Terex Completes the Sale of Its Material Handling and Port Solutions Business
January 04 2017 - 2:18PM
Business Wire
Terex Corporation (NYSE:TEX) today announced that it has
completed the sale of its Material Handling and Port Solutions
business (“MHPS”) to Konecranes Plc (Helsinki KCR1V.HE)
(“Konecranes”) for $595 million and €200 million in cash and 19.6
million newly issued class B shares representing a 25% interest in
Konecranes.
“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” said John L. Garrison, Terex President and CEO.
Mr. Garrison continued, “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.”
The final transaction consideration is subject to post-closing
adjustments for cash, debt, working capital, MHPS actual 2016
EBITDA and the closing of the sale of the Stahl CraneSystems
business.
About Terex:
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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version on businesswire.com: http://www.businesswire.com/news/home/20170104006301/en/
Terex CorporationBrian J. Henry, Senior Vice PresidentBusiness
Development & Investor RelationsPhone: (203)
222-5954brian.henry@terex.com
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