Terex to accelerate development in the BRIC

Terex Corp said it will accelerate the development of its business in developing markets ,the BRIC, as Brazil, Russia, India and China through local production for local markets.

President of developing markets and strategic accounts Steve Filipov said the first phase of its globalisation strategy - understanding the new markets and establishing people on the ground - has been achieved and was now being followed by a second phase that will encompass local manufacturing and the development of local distribution networks.

"We're going to go at the market and get market share in these developing areas", he said at the company's press conference at Intermat. "We're going to get moving to a more local business model, and we're going to move fast".

A third of Terex's US$6.5 billion revenues last year were in developing markets. Filipov told IRN that a realistic target was 40% within three years.

Terex chairman and CEO Ron de Feo said the focus for Terex now was on completing the integration of the Demag Cranes business acquired last year and improving its financial performance. He said Terex was "less than half way" to getting the level of profitability that it could.

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