Konecranes Plc (KCI Konecranes prior to 16 March 2007) is a Finnish company, headquartered in Hyvinkää, which specialises in the manufacture and service of cranes and lifting equipment as well as the service of machine tools. The firm produces about one in ten of the worlds cranes, of which around 80% are for use in factories and the remainder at ports. Konecranes products are made for industries handling heavy loads meaning ports, intermodal terminals, shipyards and bulk material terminals. On August 11, 2015, the company announced that it intended to merge with Terex. Terex shareholders will own approximately 60% of the combined companies, but the transaction will result in the companies headquarters being relocated to Europe to benefit from favorable EU taxation policies. Stig Gustavson was the companys first CEO from 1994-2005 and has been Chairman Of the Board since 2005. The second CEO, Pekka Lundmark (2005-2015) joined KCI Konecranes in 2004, before that he worked e.g. for Hackman and Nokia. On April 2, 2015 he was nominated as the new CEO of Fortum. The current President and CEO is Panu Routila (2015-) who joined the company from Ahlström Capital where he had been President and CEO since 2008. There are 6 members in Konecranes Group Executive Board.