Terex increased the size of the revolving credit facility under its credit agreement from $450 million to $600 million.

John Sheehan, Terex senior vice president and chief financial officer, said, “Today’s increase in availability of our revolving credit facility makes our strong capital structure even stronger. Over the last 15 months the execution of our disciplined capital allocation strategy has resulted in Terex exceeding our free cash flow expectations, providing capital to reinvest back into our businesses and return capital to shareholders. We remain fully committed to our disciplined capital allocation strategy, including achieving our 2020 targets of free cash flow in excess of 100% of net income and average leverage through our economic cycle of 2.5x. We look forward to continuing to use our strong capital structure and liquidity to drive value for our shareholders. Finally, we are pleased with the support demonstrated by our bank group in providing us with additional liquidity to efficiently manage our business.”

Terex is a manufacturer of lifting and material processing products. The company reports in three business segments: aerial work platforms, cranes and materials processing. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services.