FARMINGTON HILLS, Mich.—Jervis B. Webb Co. has announced it will sell 100% of the outstanding shares of Webb to Daifuku Co., Ltd., headquartered in Osaka, Japan.
The transaction is expected to be completed in December, pending final government approvals.
By acquiring Webb, Daifuku seeks to expand its overseas business. The company had announced that goal in April as part of its three-year business plan.
Daifuku said it will position Webb as a core business within the Daifuku group. Daifuku Executive Vice-President Masaki Hojo will act as the chairman and co-CEO of Webb, along with Susan M. Webb, the company's current president and CEO and granddaughter of founder Jervis B. Webb.
“The acquisition of Webb by Daifuku will allow us to continue to pursue strong growth, both domestically and internationally, while maintaining our current operating structure and management team,” said Ms. Webb. “Webb has built an excellent reputation over almost 90 years, and we are committed to continuing that legacy.”
The two material handling systems manufacturers have been technology partners since 1957.
“The complementary and supportive cultures of Daifuku and Webb will strengthen operations for both companies and help us grow internationally,” said Katsumi Takeuchi, president and CEO of Daifuku. “Daifuku has built its business with the idea that production and procurement should be near its customers, and the Webb acquisition further supports this goal.”