On December 7, 2016, Konecranes announced that it has signed an agreement with Columbus McKinnon Corporation (NASDAQ: CMCO) (“Columbus McKinnon”) regarding the divestment of the STAHL CraneSystems business (“STAHL Divestment”). The STAHL Divestment relates to the European Commission’s approval of Konecranes’ pending acquisition of Terex Corporation’s (“Terex”) MHPS business (“MHPS Acquisition”), which is conditional on Konecranes divesting its STAHL CraneSystems business. The European Commission has today approved Columbus McKinnon as a suitable purchaser of STAHL CraneSystems as well as the related transaction agreements. This decision completes the European Commission’s antitrust review of the MHPS Acquisition.

Having now received the material regulatory approvals, Konecranes and Terex intend to close the MHPS Acquisition in early 2017. Completion of the MHPS Acquisition remains subject to some additional customary closing conditions.