Toyota Industries Acquires Material Handling Attachments Maker Cascade

Toyota Industries Corp. (TICO) and Cascade Corp. have signed a definitive agreement for Toyota to acquire 100 percent of the shares of Cascade for $65 per share in cash in a transaction valued at $759 million, pursuant to a tender offer. The purchase price represents a 23-percent premium compared with Cascade’s volume-weighted average share price for the 60 days ended Oct. 19. The boards of TICO and Cascade approved the transaction unanimously.

The acquisition will create a leading global materials handling business with a wider spectrum of products and platform for growth. Based in Japan, TICO is a leading manufacturer of lift trucks. Cascade is an international manufacturer and distributor of materials handling attachments and replacement parts for the lift truck and construction industries worldwide.

Cascade will become a wholly owned subsidiary of TICO.

Under the terms of the agreement, TICO will commence a tender offer for all of the outstanding shares of Cascade for $65 per share no later than Nov. 5. The closing is subject to customary closing conditions, and is expected to close by the end of the calendar year.