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Bucyrus completes Terex acquisition

Bucyrus completes Terex acquisition

Bucyrus International has announced the completion of its acquisition of the mining equipment business of Terex Corp. The transaction will position Bucyrus as a premier supplier of mining equipment, serving its customers from nearly 100 locations around the world with a team approaching 10,000 people.

“We are pleased to announce this important milestone for Bucyrus as we begin our 130th year in business. This transaction is a unique opportunity to build an even stronger company for our customers, employees, and stockholders,” said Tim Sullivan, president and CEO of Bucyrus.

In connection with the acquisition, Bucyrus paid US$1.0 billion in cash and issued to Terex 5,809,731 shares of Bucyrus common stock. The number of shares was determined by dividing US$300 million by the trade weighted average share price of Bucyrus for a ten day period prior to signing the agreement on December 20, 2009. Bucyrus amended its existing credit agreement and raised additional term debt of $1.0 billion to fund the cash payment.

With the completion of this transaction, Bucyrus has extended the its geographic footprint, diversified its product portfolio and positioned the company as a more globally competitive organisation. Bucyrus doubles its addressable market from roughly US$15 billion to over US$30 billion.

Bucyrus’ portfolio now consists of walking draglines, electric rope shovels, hydraulic excavators, off-the-highway haul trucks, highwall miners, underground longwall systems, room and pillar mining systems and transport machinery and a full line of drills and belt systems for all mining applications.



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