Cleveland, Ohio – Hyster-Yale Materials Handling Inc., has agreed to buy Italian forklift accessories maker Bolzoni for about $60 million. Hyster-Yale, through a subsidiary, will buy Penta Holding’s 50.4% stake in Bolzoni. The transaction has been unanimously approved by the Board of Directors of Hyster-Yale.
Closing of the transaction, which is expected to take place during the second quarter of 2016, is subject to customary closing conditions, including clearance by the German antitrust authority. There can be no assurance that all conditions will be met, that the acquisition of Penta (and indirectly of Bolzoni S.p.A.) will occur or that the anticipated benefits and effects of the transaction will be realized.
Following the closing of the transaction, Hyster-Yale, will launch a mandatory tender offer for all of the outstanding shares of Bolzoni S.p.A. The acquisition is expected to be funded using Hyster-Yale’s cash on hand and borrowings under Hyster-Yale’s existing credit facility.
The proposed transaction is expected to add a wider spectrum of products to Hyster-Yale. The proposed transaction is expected to be accretive to Hyster-Yale’s earnings excluding one-time costs associated with the purchase.
Based in Piacenza, Italy, Bolzoni produces attachments for forklift trucks under the Bolzoni Auramo and Meyer brand names. UFollowing the closing, Bolzoni S.p.A. will become a subsidiary of Hyster-Yale, but is expected to continue to operate as a stand-alone business, with its own management team and board of directors. Roberto Scotti, Bolzoni’s CEO, is expected to continue to lead.
Scotti says, “Bolzoni and Hyster-Yale have had a strong relationship over many years. This acquisition provides exciting opportunities for Bolzoni to expand its global reach while increasing its depth of penetration in certain markets. We also see tremendous opportunities to utilize our manufacturing capacity by insourcing components that Hyster-Yale currently purchases. “
Colin Wilson, president and CEO of Hyster-Yale, says, “Bolzoni is well-known as a reliable world-class supplier of attachments and has become the preferred supplier for Hyster and Yale products. We look forward to better meeting our customers’ needs by broadening our product offerings as a result of this transaction.”
Belzoni has manufacturing operations outside of Chicago in addition to plants in Italy, Germany, Finland, and China.
Source: Hyster-Yale Materials Handling Inc.