Terex Corporation (TEX) will suspend its quarterly dividend in the second quarter of 2020 because of the COVID-19 pandemic. Earlier this year the company raised its quarterly dividend by 9.1 percent to $0.12 per share, marking the 6th consecutive year of dividend increases by the manufacturer of lifting and material processing products and services

In a press release on April 24, 2020 the company provides investors with a business update regarding COVID-19. This also includes the suspension of dividend payments for the remainder of the year. The company also previously announced the suspension of purchases under the share repurchase program.

Terex Corporation is a manufacturer of lifting and material processing products and services. The company has two business segments: Aerial Work Platforms and Materials Processing. Terex provides solutions to a broad range of industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. The company has paid a dividend every year since 2013.