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Thursday, 12 Jun 2008 ( #364 )
News Story
GTM enlarges stake in Balkancar Sredets
SOFIA, Bulgaria

GTM Angel Balevski has raised its stake in forklift manufacturer Balkancar Sredets AD from 69.99% to 96.1%.

The Bulgarian anti-trust regulator said GTM bought the additional shares from insolvent company Balkancar Holding without specifying the acquisition value, SeeNews reported.

GTM bought 69.99% of Balkancar Sredets for LEV91.1 million (USD72.3 million) in a tender in 2006 (Forkliftaction.com News #278). Local businessmen hold the remaining 3.9% in the forklift company, which sells its products to the Eastern and Western European markets.

Higher costs force forklift price increase
TOKYO, Japan

Mitsubishi Heavy Industries Ltd says it will increase forklift prices by 6% to absorb higher steel costs.

According to Bloomberg, the price increase for 3.5-16 ton forklifts will apply from July 1. The company says the cost of materials like steel had exceeded the level that could be absorbed.

The Mitsubishi Heavy unit that builds forklifts, car turbochargers and small and mid-sized engines had sales of JPY472.5 billion (USD4.486 billion) for the year ended 31 March 2008.

Chinese company to quit JV with Caterpillar
XUZHOU, China

Xuzhou Construction Machinery Group Co Ltd (XCMG) plans to withdraw from its joint venture with Caterpillar Inc.

China Securities Journal reported the Jiangsu province-based company wants to sell its 15.87% stake in Caterpillar Xuzhou Ltd, which produces hydraulic excavators.

Established in 1989, XCMG produces construction machinery and forklifts.
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