Press Information
Tokyo, December 24, 2008 - Mitsubishi Caterpillar Forklift Europe B.V. (MCFE), a European subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI), has successfully completed a public tender offer to acquire Rocla Oyj, a manufacturer of electric warehouse trucks in Finland. Under the offer, MCFE will obtain 99.3% of all shares and voting rights in Rocla. Through the acquisition, MHI will reinforce and further expand its material handling equipment portfolio, strengthen its capability to address the needs of European customers, and aggressively develop comprehensive solution-oriented products and services for customers in Europe, one of the largest markets for material handling equipment.
The offer consideration has been paid to shareholders and option holders who have validly accepted the offer on December 23. The total payment amount is approximately €40 million (approximately 5 billion yen). As MCFE's ownership in Rocla now exceeds 90%, MCFE initiates compulsory redemption proceedings for the remaining shares under the Finnish Companies Act.
MHI intends to maintain Rocla’s existing management team and employees. MHI and MCFE both plan to send relevant staff to join the Rocla organization to enhance the integration process. In addition, MHI, MCFE and Rocla will establish a joint committee to promote collaborative operations and pursue maximization of synergy merits from their integration.
Rocla Oyj, headquartered in Järvenpää, was established in 1942. The company is the fifth-largest manufacturer of electric warehouse equipment in Europe and employs approximately 500 workers. It began supplying warehouse equipment to MHI affiliates in Europe in 1987.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.