The forklift joint venture of Hitachi Construction Machinery Co Ltd and Nissan Motor Co Ltd aims to make acquisitions in Japan and abroad in its bid to compete with Toyota Industries Corp and KION Group.

Hidetoshi Shibata, managing director of the joint venture's largest shareholder, Innovation Network Corp of Japan, told Bloomberg that size matters. "There is also momentum toward consolidation in the industry."

Shibata didn't name acquisition targets for the new company, named UniCarriers Corp, but he did tell the news service that warehouse equipment makers may have to unite as slower demand growth in China raises concerns about overcapacity.

UniCarriers, formed this year, will maintain the TCM brand from Hitachi Construction and the Nissan Forklift name (Forkliftaction.com News #563).