Terex and Konecranes to combine in an all-stock merger

Combination of two highly complementary businesses to create a global leader in lifting & material handling solutions

• Creates an industry leader with expected $10.0 billion in pro forma 2014 revenue

• Results in a stronger more competitive global lifting and material handling company

• Expected to be accretive to both companies' shareholders in first full year

• Identified annual after-tax synergies of at least $119 million

• New Company plans to authorize a $1.5 billion share repurchase and initial annual dividend of approximately $1.15 per share

WESTPORT, CT AND HYVINKAA, FINLAND, August 11, 2015 -- Terex Corporation (NYSE: TEX) ("Terex") and Konecranes Plc (Helsinki: KCR1V.HE) ("Konecranes") today jointly announced that their respective Boards of Directors have unanimously approved a definitive business combination agreement and the resulting all-stock merger of equals.

Konecranes and Terex will combine to create a single company with estimated pro forma 2014 revenues and EBITDA of $10.0 billion and $845 million, respectively. Upon completion of the transaction, Terex shareholders will own approximately 60% of the combined company and Konecranes shareholders will own approximately 40%. The new company will be named Konecranes Terex Plc and will be incorporated in Finland. (Source: Terex)