Terex Corp. announces acquisition of Halco

News Terex Corp. January 27, 2006
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Terex Corp. recently announced that on Tuesday, Jan. 24, it completed the acquisition of Halco Holdings Ltd., including its subsidiaries Halco Drilling International, Halco America, Halco Drilling Equipment in Australia and Halco Drilling in Ireland. Halco designs, manufactures and distributes down-the-hole (DTH) drill bits and hammers for drills. The Halco business will be operated in conjunction with the TEREX Reedrill operations of Terex. TEREX Reedrill is a manufacturer of drilling equipment for the mining, construction and utility industries.

“This acquisition brings with it tremendous opportunities as Halco and Reedrill join together to strategically grow their respective businesses with the support of the global Terex organization,” said Rick Nichols, president of Terex Materials Processing & Mining.

“Halco, under Terex ownership, will continue its history of developing drilling products and strategies that improve its customers' productivity and profitability. Additionally, the Terex organization is committed to servicing the existing customers and distributors of Halco without interruption, and to build on Halco’s solid business foundation. Mike Holt, Alan Lockwood and Todd Taylor will continue in their roles at Halco and will report to Alan Walker, Reedrill’s general manager.”

“In the coming days and weeks, we will make contact with each of our important stakeholders—employees, customers, distributors and suppliers—to answer any questions they may have,” Nichols continued. “I also encourage anyone with concerns to call or meet with your primary contact at Halco or Reedrill.  Halco will continue its product development strategies to maintain and improve a competitive edge.”

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