Archive 2 - Page 361 of 1311 - World Port Development

Update on the pending merger between Konecranes and Terex Corp

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WPD

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4 February 2016

On 11 August 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”).

Konecranes continues to be convinced that the Merger? represents a highly compelling opportunity for both companies and their shareholders, and stands behind and remains committed to the Merger. We believe that the stock market undervalues the inherent value-creation potential of the Merger. The merged entity, to be called Konecranes Terex Plc, is expected to deliver significant profitability upside based on expected market growth, on-going internal profitability improvement initiatives and synergies resulting from the Merger. The combined company will also have a solid capital structure and the ability to generate strong cash flow and shareholder returns through dividends and share repurchases.

In January 2016, the parties obtained antitrust clearances in India and Turkey. 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.

The transaction remains subject to approval by both Terex and Konecranes shareholders, regulatory approvals and other closing conditions. Closing of the transaction is expected to occur approximately mid-year 2016.

Foltz to step down after 12 years of service to the GPA

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4 February 2016

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Foltz to step down after 12 years of service to the GPA

“Curtis Foltz has led the GPA to achieve great things over the past six years as Executive Director, and the six years prior as Chief Operating Officer,” said Jim Walters, Chairman of the Board. “In addition to record cargo growth, GPA, under Curtis’ leadership, modernized its terminals and developed operational practices that increased efficiency, improved safety and focused on environmental stewardship. The Board is grateful for the many contributions he made to the Authority during his distinguished career as Executive Director and as Chief Operating Officer.”

Foltz has agreed to provide consulting services to the GPA for one year after his departure.

The Board also unanimously accepted the nominating committee’s recommendation to appoint the current Chief Operating Officer, Griff Lynch, to succeed Foltz. Nominating Committee Chairman Jimmy Allgood praised Lynch for his role as COO: “Griff’s extensive operational and port management skills make him the perfect candidate to replace Curtis and continue the success the Authority has achieved.”

Foltz thanked Governor Deal, the Georgia General Assembly, his Board of Directors, the ILA leadership and most importantly GPA’s 1,100 employees for their full support during his 12 year career.”There is simply no better team anywhere in the maritime community than here at the GPA. Griff is the right choice to lead this great organization to new heights.”

Konecranes to expand cost savings and streamline regional structure

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4 February 2016

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Companies operating in emerging and commodity markets are particularly under pressure to save costs. However, we still believe in our own growth opportunities in specific product segments and geographic areas.

As a consequence of this, Konecranes intends to initiate actions aiming at annual cost savings of EUR 25 million by the end of 2017. Approximately a half of the cost savings are expected to be realized by the end of 2016. This has been taken into consideration in the 2016 financial guidance.

To reduce fixed costs and improve efficiency in operations, Konecranes is planning to pursue the following measures to reach the targeted cost savings. Some of the actions mentioned below are already in progress.

– evaluation of business model in certain countries we operate
– closures and rightsizing of manufacturing units and optimization of supply chain
– streamlining product portfolio and related resources
– consolidation of regional functions

To reach the targeted cost savings of EUR 25 million, Konecranes expects to incur restructuring costs of approximately EUR 20 million by the end of 2017.

Konecranes will reduce the number of its internal regions from five to three to create opportunities for further efficiency improvement. The planned changes will not have an impact on the external reporting structure.

“While we are proceeding with the planning of the merger with Terex Corporation (“Terex”), we are actively seeking opportunities to improve our operational efficiency in a marketplace where several of our end-markets are facing macro-related headwinds. The intended actions are necessary and independent of the announced merger with Terex. The execution of these actions will strengthen the foundation of our business in the years ahead,” comments Konecranes President and CEO Panu Routila.

Kalmar delivers first reachstackers with new K-Motion technology in Asia-Pacific region

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4 February 2016

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Kalmar delivers first reachstackers with new K-Motion technology in Asia-Pacific region

The machines will be the first of their kind in the Asia-Pacific region, providing industry-leading efficiency and environmental benefits to Quality Marshalling’s Tauranga Container Terminal and Timaru Container Terminal operations in New Zealand.

The Kalmar K-Motion ground-breaking technology includes a new drive train system embedded into the programming of the Kalmar Gloria reachstacker. This new system increases machine efficiency and productivity by elevating uptime. The machines also boast improved ergonomics and safety as well as reduced fuel consumption and running costs.

Shayne Jenkins, General Manager for Quality Marshalling, said: “We are looking for machinery with increased reliability and cost efficiency. It is important to Quality Marshalling that our machines are specified to our work sites and meet the operational requirements in order to achieve efficiencies in rail and truck turnaround. We have chosen the Kalmar Gloria reachstackers particularly for the K-Motion transmission technology that promises significant cost savings while also minimising idle time; in addition we recognise the new ergonomic cab will also enhance our operator’s performance.”

Quality Marshalling’s Tauranga Container Terminal operation involves the management of the rail exchange for the Port of Tauranga and Kiwi Rail for containerised import and export cargo.

Quality Marshalling’s Timaru Container Terminal operation provides the handling of all containers, Receivables & Dispatch (R&D) and vessel loading for Timaru Container Terminal Ltd. This arrangement includes the export and import of containerised cargo for the South Canterbury and Canterbury regions.

“The Kalmar machines are used as front line machines for loading and unloading freight trains at both the Port of Tauranga and Timaru terminals around the clock. The Kalmar machines at the Timaru site are also utilised to move containers to and from the vessels when in port,” Shayne Jenkins continues.

Quality Marshalling is a subsidiary of the Port of Tauranga providing 24/7 services to the container handling industry. Quality Marshalling’s container operations are currently handling 330,000 TEU per annum.

Kalmar K-Motion technology was introduced to the Asian market on 19 January 2016. The launch event, held in Shanghai, China, was attended by approximately 160 people including customers, dealers and media.