(This story has been updated.)
Terex Corp. will merge with Finland-based Konecranes Oyj in a move that Terex CEO Ron DeFeo says creates a “more diverse company that will be in an excellent position to succeed in a dynamic and highly competitive global industry.”
The respective boards have approved the move and it now goes to the shareholders for approval.
The merger will result in a company with sales of $10 billion and is expected to close in the first half of 2016.
Konecranes Terex will be the parent to a family of brands in the industrial lifting, port solutions, aerial work platforms and cranes sectors, including Demag, Konecranes, Terex and Genie. The Terex, Powerscreen, CBI, Terex Fuchs and Terex Finlay brands will continue to serve the materials processing, recycling and construction sectors.
Terex stockholders will own 60 percent of the business, which will be incorporated in Finland under the new name Konecranes Terex Plc. Terex will have five directors on the board, and Konecranes will have four. Konecranes chairman Stig Gunnar Gustavson will be chairman of the new company, and DeFeo will be CEO.
Download the investor presentation below.