Changes in Demag Cranes AG Supervisory Board

Düsseldorf,   21. September 2011

In addition to Supervisory Board Chairman Burkhard Schuchmann, the other shareholder representatives Professor Dr. h.c. Karlheinz Hornung, Robert J. Koehler, Dr. Herbert Meyer, Dr. Rudolf Rupprecht and Jens Tischendorf and will leave the Supervisory Board of Demag Cranes AG with effect from 23 September 2011.

Düsseldorf local court has legally appointed the following new members of the Supervisory Board with effect from 24 September 2011:

  • Axel Joachim Arendt, independent management consultant
  • Kevin A. Barr, Senior Vice President Human Resources, Terex Corporation
  • Dr. Michael W. Ernestus, investment banker, G.C. Andersen Partners
  • Brian J. Henry, Senior Vice President Finance and Business Development, Terex Corporation
  • Dr. Michael Leue, lawyer, Bryan Cave LLP
  • Oren G. Shaffer, independent management consultant

The legal appointment meets the requirements of the German Corporate Governance Code and applies until the end of the next Annual General Meeting.

The Company would like to extend its gratitude to Mr. Schuchmann, Prof. Dr. h.c. Hornung, Mr. Koehler, Dr. Meyer, Dr. Rupprecht, and Mr. Tischendorf for their valuable work on the Supervisory Board in recent years and looks forward to working with Mr. Arendt, Mr. Barr, Dr. Ernestus, Mr. Henry, Dr. Leue and Mr. Shaffer as newly appointed representatives of the shareholders.

About Demag Cranes
The Demag Cranes Group is one of the world’s leading suppliers of industrial cranes and crane components, harbour cranes and terminal automation technology. Services, in particular maintenance and refurbishment, are another key element of the Group’s business activities. The Group is divided into the business segments Industrial Cranes, Port Technology and Services and has strong and well-established Demag and Gottwald brands. Demag Cranes sees its core competence in the development and construction of technically sophisticated cranes and hoists as well as automated transport and logistics systems in ports and terminals, the provision of services for these products and the manufacture of high-quality components.

As a global supplier, Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries such as Demag Cranes & Components GmbH and Gottwald Port Technology GmbH, agencies and a joint venture. In financial year 2009/2010, the Group, with its 5,711 employees, generated revenue of EUR 931.3 million. Since August 2011, the Terex Group in the United States (www.terex.com) has held a majority share in the company.

Demag Cranes AG. We Can Handle It.


 

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Conditions for forward-looking statements
This press release contains forward-looking statements relating to the business, financial performance and earnings of Terex Material Handling & Port Solutions AG and its subsidiaries and associates. Forward-looking statements are based on current plans, estimates, projections and expectations and are therefore subject to risks and uncertainties, most of which are difficult to estimate and which in general are beyond the control of Terex Material Handling & Port Solutions AG. Consequently, actual developments as well as actual earnings and performance may differ materially from those which are explicitly or implicitly assumed in the forward-looking statements. Terex Material Handling & Port Solutions AG does not intend or accept any obligation to publish updates of these forward-looking statements.

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