Hyster-Yale to acquire majority of Bolzoni


US material handling manufacturer looks to expand product offering with stake in Italian parts supplier

Hyster-Yale to acquire majority of Bolzoni
Hyster-Yale Group to purchase 50.4 per cent stake in Bolzoni.

 

Forklift maker Hyster-Yale Materials Handling will acquire a majority stake in Italian forklift attachment producer Bolzoni S.p.A after it reached an agreement with holdings company Penta Holding S.p.A.

Under the agreement, Hyster-Yale will purchase Penta’s 50.4 per cent stake in Bolzoni for ‎‎‎€4.30 (A$6.66) per share, equating to €56.4 million (A$87.3 million) in total, by the end of the second quarter of 2016.

While it still requires approval by the German antitrust authority, the agreement will see Bolzoni’s CEO Roberto Scotti remain in his role and the Italian brand also retain its identity, though under the Hyster-Yale umbrella.

"This acquisition provides exciting opportunities for Bolzoni to expand its global reach while increasing its depth of penetration in certain markets," Scotti says.

"Today, Bolzoni provides attachments and components to forklift OEMs, their sales network and customers and ensures the integrity of information is maintained at all times. 

"This core operating principle will not change as a result of this acquisition."

Hyster-Yale Group president and CEO Colin Wilson says its product offering will be broadened by the deal with its long-term partner as both company look to new markets.

"Bolzoni is well-known as a reliable world-class supplier of attachments and has become the preferred supplier for Hyster and Yale products," Wilson says.

"Bolzoni has been investing in capacity expansion, and we see an opportunity to leverage this by absorbing Bolzoni's unused capacity. 

"Bolzoni's historical strength is in Europe, which has growth opportunities, but Bolzoni has also been expanding in the Americas and has a presence in China, where we want to expand."

Chairman of Penta and Bolzoni Emilio Bolzoni says the deal begins a "new chapter in our history," but one that is "expected to lead to a successful combination."

The deal gained unanimous approval from the Hyster-Yale board of directors.  

 

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