Terex and Konecranes, two highly complementary business are merging to create an industry leader in Lifting and Material handling solutions with an expected $10.0 billion in pro forma 2014 revenue. The new company will be named Konecranes Terex Plc and will be incorporated in Finland. Company’s respective Boards of Directors have unanimously approved a definitive business combination agreement and the resulting all-stock merger of equals. The combined company is expected to create enhanced competitiveness to rival low-cost emerging market players, critical scale for further technology development and enhanced R&D, more robust portfolio of complementary products and customer solutions, significant operational and corporate synergies and complimentary geographic profiles and a strong balance sheet and cash flow generation to support growth and return of capital to shareholders. 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 plans to authorize a $1.5 billion share repurchase and initial annual dividend of approximately $1.15 per share. The transaction is subject to approval by Terex shareholders, by Konecranes shareholders, regulatory approvals and customary closing conditions. Closing is expected to occur during the first half of 2016.