Some news from our friends at Terex. The Terex Corporation has announced that it
has completed the sale of its Material Handling and Port Solutions business to
Finland-based Konecranes Plc for $595 million, €200 million in cash and 19.6
million newly issued class B shares representing a 25% interest in Konecranes.
“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” said John L.
Garrison, Terex President and CEO. “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.”
The final transaction consideration is subject to
post-closing adjustments for cash, debt, working capital, MHPS actual 2016
EBITDA and the closing of the sale of the Stahl CraneSystems business.
A great step for Terex-we do
believe 2017 will be good for business for the entire Terex family.
If you have any
aerial lift needs and would like to discuss potential solutions, please drop
GET, LLC a line via our website at www.get-guam.com or give us a call at
671-797-0789-your authorized Terex/Genie Representative for Guam and
Micronesia.