Mitsubishi Nichiyu confirms it’s in talks to acquire UniCarriers
By Bloomberg
Mitsubishi Heavy Industries Ltd.’s forklift unit confirmed it’s in talks to buy rival UniCarriers Corp. in a move that would challenge industry leader Toyota Industries Corp.
The unit, Mitsubishi Nichiyu Forklift Co., is in discussions on terms with UniCarriers shareholders, the company said Monday in a statement.
The Nikkei newspaper reported the deal earlier Monday, saying the Mitsubishi unit will pay more than 100 billion yen ($815 million). A basic agreement will be reached in July, with a final pact agreed to later in the year, the Nikkei said.
A takeover would create the world’s third-biggest producer of forklift trucks. Combined, sales of the Mitsubishi Heavy unit and UniCarriers total more than 400 billion yen a year. The Toyota Motor Corp. affiliate and German’s Kion Group AG are the world’s biggest and second-biggest producers.
Mitsubishi Nichiyu Forklift generated sales of 260 billion yen for the financial year ended March 31. UniCarriers, a Nissan Motor Co. and Hitachi Construction Machinery Co. forklift venture, had sales of 175 billion yen in the year ended March 2014, according to its website.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!