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US: Westport giant to merge with Finland counterpart for $10 billion

By  |  August 11, 2015
US: Westport giant to merge with Finland counterpart for $10 billion

Westport-based Terex, which manufactures equipment for use in construction, shipping and other industries, is merging with Konecranes, of Finland, the companies announced Tuesday. Terex CEO Ron DeFeo will remain in his position and Terex shareholders will control 60 percent of the new company.

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    The all-stock deal will create a company, to be called Konecranes Terex, with combined annual revenue of $10 billion.

    “This merger brings together two great businesses and through synergies provides another lever that is within our control to deliver value-creation to both the shareholders of Terex and Konecranes,” DeFeo said in a news release. “We have a deep respect for Konecranes and look forward to joining forces with them to build a stronger and more diverse company that will be in an excellent position to succeed in a dynamic and highly competitive global industry.”

    Full content: The New York Times

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