THE American parent of Co Tyrone-based engineering company Terex has reported third quarter sales of $1.2 billion (£920 million) - up 11 per cent on the same period last year.
New York stock exchange-listed Terex Corporation, which also has an order book worth $1.6 billion (£1.2 billion), said the results were driven by the company’s focus on meeting the growing needs of customers during a period of broad-based growth.
The Terex materials processing segment, which has factories in Omagh, Dungannon and Ballymoney, delivered excellent performance across its portfolio of businesses with sales of $295 million (£226m), 14 per cent higher than last year.
Growth here was driven by global demand for crushing and screening products, material handlers and broad line of environmental equipment, and backlog for the segment at the end of the third quarter was up 72 per cent on a year ago at $446 million (£342m).
“We continue to see strong global demand for our products, and we increased sales, bookings, and backlog in the quarter,” said John L Garrison, Terex's chairman and chief executive.
Kieran Hegarty, president of Terex MP, added: “Materials Processing is a high- performing segment that consistently meets the needs of its global customers.
"Our businesses continue to focus on introducing new products and enhancements designed to address specific customer needs. We see the benefits in our increased sales, bookings and backlog, and we look forward to a strong fourth quarter and expect to hit the ground running in 2019.”
At a local level, the Terex operation in Northern Ireland and Britain increased its pre-tax profits by 62 per cent last year from £28.2m to £45.9m. It came on a turnover which jumped from £269.7m to £304.9m.
Terex GB falls within the group's materials processing division (one of five within the organisation) and its operation in Northern Ireland specialises in the design and manufacture of mobile crushing, screening and washing equipment, with its main lines including Powerscreen, Terex Finlay and Terex Mineral.
Some 22 per cent of Terex GB's turnover last year (£70.6m) was in the UK, which was down from more than £118m the year before.
More than a quarter of sales (£83.8m) are in other European countries and the remaining 52 per cent in the rest of the world, making up more than £165m.
Terex GB employed 1,623 people at the end of 2017, with just over 1,000 based at its sites in Omagh and Dungannon. Its wages bill last year was £45.1m.
