Completion has been announced of the sale of the Materials Handling and port Solutions division of Terex Corporation to Konecranes.
The MHPS division includes Gottwald port cranes and Demag industrial cranes. Finland-based Konecranes already builds port and industrial cranes. The sale was for US$ 595 million plus €200 million in cash and 19.6 million class B shares that represent a 25 per cent holding in Konecranes, Terex said.
Commenting on the sale, John Garrison, Terex Corporation president and CEO, said, “We believe that the Konecranes-MHPS combination represents compelling industrial logic that will deliver significant value to Konecranes customers, team members and shareholders, including Terex.”
Garrison went on to say that Terex will now move forward with its plan to reduce debt.