Terex Corporation (NYSE:TEX) is looking for M&A. John Garrison, Chairman and Chief Executive Officer said, "we've strengthened the balance sheet, paid down another $150 million of debt here in October, continued to invest capital. We are investing organically in our business and we still believe we have the opportunity to invest via M&A activity. So from a share repurchase standpoint, we'd deemphasize that, looking more to the M&A. But let me be clear, we're going to be very disciplined in the M&A environment that we're in right now.

And valuations are, to some extent, elevated. And so we'll be disciplined there, share repurchase we'll look to offset any incentive comp dilution with that and take advantage of market dislocations that occur through time".