Konecranes has offered to divest its STAHL CraneSystems business to meet the European Commission’s (EC) guidelines regarding its acquisition of Terex’s material handling and port solutions (MHPS) segment.
STAHL CraneSystems, which is headquartered in Künzelsau, Germany, is a global supplier of hoisting technology and crane components.
The divestment is meant to placate EC concerns about the supply of hoists in the European Economic Area (EEA).
The Finnish manufacturer’s offered commitments will be subject to a market test by the EC.
Due to the offer, the EC has extended its review period for the Terex MHPS transaction and is not expected to deliver its decision by August 8, 2016.
Panu Routila, the Konecranes president and CEO, stated that the manufacturer “had a very constructive dialogue with the EC.”
“We believe that this [divestment] offer will fully resolve the Commission’s concerns and that we are able to proceed with the MHPS acquisition,” he added.
STAHL CraneSystems is known for building engineered system solutions for distributors, crane builders as well as engineering, procurement, and construction (EPC) companies.
The Konecranes Board has scheduled an extraordinary general meeting of shareholders for September 15, 2016, to vote on the MHPS acquisition, which it has recommended they vote in favour of.