Terex Corporation and Konecranes Plc have agreed to combine businesses to create a new company called Konecranes Terex Plc. The merger is subject to approval by shareholders of both companies.

The transaction will be subject to approval by both Terex and Konecranes shareholders, regulatory approvals and customary closing conditions. In a statement to investers, Terex President Tim Ford says based on the outcome of these decisions, closing is expected in the first half of 2016.

The merger combines the competencies of both businesses to create a portfolio of complementary equipment, including lifting, port solutions and aerial products.