May 31 - Terex has confirmed that discussions with Zoomlion Heavy Industry Science and Technology regarding the potential purchase of the US headquartered manufacturer have been terminated.
The sale of Terex's material handling and port solutions (MHPS) business to Konecranes will now proceed as planned, subject to regulatory and shareholder approval.
HLPFI reported on May 17 that Terex had come to an agreement with Konecranes to terminate its original merger plans and instead sell its MHPS business to the Finnish company for USD1.3 billion.
In a statement, Terex said that the cessation of discussions with Zoomlion "brings several months of uncertainty to an end" for its customers, staff and shareholders.
"With this uncertainty behind us, the Terex team can focus our full efforts on serving our customers. The favourable impact of the MHPS sale will enhance our financial position, enabling us to invest in new products and services to serve you even better in the future," continued the statement.