TEREX (TEX) Company Report

Terex Corporation (NYSE: TEX) has successfully completed its merger with REV Group (NYSE: REVG), forming a premier specialty equipment manufacturer.
Following the merger, REV Group stock ceased trading and is no longer listed on the New York Stock Exchange; the combined company will trade as Terex Corporation (NYSE: TEX).
The combination is expected to unlock significant value-creating synergies totaling $75 million of run-rate value in 2028, with approximately 50% to be achieved over the next twelve months.
The merger aims to accelerate profitable growth, create a more resilient top line, and result in a company with lower capital intensity, an attractive leverage profile, and strong free cash flow.

5 days ago

Press Release

Terex and REV Group Stockholders Approve Merger

TEX

M&A

Proxy Vote Outcomes

Terex Corporation and REV Group, Inc. have each received the necessary stockholder approvals for their previously announced merger at their respective Special Meetings of Stockholders held on January 28, 2026.
The companies expect to close the transaction in the first week of February 2026, subject to the satisfaction or waiver of remaining closing conditions.
More than 95% of the votes cast by Terex stockholders were "FOR" the Terex stock issuance proposal, and more than 80% of REV Group's outstanding shares (over 99% of votes cast) were "FOR" the REV merger proposal.

Jan 28, 2026, 9:05 PM

Press Release

Terex Stockholders Approve Merger Share Issuance

TEX

M&A

Proxy Vote Outcomes

A Special Meeting of Stockholders of Terex Corporation was held, presided over by David Sachs, Non-Executive Chairman of the Board.
The main proposal was to approve the issuance of shares of Terex common stock to REV Group stockholders in the proposed merger of REV Group and Terex.
The board unanimously recommended approval, and based on preliminary reports, the proposal has been approved.
The final tabulation of votes will be included in Terex's Form 8-K, to be filed within the next four business days.

Jan 28, 2026, 3:00 PM

Transcript

Terex Stockholders Approve Share Issuance for REV Group Merger

TEX

M&A

Proxy Vote Outcomes

Terex Corporation held a Special Meeting of Stockholders on January 28, 2026, to vote on the issuance of shares related to a strategic merger with REV Group.
The proposal sought approval for the issuance of Terex common stock to REV Group stockholders in connection with the merger.
The board of directors unanimously recommended that stockholders vote for this proposal.
Based on preliminary reports, the issuance of shares of Terex common stock for the merger has been approved.
The final tabulation of votes will be included in a Form 8-K filing within four business days.

Jan 28, 2026, 3:00 PM

Transcript

Terex Stockholders Approve Share Issuance for REV Group Merger

TEX

M&A

Proxy Vote Outcomes

Terex Corporation held a Special Meeting of Stockholders on January 28, 2026, to vote on the proposed merger with REV Group.
Stockholders approved the issuance of Terex common stock to REV Group stockholders in connection with the merger.
The board of directors had unanimously recommended this approval, characterizing the merger as a transformational transaction for Terex.

Jan 28, 2026, 3:00 PM

Transcript

Terex Completes Sale of Tower and Rough Terrain Cranes Businesses

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M&A

Terex Corporation (NYSE: TEX) completed the sale of its Terex® Tower and Rough Terrain Cranes businesses to Raimondi Cranes SpA on November 3, 2025.
The divestiture includes manufacturing operations in Fontanafredda and Crespellano, Italy, and the Terex North America Cranes service and support operation in Wilmington, North Carolina.
This strategic move aligns with Terex's focus on reducing cyclicality and accelerating the Company's growth.

Nov 3, 2025, 1:00 PM

Press Release

Terex Corporation and REV Group Announce Merger and Terex's Plan to Exit Aerial Work Platforms Segment

TEX

M&A

Earnings

Guidance Update

Terex Corporation and REV Group have entered into a definitive agreement to merge in a stock and cash transaction, with Terex shareholders owning 58% and REV Group shareholders 42% of the combined company, and REV Group shareholders receiving $425 million in cash consideration. The merger is expected to close in the first half of 2026.
The combined company anticipates at least $75 million in annual synergies, with approximately half of this run rate expected within the first 12 months.
Terex plans to exit its Aerial Work Platforms segment, evaluating a potential sale or spinoff to significantly reduce exposure to cyclical end markets.
On a pro forma basis for fiscal 2025, the merged company is expected to achieve a mid-teens adjusted EBITDA margin , approximately 14% after the AWP exit and synergies, with $5.8 billion in revenue and approximately 85% cash conversion.
For Q3 2025, Terex reported $1.50 of EPS on $1.4 billion in sales with a 200% cash conversion, and is maintaining its full-year outlook.

Oct 30, 2025, 12:30 PM

Transcript

Terex Corporation and REV Group Announce Merger and Strategic Aerial Segment Exit

TEX

M&A

New Projects/Investments

Guidance Update

Terex Corporation and REV Group have entered into a definitive agreement to merge in a stock and cash transaction.
Upon closing, Terex shareholders will own 58% and REV shareholders 42% of the combined company, with REV shareholders also receiving $425 million in cash consideration.
The combined company, which will trade on the NYSE under the ticker TEX, expects to achieve at least $75 million in annual synergies and is projected to have a mid-teens adjusted EBITDA earnings profile in fiscal 2025 on a pro forma basis.
Terex also announced its intention to exit its aerial segment through a potential sale or spinoff, aiming to reduce exposure to cyclical end markets.
The merger is expected to be completed in the first half of 2026, subject to customary closing conditions.

Oct 30, 2025, 12:30 PM

Transcript

Terex and REV Group to Merge

TEX

M&A

New Projects/Investments

Guidance Update

Oct 30, 2025, 12:30 PM

Transcript

Terex Reports Q3 2025 Financial Results and Reaffirms FY Outlook

TEX

Earnings

Guidance Update

New Projects/Investments

Terex reported Q3 2025 Net Sales of $1,387 million, an increase from $1,212 million in Q3 2024, with Adjusted Earnings per Share of $1.50, up from $1.46 in the prior year period.
The company generated Free Cash Flow of $130 million in Q3 2025, significantly higher than $88 million in Q3 2024, achieving a Free Cash Flow Conversion of 200%.
Terex is maintaining its 2025 full-year Adjusted EPS outlook of $4.70 - $5.10 and projects Net Sales between $5,300 million and $5,500 million.
Segment performance in Q3 2025 saw Environmental Solutions sales grow by 13.6% to $435 million, while Aerials and Material Processing sales declined. Aerials bookings were 2.5x the prior year, and MP bookings were up 53%.
The company continues to invest in growth with $24 million in capital expenditures and returned value to shareholders through $12 million in dividends paid and has $183 million available for future share repurchases.