Konecranes acquires Terex’s Material Handling & Port Solutions business
Konecranes, a group of Lifting Businesses™, on May 16, 2016, signed an agreement (the “Stock and Asset Purchase Agreement”) to acquire from Terex Corporation (“Terex”) its Material Handling & Port Solutions (“MHPS”) segment (the “Acquisition”) against consideration consisting of cash and shares and to terminate the previously announced business combination agreement. The acquisition of MHPS will improve Konecranes’ position as a focused global leader in the Industrial Lifting & Port Solutions market. Konecranes will achieve substantial growth opportunities in the service business as well as critical scale for further technological development. Konecranes’ recent investments in business infrastructure and global footprint optimization will provide significant earnings leverage. Based on 2015 financials, Konecranes and MHPS had aggregated sales of EUR 3,517 million, adjusted EBITDA of EUR 267 million (excluding synergies) and a total workforce of approximately 19,000. (For basis of preparation see Appendix 2: Preliminary unaudited combined financial information.)
