WESTPORT, Conn.--(BUSINESS WIRE)--Jan. 4, 2017--
Terex Corporation (NYSE:TEX) today announced that it has completed the
sale of its Material Handling and Port Solutions business (“MHPS”) to
Konecranes Plc (Helsinki KCR1V.HE) (“Konecranes”) for $595 million and
€200 million in cash and 19.6 million newly issued class B shares
representing a 25% interest in Konecranes.
“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” said John L.
Garrison, Terex President and CEO.
Mr. Garrison continued, “The sale of our MHPS business is a major
milestone on our journey to become a more focused, high performance
enterprise. We are committed to delivering improved profitability and
return on capital across Terex as we implement our strategy of focus,
simplify, and execute to win. Also, we will move forward over the coming
weeks with our planned debt reduction, significantly reducing our
interest expense and leverage as we enter 2017.”
The final transaction consideration is subject to post-closing
adjustments for cash, debt, working capital, MHPS actual 2016 EBITDA and
the closing of the sale of the Stahl CraneSystems business.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170104006301/en/
Source: Terex Corporation
Terex Corporation
Brian J. Henry, Senior Vice President
Business
Development & Investor Relations
Phone: (203) 222-5954
brian.henry@terex.com