E.C. Approves Konecranes, Terex Deal If Stahl Sold First
By pdamon08 August 2016
Konecranes said has received approval from the European Commission for its pending acquisition of Terex’s Material Handling & Port Solutions (MHPS) business. 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. Konecranes said it will immediately start the divestiture process. In 2015, Stahl CraneSystems’ external sales totaled €145 million (US$160 million) and the company has approximately 700 employees.
Konecranes said the two companies continue to be 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’ said it will not provide further information regarding the financial effects of the Stahl CraneSystems business divestment until the divestment process allows.