Konecranes Completes Acquisition of Terex
On January 4, Konecranes announced that the acquisition of Terex Material Handling & Port Solutions (MHPS) was complete. The deal involved $595 million and €200 million ($212 million) in cash and 19.6 million newly issued class B shares representing a 25 percent interest in Konecranes.
The combined entity will have a global presence with 18,000 employees in over 50 countries.
Together Konecranes and MHPS will have more resources for R&D, introduce new products and engineering solutions and further enhance service offering.
Panu Routila, President and CEO of Konecranes, said: “We are extremely proud to combine forces with MHPS. We want to provide a home for Demag and Port Solutions, from which these businesses can grow and become stronger as part of our joint organization. The MHPS acquisition makes it possible for us to realize a long list of synergies. We will be one technology company, ready to create the next generation of lifting.”
Konecranes now has three business areas: Service, Industrial Equipment and Port Solutions.
The expanded product portfolio for port customers now includes Konecranes Gottwald Mobile Harbor Cranes, Konecranes Noell STS and RTG cranes, horizontal transport for container terminals, and Konecranes Liftace Lift Trucks.
Automation is a key focus area including automated stacking cranes (ARMGs and ARTGs), automated straddle carriers, automated guided vehicles (AGVs) and lift AGVs for automated container handling.
Konecranes recently introduced eco-efficient, hybrid reach stackers and connectivity that makes its Lift Trucks smarter. The company has also introduced new mobile harbor crane variants and continues to fit them with the latest three-phase drive technology for higher productivity and easier maintenance.
Konecranes divested its German unit Stahl in order to gain regulatory approval for the acquisition of U.S.-based Terex.