<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-1.txt
<DESCRIPTION>EXHIBIT 99.1 NEWS RELEASE
<TEXT>
                                  [TEREX LOGO]


     NEWS RELEASE            NEWS RELEASE             NEWS RELEASE

     For information contact: Kevin O'Reilly, Vice President (203) 222-5943

           TEREX NAMES PHILLIP C. WIDMAN, CHIEF FINANCIAL OFFICER AND
             JOSEPH F. APUZZO, PRESIDENT - TEREX FINANCIAL SERVICES

         WESTPORT, CT, September 16, 2002 -- Terex Corporation (NYSE: TEX)
announced today the appointment of Phillip C. Widman as Senior Vice President
and Chief Financial Officer and Joseph F. Apuzzo as President - Terex Financial
Services, both positions reporting to Ronald M. DeFeo, Terex's Chairman and
Chief Executive Officer.

         Mr. Widman served as Executive Vice President, Chief Financial Officer
of Philip Services Corporation, an industrial outsourcing and metal services
company with over 280 locations throughout North America and Europe and as an
independent consultant since leaving there. Prior to joining Philip Services,
Mr. Widman worked at Asea Brown Boveri Ltd. (ABB) for eleven years in various
financial and operational capacities in the transportation, power generation and
power distribution businesses. During his last two years at ABB, he served as
Vice President, Chief Financial Officer and Supply Management of its $5 billion
diverse businesses in the United States. Additionally, Mr. Widman's experience
includes twelve years with Unisys Corporation in a variety of financial roles.

         Mr. Widman said, "I am excited to join Terex and look forward to
assisting in its continued growth and profitability. My experience in global
markets and acquisition integration in decentralized environments, as well as
strong operational orientation, are definite advantages as I face this new
opportunity."

         Commenting on Mr. Widman's appointment, Mr. DeFeo said, "Phil is a
terrific financial executive whose career spans three large global companies in
various financial positions. He is an experienced and proven executive dealing
with the complexities of a large multinational, multi-location public company.
His significant operational background and leadership qualities should fit very
well here at Terex, and I am delighted to have the opportunity for Phil to join
the Terex senior management team."

         Mr. Apuzzo, currently Terex's Chief Financial Officer, has been named
President - Terex Financial Services.  Terex Financial Services will offer
customers financing solutions to buying and leasing Terex equipment.

         "As Chief Financial Officer for the past three years, Joe has been an
instrumental member of the team that has seen Terex nearly triple in size, while
also maintaining financial discipline and strengthening our financial position,"
commented Mr. DeFeo. "The creation of Terex Financial Services and the
appointment of Joe as President is a logical and important step in the growth of
the Company. The ability to provide financing options to our customers will
strengthen the Terex franchise and enable us to better understand and serve our
customers and the marketplace. In this new role Joe will continue to participate
as a member of Terex's senior management team."

         Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with 2001 annual revenues in excess of $1.8 billion.
Terex is involved in a broad range of construction, infrastructure, recycling
and mining-related capital equipment under the brand names of Advance, American,
Amida, Atlas, Bartell, Bendini, Benford, Bid-Well, B.L. Pegson, Canica,
Cedarapids, Cifali, CMI, Coleman Engineering, Comedil, CPV, Demag, Fermec,
Finlay, Franna, Fuchs, Grayhound, Hi-Ranger, Italmacchine, Jaques, Johnson-Ross,
Koehring, Lectra Haul, Load King, Lorain, Marklift, Matbro, Morrison, Muller,
O&K, Payhauler, Peiner, Powerscreen, PPM, Re-Tech, RO, Royer, Schaeff,
Simplicity, Square Shooter, Telelect, Terex, and Unit Rig. More information on
Terex can be found at www.terex.com.
                                       ###
                                Terex Corporation
           500 Post Road East, Suite 320, Westport, Connecticut 06880
          Telephone: (203) 222-7170, Fax: (203) 222-7976, www.terex.com


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