Clark Makes Final Step in Business Reorganization

Lexington, KY – Clark Material Handling Company announced the sale of Clark Material Handling Asia to Young An Hat Company.

Clark’s North American operations exited from Chapter 11 bankruptcy protection January 31, 2003, when it was purchased by Young An. “With Young An’s purchase of Clark’s Asian operations, our business reorganization plan is complete,” said Brian C. Butler, president and COO.

In announcing Young An’s purchase of Clark Asia, Butler went on to say that Clark is now positioned with a favorable debt structure and the necessary working capital to deliver its already world class product from its world class, state-of-the-art production facility in Korea. Clark supports its products with replacement parts and a world class technical service support staff that Clark customers and dealers have become accustomed to over Clark’s 85-year history.

Butler expressed his appreciation to all of the customers, dealers, suppliers, and employees who stood behind Clark’s efforts to reorganize the company during a very soft lift truck market and a tough economy.

The Young An Hat Co., Ltd. was established in 1959 by CEO and Chairman Sung Hak Baik. Young An is the largest hat manufacturer in the world. Other business holdings include specialty truck manufacturing, multiple bus manufacturing businesses, farm equipment and an automobile and hotel business. Young An has more than 6,000 employees worldwide.

An industry leader since it invented the first material handling truck in 1917, Clark has built more than one million lift trucks during its 85-year history. For additional information, visit www.clarkmhc.com.

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