Terex Completes Sale of Material Handling and Ports Solutions Business

Terex Corp. has completed the sale of its Material Handling and Port Solutions business to Konecranes Plc for $595 million and €200 million in cash and 19.6 million newly issued class B shares representing a 25-percent interest in Konecranes.
Jan. 5, 2017

Terex Corp. has completed the sale of its Material Handling and Port Solutions business to Konecranes Plc for $595 million and €200 million in cash and 19.6 million newly issued class B shares representing a 25-percent interest in Konecranes.

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.

“We believe that the Konecranes-MHPS combination represents compellilng industrial logic that will deliver significant value to Konecranes customers, team members and shareholders, including Terex,” said John Garrison, Terex president and CEO. “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.”

About the Author

Michael Roth

Editor

Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.

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