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<TYPE>EX-99
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<DESCRIPTION>01-23-03 PRESS RELEASE
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                               [Terex Letterhead]


                     NEWS RELEASE NEWS RELEASE NEWS RELEASE


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


          TEREX CONFERENCE CALL SCHEDULED FOR FRIDAY, JANUARY 24, 2003

o        Terex Details Fourth Quarter 2002 Restructuring Charges
o        Comments on Fourth Quarter 2002 Cash, Debt and Earnings
o        Comments on 2003 Outlook by Segment

         WESTPORT, CT, January 23, 2003 -- Terex Corporation (NYSE: TEX)
announced today that it will be hosting a conference call at 8:30 a.m., Eastern
Time, on Friday, January 24, 2003, to detail fourth quarter 2002 restructuring
charges, provide commentary on fourth quarter 2002 performance, and review its
operating outlook for 2003 by segment.

          "We are having this call to review for investors where we stand given
the significant changes that are underway within our company," stated Ronald M.
DeFeo, Terex Chairman and Chief Executive Officer. "We continue to operate in a
challenging environment, and with Genie, Demag and the other acquisitions and
savings programs implemented in 2002, we wanted to review these items with
investors earlier than was previously planned. We will provide a detailed review
of the fourth quarter and full year 2002 results at the end of February as we
have done historically."

2002 Restructuring

         During the fourth quarter of 2002, Terex initiated restructuring plans
in several businesses, including Terex Compact Equipment, Demag, Genie, and
Terex Mining. The restructuring charge related to these plans will be
approximately $53 million, $51 million of which will be recorded in the fourth
quarter of 2002 and $2 million of which will be future period costs. The cash
component of the restructuring charge will be approximately $18 million. The
annualized savings from these actions is approximately $19 million, $12 million
of which is expected to be realized in 2003. The restructuring actions are also
expected to have a positive cash impact of over $20 million in 2003. The
restructuring actions can be grouped into the following three main areas:

         Acquisition related - The recent acquisitions of Demag and Genie have
provided the Company with further opportunities to rationalize facilities and
product lines within the Crane and Aerial Work Platform business segments.
Demag's product range and capabilities allow the Company to consolidate crane
manufacturing and distribution activities along with product offerings. The
Company's Montceau crane facility will be scaled back and many of its models
will be discontinued, as those product lines will be integrated with Demag
products. Demag's presence in Germany also provides the opportunity to leverage
its distribution infrastructure in that country. The acquisition of Genie has
provided the Company the opportunity to rationalize aerial product offerings
between Genie and Terex, and the former Terex models will be discontinued as
those product lines are integrated with Genie products. The acquisition related
restructuring charges are approximately $25 million and consist of severance
(approximately 150 employees - $7 million), inventory valuation related to
discontinued product lines (approximately $15 million) and various other items
including facility and equipment write-offs (approximately $3 million).
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         Terex Compact Equipment - In the fourth quarter of 2002, the Company
announced the transfer of the operations of its Warwick, England, facility which
manufactures mini-dumpers, rollers and soil compactors, into a new facility in
Coventry, England. The new facility has 326,000 sq. ft. of dedicated
manufacturing space. The Company has also presented to local labor unions a
proposed plan to close the Manchester, England, facility which manufactures
loader backhoes, and relocate its operations to another Terex location. These
actions will allow the Company to leverage manufacturing and infrastructure to
further reduce costs and streamline operations. The restructuring charge related
to these actions is approximately $9 million and consists of severance
(approximately 270 employees - $6 million) and various other items including
facility and equipment write-offs (approximately $3 million). Of the
approximately $9 million in restructuring charges, approximately $7 million will
be accrued in the fourth quarter of 2002 and $2 million represents future period
costs.

         Businesses to be exited and product rationalizations - During the
fourth quarter of 2002, the Company decided to close and exit its tank container
business, CPV, in Clones, Ireland. This business has been a non-core operation
since it was acquired as part of the Powerscreen acquisition in 1999. CPV had
sales of approximately $12 million in 2002. The Company also decided to
rationalize certain product offerings within its Mining, Roadbuilding and Tower
Crane businesses. In Mining, the Company made the decision to exit rental
activities and to rationalize the scraper product offering. In Roadbuilding, the
Company continues to integrate CMI and is rationalizing certain product
offerings previously sold under the Standard Havens brand name. In Tower Cranes,
the Company rationalized the product offering and restructured manufacturing
operations. The restructuring charge related to businesses to be exited and
product rationalization is approximately $19 million (approximately 185
employees - $3 million), inventory valuation related to discontinued businesses
and product lines (approximately $14 million) and various other items including
facility and equipment write-offs (approximately $2 million).

Fourth Quarter 2002

         "While we continue to work through the closing process, we expect
operating performance for the fourth quarter of 2002 to be broadly in line with
previously announced guidelines," commented Mr. DeFeo. "Before special items, we
expect earnings to be in the $0.10 to $0.14 per share range and EBITDA to be in
the $40 to $45 million range. We also improved our cash generation during the
quarter, reducing total debt by approximately $70 million and net debt by
approximately $85 million, from $1,297 million at the end of the third quarter
of 2002 to approximately $1,212 million at the end of 2002. With respect to our
bank covenants, the Company remains well within our limits for compliance."

2003 Outlook

         "We remain confident as to our ability to meet or exceed current market
expectations for earnings in 2003," said Mr. DeFeo. "We have built a stronger
company over the past 12 months with the completion of the strategic
acquisitions of Demag and Genie, positioning Terex to grow in 2003 despite
challenging end markets. We will continue to be aggressive on cost reductions,
and the benefits from the restructuring actions implemented in the fourth
quarter of 2002 will positively impact 2003. Our focus for the upcoming year is
to integrate and execute, particularly with respect to the integration of our
acquisitions of Demag and Genie, and execute on our cost saving targets. Cash
flow generation is a main focus for management and we have targeted a $200
million reduction in debt by the end of 2003."



<PAGE>


         Segment outlook for 2003 is as follows:

         Terex Construction - The Company expects net sales to be in the range
of $1,150 to $1,250 million, with operating margins in the 6.0% to 7.0% range.
Overall end markets remain challenging. The articulated dump truck market
remains very competitive, as this product category has seen several new entrants
over the past few years. There continues to be opportunity with the Terex
Compact Equipment business to penetrate new market opportunities, particularly
in the U.S. The Powerscreen business continues to show signs of growth.
Continued integration of the Atlas and Schaeff acquisitions should improve
margins, as the Company continues to pursue cost reductions.

         Terex Cranes - The Company expects net sales to be in the range of $700
to $750 million, with operating margins in the 6.0% to 7.0% range. The North
American market remains depressed, but the Demag acquisition is opening up new
customer opportunities for the Company's other crane products. The addition of
Demag has allowed the Company to restructure its PPM Montceau and PPM Germany
operations, driving additional costs out of the business.

         Terex Mining - The Company expects 2003 net sales to be slightly below
2002 levels. However, the Company expects a significant improvement in operating
results. Overall, the Company expects net sales to be in the range of $250 to
$280 million, with operating margins in the 6.5% to 7.5% range. The expected
improvement in financial performance relates to already implemented projects,
such as the closure of the Tulsa manufacturing facility, lower warranty and
product service costs and a favorable shift in product mix. Demand for mining
shovels has generally remained positive and quoting activities have picked up
for mining trucks.

         Terex Roadbuilding and Utility Products - The Company expects net sales
to be in the range of $600 to $675 million, with operating margins in the 6.0%
to 7.0% range. The growth in this segment is driven primarily by the inclusion
of the 2002 acquisitions for a full year. The Utility Products business has
begun to see the benefit of the investments made during 2002 in its distribution
network. This trend should continue as investor owned utility companies provide
a significant opportunity. The increased distribution network has the additional
benefit of cross-selling other Terex products, such as the loader backhoe and
boom trucks. The Terex Roadbuilding business will continue to face difficult end
markets in 2003, as uncertainty surrounding funding for highway construction at
both the federal and state levels will impact new equipment purchases. In the
near term, however, the Company will continue to focus on cost control and
sizing the business for the current operating environment.

         Terex Aerial Work Platforms - This segment was created with the
acquisition of Genie in September 2002. For 2003, the Company expects net sales
to be in the range of $475 to $510 million, which represents an approximately
10% decrease from the 2002 run rate. This reduction in net sales is primarily
the result of lower capital expenditures forecasted for the large rental
companies, offset partially by growth opportunities within Europe. Operating
margins are expected to be in the 9.0% to 10.0% range, reflecting the successful
execution of cost reduction plans.

         Other additional financial information:

         Corporate - Interest expense for the year is estimated at $100 to $105
million and other income/expense is estimated to be an expense of $5 million.
The effective tax rate is expected to be 32% for 2003 and the average number of
shares outstanding for 2003 is estimated at 48.5 million. Depreciation and
amortization for the Company is estimated at $60 million. Capital expenditures
should be approximately $30 to 35 million.



<PAGE>


         Working Capital - Effective January 1, 2003, the Company implemented a
new incentive compensation plan within the Company, which places a greater
emphasis on cash generation. The plan was designed with the goal of reducing
working capital and generating free cash flow in order to reduce the Company's
leverage. The target for 2003 is a reduction in working capital of $150 million
from December 2002 levels.

         "As we head into 2003, we are not expecting help from our end markets,"
commented Phil Widman, Senior Vice President and Chief Financial Officer. "There
are certainly areas where we believe we can continue to grow in 2003, such as
our continued penetration of the compact equipment market and our Powerscreen
business, but there are other businesses where we see continued weakness in
2003, such as the crane business. When you look across our diversified portfolio
there are many puts and takes, but the growth and earnings improvement in 2003
will be driven primarily by the integration of acquisitions and execution on
restructuring plans." Mr. Widman continued, "We realize that we have
accomplished a lot in the acquisition area over the past 12 to15 months, and
believe that this has made us a stronger company. We added over $1 billion in
pro forma revenues in new businesses, diversifying both the Terex product
offering and geographic presence. Although our net debt has increased from
December 2001 as a result of the acquisitions, our pro forma net leverage ratio
has stayed relatively flat. We believe the Company has a tremendous opportunity
to reduce working capital and generate free cash flow, thereby improving
leverage, with the beginnings of this reflected in the fourth quarter of 2002.
Reduction of working capital and generation of free cash flow will remain a key
focus for management in 2003."

Conference Call Information

         To access the conference call, call (877) 726-6603 on Friday, January
24, 2003, at least 10 minutes before the call is scheduled to begin. To
accommodate our audiences in earlier time zones or anyone unable to listen,
there will be a replay of the teleconference. The replay will be available
shortly after the conclusion of the call and can be accessed until Wednesday,
January 29, 2003 at 6:00 p.m., Eastern Time. To access the replay, please call
(800) 642-1687 and enter conference ID #7802995.

         International participants should call (706) 634-5517 at least 15
minutes before the start of the conference call. To access the international
replay, please call (706) 645-9291 and enter conference ID #7802995.

         Also, a simultaneous, listen-only mode webcast of this conference call
will be available on www.terex.com. Those who wish to listen to the conference
call should visit the Investor Relations section of the Company's Website at
least 15 minutes prior to the event's broadcast. Then, follow the instructions
provided to assure that the necessary audio applications are downloaded and
installed. These programs can be obtained at no charge to the user.

Safe Harbor Statement

         The above contains forward-looking information based on Terex's current
expectations. Because forward-looking statements involve risks and
uncertainties, actual results could differ materially. Such risks and
uncertainties, many of which are beyond Terex's control, include among others:
Terex's business is highly cyclical and weak general economic conditions may
affect the sales of its products and its financial results; the sensitivity of
construction and mining activity to interest rates and government spending; the
ability to successfully integrate acquired businesses; the retention of key
management personnel; Terex's businesses are very competitive and may be
affected by pricing, product initiatives and other actions taken by competitors;
the effects of changes in laws and regulations; Terex's business is
international in nature and is subject to changes in exchange rates between
currencies, as well as international politics; the ability of suppliers to
timely supply Terex parts and components at competitive prices; the financial

<PAGE>

condition of suppliers and customers, and their continued access to capital;
Terex's ability to timely manufacture and deliver products to customers; Terex's
substantial amount of debt and its need to comply with restrictive covenants
contained in Terex's debt agreements; compliance with applicable environmental
laws and regulations; and other factors, risks, uncertainties more specifically
set forth in Terex's public filings with the SEC. Actual events or the actual
future results of Terex may differ materially from any forward looking statement
due to those and other risks, uncertainties and significant factors. The
forward-looking statements herein speak only as of the date of this release.
Terex expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement included in this release
to reflect any changes in Terex's expectations with regard thereto or any
changes in events, conditions, or circumstances on which any such statement is
based.

         Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut. 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, Genie, 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. Terex
offers a complete line of financial products and services to assist in the
acquisition of Terex equipment through Terex Financial Services. 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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