Terex Corporation ( TEX ), a global equipment manufacturer, has embarked on a restructuring plan, according to Bloomberg. The company is planning to either close or sell several of its businesses which will result in job cuts. The company is expected to eliminate 386 workers as part of the restructuring of its German compact construction operations, which will cost it $11.7 million. It will also cut about 26 jobs in the material-handling and ports segments. Terex Corporation, which is among the top players in the machinery construction and mining industry along with Astec Ind Inc ( ASTE ), H&E Equipment Services Inc ( HEES ) and Caterpillar Inc Del ( CAT ), will close the units which were generating poor returns. The 1.8% reduction of staff will improve the company's operating results in 2013. Terex also intends to restructure its material handling and port solutions segment. The move entails closing of a production site in Spain, which has some under-performing cranes and port equipment.