Konecranes Wraps Up Terex MHPS Acquisition

Image Courtesy: Terex MHPS

Finnish manufacturer of cranes Konecranes Plc has completed the acquisition of Terex Corporation’s Material Handling & Port Solutions (MHPS) business.

The company said that the acquisition of MHPS will improve its position “as a focused global leader in the industrial lifting and port solutions market.”

Of the total of EUR 140 million p.a. synergies targeted within three years, EUR 35 million is expected to be implemented within 12 months from January 1, 2017, from which date the MHPS Acquisition is deemed effective from a financial point of view, according to Konecranes.

“The MHPS acquisition is a milestone in building our future. It is a great achievement to bring Konecranes and MHPS together and we expect it to create substantial value for our customers and shareholders,” Christoph Vitzthum, Chairman of the Board of Konecranes, said.

At the beginning of August 2016, the European Commission granted its approval for the acquisition deal, which was conditional on Konecranes’ commitment to divest its STAHL CraneSystems business.

Konecranes earlier signed EUR 1.5 billion (USD 1.6 billion) unsecured financing facilities to fund the proposed acquisition. The committed credit facility includes a syndicated EUR 300 million term loan with a tenor of three years, EUR 600 million amortizing term loan with a tenor of five years and EUR 400 million revolving credit facility with a tenor of five years, alongside a EUR 200 million bridge term loan facility.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Green Ship Technology North America

Survival of the fittest in maritime: Make smart investments, ensure you are compliant, future proof your fleet…

read more >

Mozambique Gas Summit & Exhibition

Mozambique Gas Summit & Exhibition is recognised as the leading strategic meeting for Mozambique’s gas industry. Working in partnership…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >

3RD ANNUAL GENERAL AVERAGE SEMINAR

ATTEND THIS SEMINAR TO:
– Get up to speed on the revisions to the York-Antwerp Rules 2016…

read more >