MHI Acquires Finnish Electric Truck Manufacturer

TOKYO--Mitsubishi Heavy Industries Ltd. (MHI) is acquiring Rocla Oyj, a manufacturer of electric warehouse trucks in Finland. MHI’s subsidiary in Europe, Mitsubishi Caterpillar Forklift Europe B.V. (MCFE), will submit a public tender offer to acquire Rocla. By acquiring Rocla, MHI aims to reinforce and further expand its material handling equipment portfolio, strengthen its capability to address the needs of European customers, and aggressively develop comprehensive solution-oriented products and services to customers in Europe, one of the largest markets for material handling equipment.

MCFE and Rocla, the fifth-largest manufacturer of electric warehouse equipment in Europe, have a long history of cooperation. Rocla began supplying warehouse equipment to MHI affiliates in Europe in 1987. In addition to enriching its product portfolio by adding Rocla's products to its own lineup of counterbalanced forklift trucks, MHI forged a strategic alliance with Rocla in 2002 through investment by MCFE and Mitsubishi Caterpillar Forklift America Inc., an MHI subsidiary in U.S.A., which today collectively possess a 28.1% equity share.

Through the takeover bid (TOB), MHI aims to further solidify its relationship with Rocla and, the acquisition of Rocla's warehouse equipment business would enable MHI/MCF group to broaden its products and solution portfolio, to provide both counterbalanced forklift trucks and warehouse equipment, and to develop and expand their business in accordance with the European and overall growth strategy.

After the acquisition, MHI intends to maintain Rocla's existing management team and employees. MHI and MCFE also plan to send relevant staff to join the Rocla organization to enhance the integration process. Further, MHI, MCFE and Rocla will also establish a joint committee to promote collaborative operations and pursue maximization of synergy merits from their integration.

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