European and U.S. Authorities OK Sale of Terex Material Handling and Port Solutions Business | Construction News

Terex Corporation's proposed sale of its Material Handling & Port Solutions business to Konecranes has received European Commission approval. The European Commission's approval is conditioned on a commitment by Konecranes to divest its Stahl CraneSystems business. Konecranes has announced that it will begin the divestiture process immediately.

Terex has announced that the proposed transactions received early termination of the Hart-Scott-Rodino pre-merger waiting period by the U.S. Department of Justice.

“The clearances granted by both the European Commission and U.S. antitrust regulators are an important step towards the completion of the planned divestiture of our MHPS segment,” said John L. Garrison, Terex chief executive officer. “This also advances our effort to focus our organization on three business segments and simplify our operating structure.”

Konecranes and Terex continue to work closely with the other relevant competition authorities to obtain the necessary regulatory approvals. Completion of the sale of MHPS is expected to occur in early 2017 as planned.