Terex Corporation, maker of equipment for construction, material handling, port and other applications, announced Aug. 8 that the sale of its material handling and port solutions (MHPS) business to Konecranes has been approved by EU and US regulators.
“The clearances granted by both the European Commission and the US anti-trust regulators are an important step towards the completion of the planned divestiture of our MHPS segment,” Terex’s chief executive officer John L. Garrison in a statement. “This also advances our effort to focus our organization on three business segments and simplify our operating structure.”
Konecranes is a Finland-based global company providing lifting solutions for a number of industries. As Powder & Bulk Solids previously reported, the companies initially intended to merge, but the parties decided in May to peruse a sale of Terex’s MHPS unit instead. Under the terms of the transaction, Terex will sell the MHPS unit for $820 million and become a 25% shareholder in Konecranes.
The sale is expected to be completed in 2017.