Terex Convinces Lobbying Group It Has Stopped Doing Business With Iran

A lobbying group that had targeted construction crane-maker Terex Corp.  (TEX) over Iran’s use of the company’s cranes for public hangings said Thursday it is satisfied that Terex no longer does business in Iran.

United Against Nuclear Iran said Terex demonstrated that it has received no revenue or profit from Iran since the third quarter of 2010, in keeping with the company’s April 2010 policy prohibiting all new business transactions in Iran.

“We applaud Terex for ending its business in Iran,” said Mark Wallace, president of the group, in a written statement Thursday.  “Any socially responsible company should be appalled at the possibility of having its products used for gruesome public executions.”

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