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Construction, Industrial Services
Value of USG Contracts:
"A lobbying group that had targeted construction crane-maker Terex Corp. (TEX) over Iran's use of the company's cranes for public hangings said Thursday it is satisfied that Terex no longer does business in Iran. United Against Nuclear Iran said Terex demonstrated that it has received no revenue or profit from Iran since the third quarter of 2010, in keeping with the company's April 2010 policy prohibiting all new business transactions in Iran. 'We applaud Terex for ending its business in Iran,' said Mark Wallace, president of the group, in a written statement Thursday. 'Any socially responsible company should be appalled at the possibility of having its products used for gruesome public executions.' The New York-based group made Terex the first target of its 'Cranes Campaign' against companies whose machinery in Iran is used in executions where the condemned are hung from cranes and their bodies left to dangle for public display." (Dow Jones Newswires. "Terex Convinces Lobbying Group It Has Stopped Doing Business With Iran," 3/24/11)
Terex is a Connecticut-based global manufacturer of industrial equipment, specifically for the construction, mining, utilities, forestry, and transportation industries (Company Website).
Despite not listing Iran on its dealer locator, Terex sells cranes through the Iran-based Behrad Tehran Company, under its Terex Demag brand. The Behrad Tehran Company lists the mechanical specifications of over 30 Terex crane models, all of which are accompanied by photographs and made fully available for purchase (Behrad Tehran Company Website).
Additionally, Terex's "Terex Atlas" brand is licensed for "Product Sales" in Iran (Company Website).
In 2009, the SEC questioned Terex's activites in Iran based on information from their 10-k form, noting the following:
"We note from disclosure in your Form 10-K that you currently operate in the Middle East, understood to include Iran, and that you intend to increase your operations in those regions. We note also that it appears from your website that nationals of Iran, Sudan and Syria can register as your suppliers, and that you sell products and provide service and support for your Terex Atlas brand in Iran. We are aware of a March 2006 news report that your joint venture, Inner Mongolia North Hauler Co. Ltd., sold products into Iran. We also are aware of a March 2007 news report that Terex Equipment Middle East LLC, the sales and marketing office for your Aerial Work Platforms segment, serves the market demand for your equipment in Iran and Syria, among other countries." (UPLOAD for TEREX CORP, 6/25/2009)
In a correspondance with the SEC, Terex responded to their inquiries thusly:
"From time to time, various Terex foreign subsidiaries sell foreign-manufactured equipment for use in such industries in Iran, Sudan or Syria where permitted under U.S. and local law. Terex foreign subsidiary sales into Iran over each of the past three years are approximately as follows: Iran: $19.9 million in 2006, $11.8 million in 2007, and $11.1 million in 2008" (CORRESP for TEREX CORP, 7/17/2009)
In 2004, O&K Mining, at that point owned by Terex, was listed as a supplier for Abad Rahan Pars Co. during its development of the South Pars Gas Field. O&K was sold in 2010, but was owned by Terex at the time of the project (Abad Rahan Pars Co. Resources).
Terex has previously come under Congressional investigation for providing Scud missile launchers to Saddam Hussein's government in Iraq after eyewitness allegations were featured in the New York Times.
Terex's Corporate Citizenship policy states that "the ethical behavior of Terex and its employees takes precedence over profits, sales, or other standards of success" (Company Website).