Equipment provider Terex and lifting equipment and machine tools supplier Konecranes will combine in an all-stock merger with estimated pro forma 2014 revenues of $10 billion and $845 million respectively.

Upon completion of the transaction, Terex shareholders will own approximately 60% of the combined company and Konecranes shareholders will own approximately 40%. The new company will be named Konecranes Terex Plc and will be incorporated in Finland.

The combination will bring together two complementary suppliers of cranes, materials handling and equipment servicing solutions. The combined company hopes to create enhanced shareholder value in a variety of ways, especially with an increased global scale of reach and a broader presence in key sectors.

“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,” said Terex CEO Ron DeFeo. “We have a deep respect for Konecranes and look forward to joining forces with them to build a stronger and more diverse company that will be in an excellent position to succeed in a dynamic and highly competitive global industry.”

“The combination of Konecranes and Terex is a defining step in the history of both companies,” added Stig Gustavson, chairman of Konecranes.