Terex has completed the sale of its Material Handling and Port Solutions business to Konecranes
The deal was worth $595 million and €200 million in cash along with a 25 percent stake in the expanded Konecranes, through the issue of 19.6 million new shares.
Terex chief executive John Garrison said: “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.”
“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.”