Konecranes and Terex join forces

The combined company, to be called Konecranes Terex Plc, will have an estimated combined 2014 revenues and EBITDA of €7.5/$10.0 billion and €636/$845 million.

“The combination of Konecranes and Terex is a defining step in the history of both companies,” said Stig Gustavson, chairman of the Board of Konecranes. “With a focus on Lifting and Material Handling solutions, Konecranes Terex will be in an excellent position to deliver enhanced growth in revenues and margins through several strategic advantages, including significant cross-selling opportunities.”

This all-stock merger is expected to result in a broader presence in key sectors with greater opportunity to capitalise on growth trends, especially in Industrial Lifting and Port Solutions.

“We have a deep respect for Konecranes and look forward to joining forces with them to build a stronger and more diverse company that will be in an excellent position to succeed in a dynamic and highly competitive global industry,” added Ron DeFeo, CEO, Terex.

Following the announcement, the transaction is subject to approval by both Konecranes and Terex shareholders, regulatory approvals and other closing conditions. Closing is expected in the first half of 2016. Until then, the two companies will continue to operate as separate and independent companies.