OREANDA-NEWS. Konecranes has today completed the divestment of its STAHL CraneSystems business ("STAHL Divestment") to Columbus McKinnon Corporation (NASDAQ: CMCO) ("Columbus McKinnon"). The STAHL Divestment related to the European Commission’s approval of Konecranes’ acquisition of Terex Corporation’s MHPS business ("MHPS Acquisition"), which was conditional on Konecranes divesting its STAHL CraneSystems business.

The final selling price was EUR 224 million. Additionally, Columbus McKinnon assumed unfunded pension liabilities that were EUR 67 million as of December 31, 2016. Konecranes expects to book an after-tax capital gain of approximately EUR 200 million from the STAHL Divestment in the first quarter of 2017.

Konecranes will use the proceeds from the STAHL CraneSystems divestment to amortize the loans related to the MHPS Acquisition.

Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. The Group has 18,000 employees at 600 locations in 50 countries. Konecranes class A shares are listed on the Nasdaq Helsinki (symbol: KCR).