Terex’s NI Division Confident as Sales Climb By 9% During ‘Excellent Quarter’

The largely Northern Ireland-centred business of the Terex Corporation has reported a 9% annual rise in quarterly sales to $365m (£300m).

The Terex Materials Processing division employs around 1,000 people across sites in Omagh and Dungannon.

The US company also employs around 200 people in Ballymoney and 170 in Lurgan.

It recently expanded into a new £12m plant in Londonderry.

Globally, Terex’s parent company reported sales of $1.3bn (£1.1bn) during the second quarter of 2019, up 4% on last year.

The group said that when the impact of foreign exchange rates was excluded, its quarterly sales were 8% up on last year.

Sales for the materials processing division were in effect up 13%. Terex said sales within the division were driven by demand for its products and services.

The materials processing sector makes crushing and screening products, material handlers, cement mixer trucks and pick and carry equipment.

The US group said the backlog of orders for such equipment stood at $364m (£299m) at the end of June.

Kieran Hegarty, president of Terex Materials Processing, said the orders positioned the segment well heading into the second half of 2019.

“We had an excellent quarter, thanks to strong global sales and execution across our businesses,” he added.

“Our global team is committed to meeting the needs of our customers, and that manifests in our consistently strong operating results.

“We continue to invest. For example, we recently hosted digital dealer forums in Chicago and Ireland that showcased our Powerscreen Pulse and OMNI by Terex digital solutions.

“Our manufacturing capacity investments in Northern Ireland and India remain on track.

“These facilities will enable even more growth in our environmental product lines and further expansion in the growing Indian and broader Asian markets.

“I am excited about the prospects for the future across our MP businesses.”

John L Garrison, chairman and chief executive of the Terex Corporation, added: “Terex continued to grow in the second quarter.

“Global demand for our leading products and services remained generally stable at a healthy level and we continued to meet the needs of our diverse customer base.”

Source: belfasttelegraph.co.uk