Newsletter #355 (View other news stories)
Kion wants to expand through acquisitions
WIESBADEN, Germany
Wednesday, 9 Apr 2008
Kion Group is looking for acquisition opportunities in the mid- to low-end forklift market to further expand its business.
Kion’s CEO designate Gordon Riske told Frankfurter Allgemeine Sonntagszeitung that Kion, acquired by KKR and Goldman Sachs from Linde for EUR4 billion (USD6.3 billion) in 2006, wants to be the leader in the forklift industry (Forkliftaction.com News #285).
He explained that Kion is ahead of plan in its debt redemption and that KKR and Goldman will be ready to make acquisitions when the right opportunity came.
"We want to buy above all in the middle and lower price brackets, where we are represented with OM," Riske said.
Michael Hauger, Kion’s head of communications, tells Forkliftaction.com News that an acquisition could mean the addition of a new forklift brand.
"[But] Kion will not change its highly successful multi-brand strategy [that] currently comprises three brands – Linde, Still and OM. There could be reasons to add to one or the other brand."
Hauger won’t comment on the geographical location of potential acquisition targets but reiterates the importance of Asia and US for the European-based forklift business.
"Asia, of course, is one of the important growth markets. In China, we are well positioned with a 100%-owned factory and R&D activities. [And] Linde Material Handling will introduce completely new trucks developed for the US market," he says.
Linde Material Handling announced last month that it was investing EUR21 million (USD33.1 million) in its heavy forklift business (Forkliftaction.com News #352).
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