In relation to the acquisition of Terex's MHPS business (MHPS Acquisition) Konecranes has offered the potential divestiture of its STAHL CraneSystems business in order to address the European Commission’s (EC) concerns in the supply of hoists in the EEA. The offered commitments will be subject to a market test by the EC. As a result of the offered commitments, the EC has extended its review period for the transaction and it is now expected to render its decision on the MHPS Acquisition by August 8, 2016. The offered commitments may be subject to change until the EC renders its decision.
STAHL CraneSystems is a global supplier of hoisting technology and crane components. The company is well-known for its capability to build engineered system solutions. Its customers include distributors, crane builders as well as EPC companies. STAHL CraneSystems is headquartered in Künzelsau, Germany.
“We have had a very constructive dialogue with the European Commission. As a result, we have offered to divest our STAHL CraneSystems business. We believe that this offer will fully resolve the Commission’s concerns and that we are able to proceed with the MHPS Acquisition,” says Konecranes President and CEO Panu Routila.
Konecranes and Terex continue to be fully committed to the MHPS Acquisition and are working closely with the competition authorities to obtain regulatory approvals allowing completion of the MHPS Acquisition as planned. While EC approval is one of the critical regulatory approvals it is not the only one needed and Konecranes expects to update the market from time to time as regulatory approvals are received.
As announced on July 15, 2016 Konecranes Board has scheduled an extraordinary general meeting of shareholders for September 15, 2016, to vote on matters relating to the MHPS Acquisition and recommended to Konecranes shareholders to vote in favor of such matters in order to enable the implementation of the MHPS Acquisition.
Konecranes does not intend to comment on this matter any further until EC has rendered its decision on the offered commitments.
Director, Investor Relations, Konecranes Plc, tel. +358 (0)20 427 2050
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2015, Group sales totaled EUR 2,126 million. The Group has 11,600 employees at 600 locations in 48 countries. Konecranes is listed on Nasdaq Helsinki (symbol: KCR1V).