May 30, 2016 – Terex Cranes President Ken Lousberg has formally announced that talks between his company and Zoomlion have been terminated.
A letter was sent out from Lousberg making the official announcement. The letter from Lousberg states that:
“We would like to inform you that our discussions with Zoomlion Heavy Industry Science and Technology Co. regarding the potential purchase of Terex Corporation have been terminated. Our recently announced sale of our Material Handling and Port Solutions business segment to Konecranes is proceeding as planned, subject to regulatory and Konecranes shareholder approval.”
The letter goes on state that the end of talks allows for an end to the months-long uncertainty about the company, which will now allow the company to focus on product offerings for its customers.
On May 27th, an article from the New York Times stated that talks between the two companies broke down after they failed to reach an agreement on a purchase price following the sale of Terex’s material handling and port solutions divisions.
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