Toyota planning Cascade shares acquisition
Toyota is to acquire Cascade's shares.
Toyota Industries has been in sales negotiations with Cascade Corporation and both firms have entered a definitive agreement that will see Toyota acquire 100 per cent of Cascade's shares.
Each individual share has been given a cash value of $65 (£40.73), giving the transaction an overall cost of $759 million.
When the deal takes place, it should create a materials handling business that is a global leader, providing the firm with a wide range of products and a positive growth platform.
It will involve Cascade becoming one of Toyota's wholly-owned subsidiaries, with the firm remaining based in Oregon's Fairview region.
Furthermore, current president and chief executive officer of Cascade Robert Warren will continue to lead the enterprise following the acquisition.
"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," Toyota president and representative director Tetsuro Toyoda said.
Posted by Edel Quinn
Source: Toyota Industries press release, October 22nd