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Takeover of Heavy-Equipment Manufacturer Cuts 150 Jobs in Oklahoma City.
Byline: Rick Robinson
Oct. 6--Terex Corp.'s takeover of CMI Corp. is mixed news for Oklahoma City. The big CMI plant here stays, but 15 percent of the work force goes.
Westport, Conn.-based Terex, which finished acquiring the heavy-equipment maker Monday in a stock and debt deal valued at $133 million, said Friday it will heavily restructure CMI Corp. over the next six to nine months.
The restructuring plan, which starts immediately, will reduce CMI personnel by about 500 out of a worldwide total of 1,700.
Of the 1,000 workers in Oklahoma City, about 150 will be laid off.
"We are fortunate to have a plant here, with the economy the …
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News wire article from: Knight Ridder/Tribune Business News
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