January 5 - Konecranes has completed the acquisition of Terex's material handling and port solutions (MHPS) business.
HLPFI reported in August 2015 that Terex and Konecranes had agreed to merge their combined assets. Despite the merger being put on hold in February 2016, the acquisition has now been completed and the combined operations of Konecranes and Terex's MHPS business began on January 4, 2017.
Konecranes says that the acquisition of the MHPS unit will improve its position in the industrial lifting and port solutions market.
Christoph Vitzthum, chairman of the board of Konecranes, said: "The MHPS acquisition is a milestone in building our future. It is a great achievement to bring Konecranes and MHPS together and we expect it to create substantial value for our customers and shareholders."
The sale was completed on January 4, 2017 for USD595 million and EUR200 million (USD210.6 million) in cash, and 19.6 million newly issued class B shares, representing a 25 percent interest in Konecranes.
Effective January 1, 2017, Konecranes will report three business areas: service, industrial equipment and port solutions.