Forklift News - CASCADE SALE PROCEEDING, BUT NO $$ TALK YET

PORTLAND, USA -- Cascade Corporation, a leading international forklift attachments manufacturer, has entered preliminary sale negotiations with three companies.

Lift Technologies Inc, TD Capital Group Ltd, and the Ontario Municipal Employees' Retirement Board have rights, until September 29, to conduct due diligence on Cascade and finalise sale negotiations.

Lift Techonologies, a manufacturer of lift truck masts, was founded by former Kenhar Corporation president Bill Harrison, who is also a former Cascade director. The company bought Cascade's mast business in January.

TD Capital Group is a wholly-owned subsidiary of the Toronto Dominion Bank.

James S Osterman, chairman of Cascade's special committee handling the sale, said any final agreement would be subject to the board of directors approving the sale.

Cascade president and CEO Robert Warren announced in March that he and the special management group were exploring the possibility of a management-led buyout.

Mr Osterman said there was no assurance a definitive agreement would be reached, or that any sale would be completed.

He said the selection of the Lift group was the result of its previous dealings, and Lift had already completed its review of Cascade.

"If it is successful in completing a transaction, the Lift group expects minimal disruption to the Cascade workforce, and wants to further develop Cascade's leadership in its industry," a statement said.

The terms of the proposed transaction were not disclosed, and Mr Osterman said no further announcements were planned before a final agreement was signed.

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