Regulators OK Sale of Terex Material Handling Division
08/09/2016 - European and U.S. regulators have approved the proposed sale of Terex Corp.’s material handling and port solutions business to Finland’s Konecranes, the companies have announced.
“The clearances granted by both the European Commission and U.S. antitrust regulators are an important step toward the completion of the planned divestiture of our (material handling and port solutions) segment,” said Terex chief executive John L. Garrison in a statement.
“This also advances our effort to focus our organization on three business segments and simplify our operating structure.”
Konecranes and Terex struck an agreement valued at US$1.3 billion in May.
The deal is to close in January 2017. However, it is conditional upon Konecranes divesting its Stahl CraneSystems business. Konecranes said it will initiate the divestment process immediately.
“This also advances our effort to focus our organization on three business segments and simplify our operating structure.”
Konecranes and Terex struck an agreement valued at US$1.3 billion in May.
The deal is to close in January 2017. However, it is conditional upon Konecranes divesting its Stahl CraneSystems business. Konecranes said it will initiate the divestment process immediately.
