Konecranes completes Terex Port/Material handling deal
5. January 2017 | Comments (0)
The deal was worth $1.3 billion for the business, made up of $820 million in cash ($595 million and 200 million) along with a 25 percent stake in the expanded Konecranes business, 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.