In April 2015 CEO, Pekka Lundmark was nominated as the new CEO of Fortum. He was followed by Panu Routila who joined the company from Ahlström Capital where he had been president and CEO since 2008. In August 2015, Konecranes announced merger with US based Material Handling solutions company Terex. The merger was treated as "Merger of Equals". However, in May 2016, Konecranes signed an agreement to acquire from Terex Corporation its Material Handling & Port Solutions segment against consideration consisting of cash and shares and to terminate the previously announced business combination agreement.