Terex chairman and CEO Ron DeFeo has pledged to more than double the company’s size from its current £2.7bn turnover to £6.1bn.
“We expect to grow from £2.7bn to £3.3bn in the next year, and our expectation is to reach £4.9bn in revenue by 2016,” he announced at the Conexpo plant show in Las Vegas.
“I realise it’s a pretty steep claim, but the capability exists within the company,” he said, adding that he was confident the £4.9bn target could be reached through organic growth, with another £1.2bn from acquisitions.
Like many big players in the US construction equipment market, Terex is eyeing the country’s growing rental sector, aiming to leverage the reputation of its Genie aerial platform brand already has with hire companies to cross sell its large road building plant and crane fleet.
The firm showed off some of the new kit it will be targeting at the hire market, including a new backhoe loader and a range of rubber-tyred skid steers that DeFeo says will have “a very aggressive new business introduction” to challenge the established competition.
New features on the TLB840 backhoe include a curved boom, which gives greater clearance to reach over obstacles and makes it easier to load closer into trucks.
It also has a new slew system that provides high torque for easier backfilling and slewing uphill and a “deep dig” extendable dipper stick that enables operators to clamp objects and materials between the bucket and dipper.