring program in the quarter to reduce our SG&A costs and align production capacity with demand.\u201d<\/p>\n

Terex\u2019s material handling and port solutions (MHPS) business made an adjusted operating loss of US$12.2m while the overall business suffered a first quarter loss from continuing operations of US$5.6m on an adjusted basis.<\/p>\n

Adjustments were made for after-tax charges totalling US$59.7m related to severance and restructuring actions, as well as US$8.9m related to ongoing merger and acquisition activities.<\/p>\n

In a conference call with investors, Garrison stated: \u201cLower growth rates in global container traffic are impacting sales of our port solutions business.\u201d<\/p>\n

Sales in the MHPS segment were down by 7.7% to US$317.7m, with half the decline due to foreign exchange rates.<\/p>\n

Adjusted for currency, sales were up in Europe for all units except port solutions. Meanwhile, \u201ca large port deal\u201d in India was the primary reason for 14% growth in company-wide adjusted Asia-Pacific sales.<\/p>\n

\u201cOf the customer segments at Bauma [trade fair in Germany], the Indian customers were perhaps the most buoyant,\u201d he remarked. \u201cThey believe that there\u2019s going to be some funds released for major infrastructure projects.\u201d<\/p>\n

\u201cLatin America in general, Brazil especially, has been a very difficult market across all business segments,\u201d he added.<\/p>\n

According to Garrison, customers are not postponing purchases due to Terex\u2019s potential merger but rather, the slowdown in container traffic growth has made ports around the world content to \u201cget by\u201d with existing equipment.<\/p>\n

As for the merger, Terex\u2019s board still recommends a tie-up with Konecranes rather than Zoomlion although discussions with the Chinese company are ongoing.<\/p>\n

Garrison highlighted several \u201ccritical issues\u201d over the Zoomlion deal that still need resolving including the certainty of Zoomlion\u2019s financing, Zoomlion\u2019s shareholder approval, government approval and the amount of a reverse breakup fee.<\/p>\n

On the Konecranes merger, Terex is working towards achieving the antitrust, regulatory and shareholder approvals that are required to complete the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

After a loss-making start to the year, Terex is to cut 670 jobs across all segments in a bid to produce annualised cost savings of US$60m. Of the total, 40% will be realised in 2016 while specifically 7% of jobs in selling, general and administrative (SG&A) expenses will be lost. As much as US$30m per […]<\/p>\n","protected":false},"author":1,"featured_media":1832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,8,12],"tags":[1030,1471],"yoast_head":"\nTerex announces job cuts after tough quarter - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/terex-announces-job-cuts-after-tough-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terex announces job cuts after tough quarter - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"After a loss-making start to the year, Terex is to cut 670 jobs across all segments in a bid to produce annualised cost savings of US$60m. 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