EC Approves Konecranes’ Proposed Acquisition of Terex’s MHPS Business
OREANDA-NEWS. Konecranes has today received approval from the European Commission for its pending acquisition of Terex’s MHPS business (“MHPS Acquisition”). The approval is conditional on a commitment by Konecranes to divest its STAHL CraneSystems business. Furthermore, Konecranes and Terex are not allowed to close the MHPS Acquisition until the Commission has approved the buyer(s) of the STAHL CraneSystems business. Konecranes will immediately start the divestiture process. In 2015, STAHL CraneSystems’ external sales totaled EUR 145 million and the company has approximately 700 employees.
“The divestment of STAHL CraneSystems will not affect the industrial logic behind the MHPS Acquisition. The targeted operational synergies of EUR 140 million p.a. within three years from closing of the MHPS Acquisition remain materially intact,” comments Konecranes President & CEO Panu Routila.
Konecranes and Terex continue to be fully committed to the MHPS Acquisition and are working closely with the competition authorities to obtain regulatory approvals allowing completion of the MHPS Acquisition in early 2017 as planned.
Konecranes’ will not provide further information regarding the financial effects of the Stahl CraneSystems business divestment until the divestment process so allows.