Dear Valued Customer,

For the past three years, we have been on a journey to transform Terex into a high performing, customer-focused company.  Today we are announcing two significant steps in this journey.

Terex has reached an agreement to sell the Demag® Mobile Cranes business to Tadano Ltd.. The sale is expected to close in mid-2019, and transition details will be communicated in the coming months. In addition, we will exit the North American mobile crane product lines manufactured in our Oklahoma City facility. We will be in touch with those customers affected by the exit to discuss the transition. Terex will continue to manufacture and support several specialized crane products, including Tower cranes, Pick and Carry cranes, and Rough Terrain cranes.    

We want to assure you that Terex is committed to supporting your business on an ongoing basis with the parts and services needed to keep all of your Terex cranes working for you.  This includes those products we are exiting and those we will continue to offer, as well as Demag® Mobile Cranes business through the transition of ownership and services to Tadano.       

We believe the sale of the Demag® Mobile Cranes business to Tadano is good for our customers.  It will create a company that is stronger together, with a common core business of lifting.  Combining Tadano’s 100 years of experience with Demag® Mobile Cranes’ nearly two centuries will create a global lifting company capable of bringing new leadership to the industry and continuing to create innovative lifting solutions for you.

We will continue to manufacture Rough Terrain cranes for the global market in Crespellano, Italy; Tower cranes in Fontanafredda, Italy; and Pick and Carry cranes in Brisbane, Australia.  These businesses will benefit from dedicated teams and will have the resources to focus on the priorities that are important to you: product innovation, responsive technical support, and world-class parts support.  Along with Aerial Work Platforms (Genie), Materials Processing and Terex Utilities, these businesses will continue to be important parts of Terex.   

Thank you for your business; we look forward to continuing to serve you.

Yours sincerely,

John Garrison Chairman of the Board President and Chief Executive Officer	Steve Filipov President Terex Cranes