OREANDA-NEWS. On August 11, 2015, Konecranes and Terex Corporation ("Terex") announced that their respective Boards of Directors have unanimously approved a definitive agreement to combine their businesses in a merger of equals (“Merger”).

The parties have obtained antitrust clearances in India, Turkey, Ukraine, Russia and South Africa. The parties have made the Merger-related HSR filing to the United States Department of Justice and are in filing preparation and pre-notification discussions with the European Commission. Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible.

Upon signing of the business combination agreement, Konecranes and Terex announced annual operational synergies of EUR 110 million and an additional EUR 32 million post-tax income benefit from financing, cash management and structure optimization. It is anticipated that substantially all of the above financial and tax synergies of EUR 32 million will be eliminated as a result of certain regulations promulgated and proposed by the Internal Revenue Service and U.S. Treasury Department (the “Regulations”). While Terex and Konecranes are still considering the full effects of these developments, the Regulations will materially impact the ability of the combined company to realize the anticipated financial and tax benefits of the Merger. The anticipated pre-tax operational synergies are not impacted by these rules.

The Merger remains subject to approval by both Terex and Konecranes shareholders, regulatory approvals and other closing conditions. As announced on March 24, 2016, Terex has informed Konecranes that is has commenced negotiations with Zoomlion Heavy Industry Science and Technology Co. ("Zoomlion") regarding Zoomlion's non-binding conditional proposal to acquire all of the outstanding shares of Terex. The Terex Board of Directors has not changed its recommendation in support of the proposed Merger with Konecranes. Konecranes and Terex will continue to pursue the Merger in accordance with the business combination agreement. Closing of the Merger is now expected to occur approximately in the middle of the second half of 2016.

KONECRANES PLC

Miikka Kinnunen
Director, Investor Relations

FURTHER INFORMATION
Analysts and Investors:
Miikka Kinnunen, Director, Investor Relations, Konecranes Plc,
tel. +358 20 427 2050

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 and machine tools of all makes. In 2015, Group sales totaled EUR 2,126 million. The Group has 11,600 employees at 600 locations in 48 countries. Konecranes is listed on Nasdaq Helsinki (symbol: KCR1V).