MANUFACTURERS – DECEMBER 2015

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As it approaches a merger with Finland’s Konecranes, Terex Corp. has named John Garrison Jr. chief executive officer, president and director. He replaces Ron DeFeo, who is retiring after 23 years at the helm, but will serve as executive chairman through year’s end, and continue as a consultant through 2016.

 
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Garrison to succeed longtime Terex chief DeFeo

Source: Terex Corp., Westport, Conn.

As it approaches a merger with Finland’s Konecranes, Terex has named John L. Garrison Jr. chief executive officer, president and director effective November 2. He replaces Ron DeFeo, who is retiring after 23 years at the helm, but will serve as executive chairman through year’s end, and continue as a consultant through 2016.

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Post-tax savings accompany Terex ‘inversion’ in Konecranes merger

Sources: Terex Corp., Westport, Conn.; CP staff

Eyeing global scale and near-term earning synergies upward of $120 million, Terex Corp. and Konecranes Plc of Helsinki plan an all-stock “merger of equals,” creating a company whose 2014 revenues totaled about $10 billion. Terex and Konecranes shareholders will own approximately 60 percent and 40 percent, respectively, of the combined business, to operate as Konecranes Terex Plc, based in Finland with major corporate functions continuing in Connecticut.

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