Westport, USA – The boards of directors of Terex Corporation and Konecranes Plc have unanimously approved an agreement to combine their businesses in a merger of equals. The new company will be called Konecranes Terex Plc and will be a global leader in Lifting and Material Handling Solutions.
The transaction is subject to approval by both Terex and Konecranes shareholders, regulatory approvals and customary closing conditions. Based on the outcome of these decisions, Terex is expecting closing in the first half of 2016. Until then, the two companies will continue to operate as separate and independent companies.
Terex is convinced that bringing these two highly complementary businesses together will create significant value by enlarging the company`s family of leading brands and broadening the geographic presence. Through this combination, the customers will benefit from a highly complementary product portfolio. Konecranes Terex will be the parent to a family of leading brands in the Industrial Lifting, Port Solutions, Aerial Work Platforms and Cranes sectors, including Demag®, Konecranes®, Terex® and Genie®. Our Terex®, Powerscreen®, CBI®, Terex®Fuchs and Terex®Finlay brands will continue to serve the materials processing, recycling and construction sectors. The combined range of highly innovative products will allow to offer comprehensive solutions that are tailor-made for the customers specific needs.
Bringing together the R&D competencies of the two businesses will unleash great potential. Konecranes Terex will be well positioned to further drive technology innovation and new solution developments.
Source: Terex Corporation