Proposed Sale of Terex MHPS Business to Konecranes Receives European Commission and U.S. Antitrust Clearances
August 08 2016 - 2:48PM
Business Wire
Terex Corporation (NYSE:TEX) today announced that the proposed
transactions for the sale of Terex’s Material Handling & Port
Solutions business to Konecranes have received European Commission
approval. The European Commission approval is conditioned on a
commitment by Konecranes to divest their Stahl CraneSystems
business. Konecranes has announced that it will begin this
divestiture process immediately.
Terex Corporation also announced today that the proposed
transactions received early termination of the Hart-Scott-Rodino
premerger waiting period by the U.S. Department of Justice.
“The clearances granted by both the European Commission and U.S.
antitrust regulators are an important step towards the completion
of the planned divestiture of our MHPS segment,” said John L.
Garrison, Terex Chief Executive Officer. “This also advances our
effort to focus our organization on three business segments and
simplify our operating structure.”
Konecranes and Terex continue to work closely with the other
relevant competition authorities to obtain the necessary regulatory
approvals. Completion of the sale of MHPS is expected to occur in
early 2017 as planned.
Forward-Looking Statements
This press release contains forward-looking information
regarding future events or the Company’s future financial
performance based on the current expectations of Terex Corporation.
Because forward-looking statements involve risks and uncertainties,
actual results could differ materially. In addition, when included
in this press release, the words “may,” “expects,” “intends,”
“anticipates,” “plans,” “projects,” “estimates” and the negatives
thereof and analogous or similar expressions are intended to
identify forward-looking statements. However, the absence of these
words does not mean that the statement is not forward-looking. The
Company has based these forward-looking statements on current
expectations and projections about future events. These statements
are not guarantees of future performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
Terex Corporation is a global manufacturer of lifting and
material processing products and services that deliver lifecycle
solutions to maximize customer return on investment. The company
reports in three business segments: Aerial Work Platforms, Cranes,
and Materials Processing. Terex delivers lifecycle solutions to a
broad range of industries, including the construction,
infrastructure, manufacturing, shipping, transportation, refining,
energy, utility, quarrying and mining industries. Terex offers
financial products and services to assist in the acquisition of
Terex equipment through Terex Financial Services. Terex uses its
website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
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Terex CorporationTom Gelston, 203-222-5943Vice President,
Investor Relationsthomas.gelston@terex.com
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