Lift Truck Industry Merger

KYOTO, Japan-Nippon Yusoki Co Ltd (Nichiyu) and Mitsubishi Heavy Industries Ltd. will consolidate domestic marketing activities through a new company slated for opening on April 1, 2009. The new company, Nichiyu MHI Forklift Co. Ltd., based at Nichiyu's headquarters at Nagaokakyo, Kyoto, will be active in the sales and service of lift trucks for both manufacturers.

Both companies already collaborate on various projects, such as development of an electric counterbalanced lift truck and Nichiyu's distribution of electric lift trucks under the MHI brand for export. They also combine sales networks for the Japanese market.

MHI and Nichiyu have indicated that the consolidation will create customer and shareholder value through synergy generation and accelerated growth. The companies' human resources, know-how, sales network and product line-up will be consolidated to establish a uniform sales and service system to improve customer satisfaction.

Nichiyu will invest more than half of the company's capital, making the company a Nichiyu consolidated company. The current domestic sales companies will merge into a wholly owned subsidiary of the new company.

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