China copper smelters plan to cut output after margins fall
The output cuts underscore the industry’s struggle with a shortage of feedstocks caused by recent mine production setbacks.
WESTPORT, CT, April 15, 2008 – Terex Corporation (NYSE: TEX) today announced that as part of a plan to expand globally, Genie Industries, a leading manufacturer of aerial work platforms and part of the Terex Corporation Aerial Work Platforms (AWP) segment, has selected a new manufacturing site in China. This announcement follows recent news that Terex AWP has begun manufacturing Genie® scissor lifts in Coventry, England, and Genie® aerial booms and telehandlers in Perugia, Italy.
“In 2007, a large percentage of our sales came from outside of North America,” said Tim Ford, President, Terex AWP. “Our markets around the world are growing and we want to provide them with world class products, designed and produced locally, to their local specifications. Manufacturing globally will shorten lead times for all customers, as the addition of this new plant will also free up some of our current capacity to support customers in other regions of the world more effectively.”
Genie chose a business park in Changzhou, China, a few hours northwest of Shanghai, to build its production facility, and plans to break ground mid-year. Initial production will focus on preparing a line of personnel lifts, but over time a full range of aerial work platform products is expected to be produced from this facility. In addition to Genie® products, the park in Changzhou was chosen for its ability potentially to be enlarged as part of a future Terex manufacturing campus.
“The Asia market in general, and the China market specifically, is learning about the importance of the lift product category,” said Ford. “Aerial work platforms are increasingly becoming more widely accepted as a safe option for people who work in high places.”
