Tim Ford – President, Terex Cranes and Utilities:
We are pleased to inform you that the respective Boards of Directors of Terex Corporation and Konecranes Plc have unanimously approved an agreement to combine their businesses in a merger of equals. The new company will be called Konecranes Terex Plc and will be a global leader in Lifting and Material Handling Solutions.
The transaction is subject to approval by both Terex and Konecranes shareholders, regulatory approvals and customary closing conditions. Based on the outcome of these decisions, we are expecting closing in the first half of 2016. Until then, the two companies will continue to operate as separate and independent companies.
We are convinced that bringing these two highly complementary businesses together will create significant value for you, our customers, by enlarging our family of leading brands and broadening our geographic presence. Through this combination, you will benefit from a highly complementary product portfolio. Konecranes Terex will be the parent to a family of leading brands in the Industrial Lifting, Port Solutions, Aerial Work Platforms and Cranes sectors, including Demag®, Konecranes®, Terex® and Genie®. Our Terex®, Powerscreen®, CBI®, Terex®Fuchs and Terex®Finlay brands will continue to serve the materials processing, recycling and construction sectors. Our combined range of highly innovative products will allow us to offer you comprehensive solutions that are tailor-made for your specific needs.
Bringing together the R&D competencies of the two businesses will unleash great potential. Konecranes Terex will be well positioned to further drive technology innovation and new solution developments.
Leading up to the completion of the merger, we will continue serving your needs with our utmost dedication. Once integration is underway, we are fully committed to having a seamless transition process in place so that you will benefit from the enhanced business capabilities of the combined organization going forward.
Your contact person will be happy to answer any further questions you may have. Further details on today’s announcement are available on our website: www.terex.com/en/investor-relations.