Mitsubishi Caterpillar Forklift America (MCFA) will pay Finnish forklift maker Rocla Oyj USD6 million for 24.5 percent of the company, in an expansion of the companies' existing manufacturing and distribution arrangement.

In a statement, Rocla said the purchase would strengthen the companies' cooperative arrangement and expand it worldwide. Rocla has manufactured Mitsubishi and Caterpillar warehouse trucks in Europe for 10 years.

Rocla and MCFA have also agreed to begin joint product development in the Americas, which will bring Rocla warehouse trucks to the Americas through the MCF distribution network. In December, Rocla was appointed Caterpillar's exclusive agent for counterbalance trucks in Finland, Denmark, Estonia and Russia.

For the Mitsubishi-Caterpillar group, the investment secures the sourcing of warehouse trucks, and complements its existing forklift product range. MCFA is jointly owned by Japan's Mitsubishi Heavy Industries (70 percent), Mitsubishi Corporation (10 percent) and Caterpillar (20 percent).