Terex, Zoomlion Talks Terminated; MHPS Business to be Sold to Konecranes – Industry News
On Friday,
“The board of directors and management of Terex worked diligently to determine if an appropriate transaction with Zoomlion, beneficial to Terex shareholders, was achievable,” commented
“The sale of the MHPS business to Konecranes will now proceed,” said John Garrison , Terex president and CEO. “This transaction represents excellent value realization for our shareholders and also provides certainty for our MHPS customers and team members. We expect this sale to be accretive to Terex’s earnings per share. The proceeds will significantly reduce Terex’s debt levels and improve our balance sheet, providing us with the ability to buy back shares and invest in our remaining businesses. As a 25% shareholder of Konecranes, Terex will be able to share in the synergies and economic upside of the combined MHPS and Konecranes businesses.”