Reuters reported yesterday that Ron DeFeo, CEO of Westport, Conn.-based Terex, said the company's construction and roadbuilding units were under review for possible divestiture as it focuses on generating cash and positioning itself for life after the current downturn.
Speaking at the Reuters Manufacturing Summit in Chicago, DeFeo said his job over the next nine months is “to fix, merge or sell" those two units, the report said.
DeFeo also said that Terex, which has already announced 5,000 job cuts, might have to eliminate more jobs. He said it was still "hard to determine what the year 2009 would be like."
DeFeo expressed optimism that Terex's negotiations with lenders to suspend or modify covenants would be "resolved reasonably quickly," Reuters reported.
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