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Terex and Konecranes to merge

August 11 - Cranes and materials handling specialists Terex and Konecranes have agreed an all-share merger of equals to form a leading global lifting and materials handling solutions company.

To be called Konecranes Terex, the merged company will have USD10 billion in combined revenues with Konecranes' investors owning 40 percent and Terex shareholders owning 60 percent.

Analysts believe that the merger should deliver cost savings, cross-selling opportunities and help both firms in the face of weak industrial investment and growing competition.

The companies stated that the combination will be able to offer comprehensive solutions to customers worldwide based on a highly complementary product portfolio.

Konecranes Terex will have the critical scale to continue to drive technology innovation and provide customers with an industry-leading service offering.

The combined company is expected to create enhanced shareholder value through increased global scale with enhanced ability to remain competitive in the face of intensifying global, and particularly low-cost emerging market competition.

It should have a broader presence in key sectors with greater opportunity to capitalise on growth trends, especially in industrial lifting and port solutions.

Stig Gustavson, chairman of the board of Konecranes, said: "The combination of Konecranes and Terex is a defining step in the history of both companies. With a focus on lifting and material handling solutions, Konecranes Terex will be in an excellent position to deliver enhanced growth in revenues and margins through several strategic advantages, including significant cross-selling opportunities."

Terex ceo, Ron DeFeo, added: "This merger brings together two great businesses and through synergies provides another lever that is within our control to deliver value-creation to both the shareholders of Terex and Konecranes."

The parties foresee that in the mid-term Konecranes Terex will deliver significant profitability upside based on expected market growth, internal profitability initiatives already implemented and synergies resulting from the merger. Based on Konecranes' and Terex' internal mid-term outlooks and the combination of the above expectations, the parties would seek to achieve revenue growth of more than 10 percent and operating profit increase of significantly more than 50 percent (in each case on a Euro basis) for Konecranes Terex within three to four years from closing compared to 2014.

Terex's rivals include CaterpillarLiebherr and Metso, while Konecranes' more specialist competitors include Kito, ZPMC and Columbus McKinnon.

The companies expect the deal to close in the first half of 2016.

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