Axel Arendt appointed acting Chief Financial Officer of Demag Cranes

Düsseldorf,   06. December 2011

The Supervisory Board of Demag Cranes AG has resolved to second
Axel Arendt, who has been a member of that board since September 2011, to the Company’s Management Board until a new Chief Financial Officer is appointed or until 30 November 2012 at the latest. Mr. Arendt, who is an experienced engineer and financial expert, will take over the role of Rainer Beaujean on an interim basis. Mr. Beaujean left the Management Board on 30 November 2011. Mr. Arendt’s supervisory board mandate will be suspended for the duration of his secondment.

Dr. Michael W. Ernestus, Chairman of the Supervisory Board of Demag Cranes AG, said “I am delighted that Mr. Arendt with all his international expertise has accepted the position of acting Chief Financial Officer for the Company.”

Axel Arendt began his working career at Daimler-Benz AG in 1979 and held a number of positions of responsibility in Germany and abroad. In 2000, he became Head of Finance and Controlling at Daimler Chrysler Aerospace AG (DASA), then Chief Financial Officer at European Aeronautic Defence and Space (EADS). In 2002, Mr. Arendt moved to Rolls-Royce plc as Chairman of Rolls-Royce Deutschland and, in 2006, became President – Defence Aerospace. He has been a self-employed strategy consultant since 2010.

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 2010/2011, the Group, with its 6,115 employees, generated revenue of EUR 1,062.3 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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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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