NEW YORK (AP) — Crane maker Terex is merging with Finnish rival Konecranes in an all-stock deal that creates a company with a combined $10 billion in 2014 revenue.

The new company will be called Konecranes Terex PLC and have "significant" headquarters in Westport, Connecticut, and Finland.

Terex Corp. shareholders will own about 60 percent of the combined company, with Konecranes stockholders owning approximately 40 percent.

Terex CEO Ron DeFeo will serve in that role for the combined business, with Konecranes Chairman Stig Gustavson serving in that post.

The combined company’s board will include five Terex directors and four Konecranes directors.

The transaction, which still needs approval from both companies’ shareholders, is expected to close in the first half of next year.

Terex’s stock jumped more than 20 percent in Tuesday premarket trading.

This story also appears on Crane Equipment Guide.

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