Terex merger terminated
After six months of merger talks, it has been announced that Zoomlion Heavy Industries Science and Technology has abandoned its bid to purchase crane maker Terex Corp.
"We are pleased this announcement brings several months of uncertainty to an end for our customers, our team members and our shareholders," says Ken Lousberg, president of Terex.
"The favourable impact of the MHPS sale will enhance our financial position, enabling us to invest in new products and services to serve customers even better in the future."
The recently announced sale of Terex’s Material Handling and Port Solutions (MHPS) business segment to Konecranes is set to proceed as planned, subject to regulatory and Kronecranes shareholder approval.
Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries.
"With this uncertainty behind us, the Terex team can focus our full efforts on serving our customers," says Lousberg.
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