Cascade financials up, negotiating for Falkenroth Fördertechnik

News Story
- 2 Sep 2004 ( #173 ) - PORTLAND, OR, United States
1 min read
Cascade Corporation reported second quarter sales rose 22.1 per cent and profits 13.2 per cent and announced negotiations are underway to acquire the fork arm business of the Falkenroth Fördertechnik GmbH & Co which is now in receivership.

"The outcome of this transaction will have a significant impact on the European marketplace over the next several years," Robert C. Warren Jr., Cascade president and chief executive officer, said in an August 26 conference call with security analysts. The Schalksmühle, Germany-based Falkenroth group also manufactures lines of drop forgings and excavator teeth.

Cascade is discussing the possible deal with the insolvency trustee in Hagen, Germany, under a strict confidentiality agreement. Other unidentified firms may be seeking to acquire one or more of the Falkenroth operations.

Cascade wants the Falkenroth segment making multiple sizes of standard, DIN, eye, bolt-on, eye-hook, folding and customised forks and accessories and stud-locked extensions. Falkenroth is Germany's largest fork manufacturer and ranks second to Cascade in European fork production.

Portland-area based Cascade reported profit of USD6.5 million on sales of USD92.4 million for the quarter ended July 31. The firm had profit of USD5.7 million on sales of USD75.6 million for the previous year's comparable quarter.

Cascade's lift truck shipments increased by 14 per cent in North America and 22 per cent each in Europe and Asia-Pacific during the quarter versus the comparable year-earlier period.

"We remain cautiously optimistic about the next quarter due to the substantial backlog in the North American lift truck market and the continuing strength in Asia," Mr Warren said. "However, our outlook beyond the third quarter is uncertain. A measurable economic slowdown in any of our major world markets would undoubtedly have an adverse impact on our business."
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