TEREX Aerial Work Platforms (AWP) has reported sales boosts in both its fourth quarter and full year 2018 results.
Driven by the Genie brand, Terex AWP saw net sales for Q4 2018 rise 19% to $536 million while full year sales jumped 24% to $2.6 billion. These results were attributed to “strong” growth in North America and the Asia Pacific region.
The results follow Terex Corporation’s release of its Q4 and full-year results, which rose 16% to $1.2 billion and $5.1 billion respectively.
Terex also announced an agreement to sell its Demag Mobile Cranes business and a decision to exit its crane product lines manufactured at its Oklahoma City facility. The Demag Mobile Cranes business sale is expected to close in mid-2019. Terex is to continue to manufacture and support several specialised crane products.
As part of these changes, the Terex Utilities business is to join the Terex AWP business segment. The manufacturer called this a “natural fit” as both Genie and Terex Utilities focus on providing products and services to help their respective customers work safely at height. The Oklahoma City facility will also join Terex AWP and will focus on telehandlers, aerial re-manufacturing and various products for materials processing.
Terex chairman and CEO, John L Garrison commented, “Overall, our global team executed well in the fourth quarter, completing a strong year for Terex. We continued to implement the ‘Focus, Simplify and Execute to Win’ elements of our strategy and made significant progress in our commercial Excellence, Lifecycle Solutions and Strategic Sourcing priority areas.
“We also continued investing to improve the experiences of our customers and grow our businesses. We will continue to support all of our customers, including those affected by the changes in our cranes segment, as we execute our strategy to be a high-performing, customer-focused company.”
Matt Fearon, Genie president Terex AWP said, “Global markets for aerial work platforms are stable at healthy levels and our dedicated, passionate Terex AWP team will continue to meet the growing demand of our customers around the world.
“The Genie brand is synonymous with technological leadership and innovation. In 2019, we’re using the ANSI standard change as an opportunity to innovate and add customer value with the Genie XC family of booms that increases platform capacity allowing contractors to safely lift more workers, tools and equipment.
“These innovations are part of our long-term product development strategy that will drive growth. Our Utilities team will remain focused on delivering best-in-class customer experiences by implementing our manufacturing strategy and executing new product and service development plans.”
