Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automated EquipmentGate AutomationRemote ControlProcess Automation
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Operations/TransportContainer leasingEquipmentM&R/Storage
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles

register  or  login  for full access to online news

Konecranes agrees Stahl sale

The agreement to sell Stahl CraneSystems is a necessary step on the road to Koncranes' takeover of the Terex MHPS business
Linked InTwitterFacebook

Konecranes has signed an agreement with Columbus McKinnon Corporation of Canada regarding the divestment of the Stahl CraneSystems business. Konecranes will receive cash proceeds of €224-230M from the transaction depending on the 2016 result of Stahl CraneSystems. Additionally, Columbus McKinnon assumes unfunded pension liabilities that were estimated at €74M as of July 31st, 2016, during the divestment process. Konecranes expects to book an after-tax capital gain of around €190M upon closing of the Stahl divestment.

As previously reported, selling Stahl is a condition of the European Commission’s approval of Konecranes’ pending acquisition of Terex Corporation’s Material Handling and Port Solutions business lines (MHPS). Furthermore, Konecranes and Terex are not allowed to close the MHPS acquisition until the EC has approved the buyer of the Stahl business.

Stahl CraneSystems is a global supplier of hoisting technology and crane components. The company is well-known for its capability to build engineered system solutions. Its customers include distributors, crane builders as well as EPC companies. Stahl CraneSystems is headquartered in Künzelsau, Germany. In 2016, Stahl CraneSystems’ sales outside the Konecranes Group are estimated to total around €135M and the pro forma EBITDA on a stand-alone basis is estimated to be somewhat below €30M. Stahl CraneSystems has approximately 650 employees around the world.

The Stahl divestment, which is expected to close prior to April 30th, 2017, is subject not only to the EC's approval of Columbus McKinnon as a suitable purchaser, but also the German Bundeskartellamt’s merger control approval, as well of course as the closing of MHPS acquisition itself. Konecranes will use the proceeds from the Stahl divestment to amortise loans related to the MHPS Acquisition.

"We are very pleased to announce this transaction. It is an important milestone in making progress toward closing the MHPS Acquisition," said Panu Routila, President and CEO of Konecranes. "We are satisfied that we could achieve this strategic milestone in a timely manner, thereby minimising the period of uncertainty for the Stahl CranesSystems' business and personnel."

Linked InTwitterFacebookeCard

You may also be interested in...

ZPMC moves in

Bunking up the logs for easy moves

Pulp facts to the fore in Montevideo

Hyster clamps up on reel handling

Sizing up the breakbulk market

Getting on the intermodal track

Related Stories

Winter Haven intermodal terminal developers win TT Club Safety Award

The 3rd TT Club Innovation in Safety Award was presented last night (13th Novemb...

Tanger Med brings big benefits to trade

The expansion of Tanger Med in Morocco has resulted in the biggest increase in c...

People on the move - Søren Toft quits Maersk

Søren Toft has unexpectedly quit as COO of Maersk, with immediate effect. CEO Sø...

APM Terminals Rotterdam takeover talks confirmed

APM Terminals has confirmed that it is negotiating the sale of APM Terminals Rot...
Linked In