Terex talks trends at ConExpo-Con/Agg

By Kevin Yanik| March 15, 2023

Says Terex Corp.’s Garrison: “We think we’re very well positioned to benefit from mega trends, and right at the center is this concept called ‘sustainability.’” Photo: P&Q Staff

Terex Corp.’s John Garrison talked trends during the company’s press conference Wednesday at ConExpo-Con/Agg in Las Vegas.

Among the trends Garrison identified – ones Terex is either investing in or expects to benefit from – are sustainability, infrastructure and the electrification of equipment.

“We think we’re very well positioned to benefit from mega trends, and right at the center is this concept called ‘sustainability,’” says Garrison, chairman, president and CEO at Terex Corp. “We have to do things differently over the next five, 10, 15, 20 years than we did in the past to create a more sustainable world as we go forward. We think that creates tremendous opportunities for the types of solutions that we bring.”

The $1.2 trillion Infrastructure Investment & Jobs Act represents a huge business opportunity as well, according to Garrison.

“The rest of the world – and it’s really helped our [Terex] MP (Materials Processing) businesses – has been recently consistent in investing in infrastructure,” Garrison says. “There’s been one country that’s been totally inconsistent, and that’s the United States.”

Equipment manufacturers like Terex can also grow these days by developing electric equipment. Terex Corp. says about 60 percent of its full product line is manufactured either as an electric or hybrid offering.

“Significant investment is required in electrification globally – and especially here in North America – if we’re going to get anywhere close to the net-zero objectives that companies have set out,” Garrison says.”

Still, he admits battery technology has limitations in certain applications.

“The requirements are just so large on some machines with horsepower,” Garrison says. “Battery technology is not going to be able to meet those needs. At least we don’t see that in the foreseeable future. It could over time.”

Digitization is yet another industry trend Garrison identified at ConExpo-Con/Agg. He says the CHIPS Act, passed last summer, presents an opportunity for Terex to grow.

“The CHIPS Act is the onshoring of chip manufacturing back to the United States,” Garrison says. “Those are multiyear, multibillion-dollar projects, and we believe that’s going to provide a nice tailwind for us, as well.”

The same goes for waste and recycling, Garrison adds.

“This is a really strong tailwind for us as you think about recycling and reuse of materials,” he says. “Frankly, it started in Europe, and now the rest of the world is catching up from a regulatory standpoint [in terms] of what do you need to do to recycle before putting things in the landfill. Oh, and by the way, you can actually recycle and get value from material.”