WESTPORT, Conn.--(BUSINESS WIRE)--Sep. 5, 2017--
Terex Corporation (NYSE:TEX) today announced it has completed the sale
of 5.15 million Class A shares representing approximately 6.5% of the
total shares outstanding of Konecranes Plc at a price of EUR 36.50 per
share, a 1.7% discount to today’s closing price. Total shares
outstanding includes both Class A and Class B shares but does not
include Konecranes treasury shares.
The trade date of the transaction will be tomorrow, September 6, 2017,
and settlement of the transaction is expected to occur on September 11,
2017.
John L. Garrison, Terex President and Chief Executive Officer, stated,
“With today’s sale, Terex has sold its remaining Konecranes shares. When
we announced the sale of MHPS in May 2016, the Konecranes shares that
Terex was to receive were worth approximately $456 million. In total,
Terex will have received approximately $773 million for the sale of
those shares, bringing the total consideration received by Terex for the
disposition of MHPS to approximately $1.6 billion. These amounts
demonstrate the significant value to Terex shareholders that was created
by the sale of our MHPS segment and the Konecranes-MHPS combination.”
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities of Konecranes Plc by
Terex Corporation or its subsidiaries, nor shall there be any sale of
such securities in any state, county or jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of such state, county or
jurisdiction. The shares are not registered under the Securities Act of
1933, as amended, or the Securities Act, or under any state securities
law and may not be offered or sold in the United States absent
registration or an applicable exemption from registration under the
Securities Act and applicable state securities laws. The shares will be
offered only to qualified institutional buyers in an offering exempt
from registration pursuant to Rule 144A under the Securities Act and to
persons outside the United States in compliance with Regulation S under
the Securities Act.
Forward Looking Statements:
This press release contains forward-looking information regarding future
events or Terex’s future financial performance based on the current
expectations of Terex Corporation. In addition, when included in this
press release, the words “may,” “expects,” “intends,” “anticipates,”
“plans,” “projects,” “estimates” and the negatives thereof and analogous
or similar expressions are intended to identify forward-looking
statements. However, the absence of these words does not mean that the
statement is not forward-looking. Terex has based these forward-looking
statements on current expectations and projections about future events.
These statements are not guarantees of future performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and other
risks, uncertainties and significant factors. The forward-looking
statements speak only as of the date of this release. Terex expressly
disclaims any obligation or undertaking to release publicly any updates
or revisions to any forward-looking statement included in this release
to reflect any changes in expectations with regard thereto or any
changes in events, conditions, or circumstances on which any such
statement is based.
About Terex:
Terex Corporation is a global manufacturer of lifting and material
processing products and services that deliver lifecycle solutions to
maximize customer return on investment. The company reports in three
business segments: Aerial Work Platforms, Cranes, and Materials
Processing. Terex delivers lifecycle solutions to a broad range of
industries, including the construction, infrastructure, manufacturing,
shipping, transportation, refining, energy, utility, quarrying and
mining industries. Terex offers financial products and services to
assist in the acquisition of Terex equipment through Terex Financial
Services. Terex uses its website (www.terex.com)
and its Facebook page (www.facebook.com/TerexCorporation)
to make information available to its investors and the market.
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Terex Corporation
200 Nyala Farm Road, Westport, Connecticut 06880
Telephone:
(203) 222-7170, Fax: (203) 222-7976, www.terex.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170905006575/en/
Source: Terex Corporation
Terex Corporation
Brian J. Henry, 203-222-5954
Senior Vice
President
Business Development & Investor Relations
[email protected]