Finland’s Konecranes and US-based Terex have agreed to merge in order to form a global lifting and material handling solutions company.

The new company, Konecranes Terex, will have an estimated combined 2014 revenues and Ebitda of $10bn and $845m respectively.

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Konecranes board chairman Stig Gustavson said: "With a focus on Lifting and Material Handling solutions, Konecranes Terex will be in an excellent position to deliver enhanced growth in revenues and margins through several strategic advantages, including significant cross-selling opportunities.

"Together, we will have the opportunity to expand what Konecranes and Terex have built and become even stronger in the future."

"Together, we will have the opportunity to expand what Konecranes and Terex have built and become even stronger in the future."

The merger is expected to result in increased global scale with enhanced competitiveness to rival low-cost emerging market players and significant presence in key sectors with greater opportunity to capitalise on growth trends in the port and industrial sectors as well as services.

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In addition, it will also see better portfolio of complementary products and customer solutions, critical scale for further technology development and enhanced R&D and significant operational and corporate synergies and complimentary geographic profiles.

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The new company expects to achieve at least €110/$121m of annual pre-tax cost synergies from procurement savings, optimisation of operations as well as selling, general and administrative efficiencies.

Terex CEO Ron DeFeo said: "This merger brings together two great businesses and through synergies provides another lever that is within our control to deliver value-creation to both the shareholders of Terex and Konecranes."

As part of this development, Terex shareholders will receive 0.80 Konecranes shares for each existing Terex share.