WESTPORT, Conn.--(BUSINESS WIRE)--Terex Corporation (NYSE:TEX) today announced it has completed the sale of 5.15 million Class A shares representing approximately 6.5% of the total shares outstanding of Konecranes Plc at a price of EUR 36.50 per share, a 1.7% discount to today’s closing price. Total shares outstanding includes both Class A and Class B shares but does not include Konecranes treasury shares.
The trade date of the transaction will be tomorrow, September 6, 2017, and settlement of the transaction is expected to occur on September 11, 2017.
John L. Garrison, Terex President and Chief Executive Officer, stated, “With today’s sale, Terex has sold its remaining Konecranes shares. When we announced the sale of MHPS in May 2016, the Konecranes shares that Terex was to receive were worth approximately $456 million. In total, Terex will have received approximately $773 million for the sale of those shares, bringing the total consideration received by Terex for the disposition of MHPS to approximately $1.6 billion. These amounts demonstrate the significant value to Terex shareholders that was created by the sale of our MHPS segment and the Konecranes-MHPS combination.”
Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The company reports in three business segments: Aerial Work Platforms, Cranes, and Materials Processing. Terex delivers lifecycle solutions to a broad range of industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and the market.