Terex Corporation (NYSE: TEX) today announced that the proposed transactions for the sale of Terex’s Material Handling & Port Solutions business to Konecranes have received European Commission approval. The European Commission approval is conditioned on a commitment by Konecranes to divest their Stahl CraneSystems business. Konecranes has announced that it will begin this divestiture process immediately.

Terex Corporation also announced today that the proposed transactions received early termination of the Hart-Scott-Rodino premerger waiting period by the U.S. Department of Justice.

“The clearances granted by both the European Commission and U.S. antitrust regulators are an important step towards the completion of the planned divestiture of our MHPS segment,” said John L. Garrison, Terex Chief Executive Officer. “This also advances our effort to focus our organization on three business segments and simplify our operating structure.”

Konecranes and Terex continue to work closely with the other relevant competition authorities to obtain the necessary regulatory approvals. Completion of the sale of MHPS is expected to occur in early 2017 as planned.