Rainer Beaujean, CFO, and Thomas H. Hagen, COO, to leave Demag Cranes

Düsseldorf,   22. August 2011

Rainer Beaujean, CFO, and Thomas H. Hagen, COO, have made use of their respective special termination rights and will leave the Management Board by no later than 30 November 2011. Mr. Beaujean and Mr. Hagen reached their decision after the closing of the Terex Industrial Holdings AG voluntary public tender offer on 16 August 2011, which led to a change of control. Owing to the change in conditions, Mr. Beaujean and Mr. Hagen have decided to seek out new challenges after their nearly five years of successful management of Demag Cranes AG.
Chairman of the Supervisory Board, Burkhard Schuchmann, emphasises in this connection: “I regret very much the decision that Mr. Beaujean and Mr. Hagen have taken, but understand why they have chosen to seek out new challenges after the successful takeover of Demag Cranes AG. I would like to thank Mr. Beaujean and Mr. Hagen for their excellent work and wish them all the best and every success for the future.”

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 the end of June 2006, the Demag Cranes share (WKN: DCAG01) has been listed in the Prime Standard of the Frankfurt Stock Exchange and is traded on various indices including the MDAX®.

Demag Cranes AG. We Can Handle It.


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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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