Year-end deals proliferate

News Story
- 8 Jan 2015 ( #700 ) - United States
4 min read
A Nuvera PowerTap refueling at a Golden State Foods Corp facility
A Nuvera PowerTap refueling at a Golden State Foods Corp facility
Hyster-Yale Materials Handling Inc has bought into fuel cells, Wolter Group LLC has added to its Illinois resources, a Terex-Manitex joint venture has become official and a familiar name in stock activism thas argeted Manitowoc Co Inc.


Hyster-Yale and Nuvera

A Hyster-Yale Materials Handling Inc subsidiary has acquired development-stage Nuvera Fuel Cells Inc of Billerica, Massachusetts. Nuvera competes in most fuel-cell product lines with Plug Power Inc of Latham, New York and others promoting alternatives to lead-acid batteries.

Nuvera, a technology and product development company, focuses on fuel cell stacks and related systems and supports on-site hydrogen production and dispensing systems. A subsidiary, Nuvera Fuel Cells Europe SrL, is located in San Donato, Italy, and serves as the firm's European office.

While terms were not disclosed, Hyster-Yale says "the acquisition was completed for a modest purchase price with certain contingency payments that are expected to be paid to the selling (Nuvera) shareholders based on future deployment of certain elements of the acquired technology". Hyster-Yale expects to spend up to USD40-50 million over "two to three years for additional research and development to commercialise the technology and reach break-even".

Publicly traded Hyster-Yale believes the deal positions the OEM to possibly become the first forklift original equipment manufacturer to integrate fuel cell technology across large parts of its forklift portfolio.

In November, Nuvera delivered a PowerTap-brand on-site hydrogen generator and fueling station to manufacturer-distributor Golden State Foods Corp at its new regional headquarters and logistics centre in McCook, Illinois. Nuvera says the facility will consume less than 50 kg of hydrogen per day for 39 fuel cell forklifts including 11 Class 2 stand-up reach lift trucks and 28 Class 3 rider pallet trucks.

In May, a Nuvera PowerTap generator went live at retail co-operative Ace Hardware Corp's new state-of-the-art support centre in West Jefferson, Ohio. Another Ace centre in Wilmer, Texas began using a Nuvera PowerTap system in early 2014 to fuel Raymond Corp forklifts with GenDrive fuel cell units from Plug Power.

Hyster-Yale operating company Nacco Materials Handling Group Inc disclosed the Nuvera acquisition on 18 December.


Wolter and Chicago Lift Truck

A Wolter Group LLC division has acquired Chicago Lift Truck Inc, a family-owned materials handling equipment firm that was founded in 1966 and has a facility in Chicago's near-west side neighbourhood.

"This is a win-win for customers of Chicago Lift Truck and Illinois Material Handling," says Jerry Weidmann, Wolter Group president.

Wolter Group appointed Chris Hillas as account manager for the Chicago area. Jeff Cubero will continue to provide repair services to accounts in the Chicago metropolitan area.

The Illinois Material Handling division has existing operations in Elk Grove Village and Rockford, Illinois and connections to Wisconsin Lift Truck Corp and other Wolter Group companies including Wolter Power System.

Otto J Wolter, chief executive officer of the Brookfield, Wisconsin-based Wolter Group, announced the Chicago Lift Truck acquisition, effective 15 December.


ASV

Terex Corp says it completed its sale of 51% of its ASV Inc unit to Manitex International Inc on 22 December. Now, Manitex of Bridgeview, Illinois owns 51% of the newly formed joint venture in compact track loaders and skid steers, and Terex of Westport, Connecticut owns 49%. Terex and Manitex disclosed plans for the venture 29 October. ASV has its operations in Grand Rapids, Minnesota.


Icahn and Manitowoc

Activist investor Carl C Icahn is targeting another Wisconsin manufacturer with involvement in materials handling equipment.

Three Icahn entities made 12 investments in common stock of Manitowoc Co Inc from 17-22 December and 12 separate investments in Manitowoc stock options from 22-26 December. The entities are High River Limited Partnership, Icahn Partners LP and Icahn Partners Master Fund LP.

The Icahn team believes Manitowoc should split into separate companies for its businesses involving industrial cranes and commercial foodservice equipment. As of 6 January, Manitowoc had not commented on the Icahn effort, but the company did announce senior management changes "in line with the company's long-term succession planning process."

Manitowoc Cranes President Eric Etchart moves to senior vice president of corporate business development. Larry Weyers succeeds Etchart after services recently as global executive vice president for the Manitowoc cranes business segment. Mark Beffel will retire on 2 February as vice president of operational excellence. Josef Matosevic will assume the role of senior vice president of global operational excellence.

In an earlier Manitowoc break-up initiative in 2014, asset manager Relational Investors LLC of San Diego, California acquired 8.52% ownership of Manitowoc stock and, like Icahn now, sought to split the manufacturer into separate companies. In October, Relational Investors indicated it would wind down its operations by the end of 2015. A founder of Relational Investors took a health-related leave of absence in July.

Icahn is familiar with jousting in the world of materials handling equipment.

In December 2012, Icahn and his associates divested their shares of common stock in JLG parent Oshkosh Corp after failing to gain control of the Oshkosh board of directors through a tender offer. At one time, the Icahn team owned 9.51% of Oshkosh shares. JLG Industries Inc designs, manufactures and markets aerial work platforms and telehandlers under the JLG, SkyTrak and Lull brands and is the major component of Oshkosh's access equipment business segment.
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Previously about:
Hyster-Yale posts strong Q4 and FY earnings News Story - 7 Mar 2024 - Cleveland, OH, United States - 1 min read
Nuvera opens Netherland office News Story - 30 Nov 2023 - Nijmegen, Netherlands - 1 min read
Prestar Marketing named Yale dealer in Malaysia News Story - 23 Nov 2023 - Selangor, Malaysia - 1 min read
Manitowoc sales rise, orders fall News Story - 10 Nov 2022 - Milwaukee, WI, United States - 1 min read
Grove and National Crane debuts at ICUEE 2017 News Story - 31 Aug 2017 - Louisville, KY, United States - 1 min read
Manitowoc moves manufacturing to Shady Grove News Story - 18 Aug 2016 - Manitowoc, WI, United States - 2 min read
Nuvera opens Netherland office News Story - 30 Nov 2023 - Nijmegen, Netherlands - 1 min read
Briefs News Story - 9 Nov 2023 - 1 min read
Nuvera adds 45 kW engine News Story - 5 Sep 2019 - Billerica, MA, United States - 1 min read
Wolter dealerships rebrand News Story - 3 Jun 2021 - Brookfield, WI, United States - 1 min read
Wolter buys A D Lift Truck News Story - 3 Dec 2020 - Brookfield, WI, United States - 1 min read
Wolter buys Integrity News Story - 13 Aug 2020 - Dayton, OH, United States - 1 min read
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