Terex Announces Restructuring of Acquired CMI

Danielle Jackson

Westport, Conn. -- Terex Corp. has announced that it will cut 500 jobs and close four facilities of the recently acquired CMI Corp., Oklahoma City.

According to Terex, restructuring will begin immediately with full integration accomplished within nine months, and is expected to save the company more than $20 million.

The four facilities to be closed are located in Brownwood, Texas; Champaign, Ill.; Cedar Falls, Iowa; and Opglabbeek, Belgium. The closed facilities' operations will be consolidated into CMI's Oklahoma City location.