Two major materials handling companies merged as equals and the last US rare earths mine has shut down.
Konecranes, Terex Agree To Merge
Konecranes and Terex Corp. have announced a merger of equals.
The combined company, to be called Konecranes Terex Plc. Both companies are global lifting and material handling solutions companies. They have estimated combined 2014 revenues $10.0 billion and EBITDA of $845 million. The combined company will maintain headquarters in Hyvinkää, Finland as well as Westport, Conn.
Molycorp Shuts Down Mountain Pass
Molycorp, Inc. announced today that it will transition its Mountain Pass Rare Earth Facility to a “care and maintenance” mode while it plans to continue serving its rare earth oxide customers via its production facilities in Estonia and China. Customers of the company’s rare earth magnetic materials, as well as its rare earth-based water treatment products, will not be impacted.
Rare earth production at the Mountain Pass facility will be suspended no later than October 20, 2015, and the site, including idled machinery and equipment, will be maintained to ensure it remains in safe and stable condition, and that government regulatory commitments can be met.
Rare earth pricing, which has declined dramatically over the past four years, was a key factor in the decision to suspend rare earth production at Mountain Pass, company officials said.