In the latest development following an abandoned merger between two major global equipment makers, U.S.-based equipment maker Terex Corp. has received approval from antitrust regulators in the U.S. and the European Union to sell its material-handling and port solutions (MHPS) business unit to Finnish-based Konecranes.
On August 8, the European Commission cleared Konecranes to acquire Terex’s MHPS business on the condition that it divest itself of its Stahl Cranes subsidiary, which produces industrial cranes and related components. The Commission found that there would be significant overlap between Terex’s MHPS business and Stahl in the electric chain hoists and wire rope hoists categories in Germany and France.