Toyota Industries Corp. buys material handling equipment firm Cascade
by CanadianManufacturing.com Staff
Toyota Industries Corp. has agreed to acquire 100 per cent of the shares of Cascade Corp. for $759 million.
KARIYA, Japan and FAIRVIEW, Ore.—Japan’s giant multi-segment manufacturer Toyota Industries Corp. (TICO) has today agreed to acquire 100 per cent of the shares of Cascade Corp. for $759 million.
Cascade will become a wholly owned subsidiary of TICO.
Based in Japan, TICO is a huge global materials handling, automotive, textile machinery and logistics company and a manufacturer of lift trucks.
Based in Fairview, Ore., Cascade makes and distributes materials handling attachments and replacement parts for the lift truck and construction industries.
“We’ve long known Cascade as a reliable and world-class supplier to our materials handling business, and we look forward to better meeting our customers’ logistical needs by broadening our lift truck business,” said Tetsuro Toyoda, TICO president and representative director.
Cascade’s President and CEO, Robert C. Warren, Jr., will continue to lead the business after the closing of the transaction, and it will remain based out of Fairview, Oregon.
The transaction is expected to close by the end of calendar year 2012.