Local News story

Acquisitions

Thursday, 21 December 2006 ( #291 )
Kalmar parent buys Spanish distributor
STOCKHOLM, Sweden

Kalmar has signed an agreement to acquire the majority shareholding of its Spanish distributor Kalmar Espana SA.

Kalmar Espana has been a Kalmar agent since 1991. According to a Kalmar statement, the distributor has a strong customer base in the heavy industrial handling and port industries.

It employs six people and had net sales of about EUR11.3 million (USD14.8 million) in 2005. The acquisition value was not disclosed.

Kalmar announced in September it was buying its Belgian distributor, Catracom (Forkliftaction.com News #278).

European Commission approves Kion buy
WIESBADEN, Germany

The European Commission has cleared the acquisition of the Kion Group by Goldman Sachs Group Inc and Kohlberg Kravis Roberts & Co (KKR).

According to Dow Jones International News, the commission said the deal would not create antitrust problems because few Goldman Sachs and KKR-owned companies used Kion's equipment.

The private equity companies are paying EUR4 billion (USD5.27 billion) for Kion.

Bourgas buys 70 per cent of Balkancar company
SOFIA, Bulgaria

Bulgarian company Bourgas Shipyards Co Ltd has bought a 70 per cent stake in forklift manufacturer Balkancar Dunav for LEV4 million (USD2.69 million), the Bulgarian News Digest reported.

Bourgas will pay the forklift producer's debts within six months of the acquisition, as part of the deal. Balkancar Dunav's debt stood at LEV2.2 million (USD1.48 million) as of September 30, 2006.

Balkancar Dunav, based in the port city of Lom, exports 95 per cent of its products to Europe (Forkliftaction.com News #281).

Cascade acquires more attachments
Oregon, US

Forklift attachment manufacturer Cascade Corporation, based in Fairview, Oregon, last week announced it has acquired PSM Corporation, a manufacturer of construction attachments based in Woodinville, Washington.

Cascade president and CEO Robert Warren said the acquisition would "allow us to better serve existing PSM customers, significantly expand our geographic scope in the Americas, and begin producing construction attachments and tools in China for the Chinese domestic markets," he said.

Cascade CFO Andy Anderson said the acquisition was "expected to add between USD20 million and USD30 million in revenue in 2007." He said the purchase price "was approximately USD40 million before working capital adjustments."
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