Mitsubishi Nichiyu Forklift to Merge Operations with UniCarriers

When global competition law procedures have been completed, M-FET will initially transfer its current 65% stake in UniCarriers to Mitsubishi Nichiyu Forklift, thereby making UniCarriers a wholly owned group company of Mitsubishi Nichiyu Forklift. The target date for this transaction is January 1, 2017. Today, resolutions on the matter were passed at the Board of Directors meetings of all relevant companies, and an agreement on the transfer of shares was concluded between M-FET and Mitsubishi Nichiyu Forklift.

In addition, M-FET will request conversion of part of the Class A stock in Mitsubishi Nichiyu Forklift (owned by M-FET) to common shares, thus raising its stake in Mitsubishi Nichiyu Forklift from 49.4% to 51%.

Meanwhile, preparations got under way toward merging the operations of Mitsubishi Nichiyu Forklift and UniCarriers, with a target date of October 2017. By accelerating post-merger integration (PMI), this move aims to improve business efficiency.

MHI established M-FET in March 2016 as an independently managed company. The new entity engages in the material handling equipment business, with a focus on forklift trucks. Through integrated and flexible operations M-FET is now striving to create synergies, streamline its organization, break into new fields, and achieve business scale expansion and enhanced earning capacity. The new measures were reached to further accelerate initiatives of these kinds, realize maximum business synergies, and promote the interests of all stakeholders, including customers, sales networks and employees.

MHI is presently pursuing a strategy designed to secure the position of No.3 player in the forklift truck industry worldwide. In line with this strategy the Company is supporting the material handling equipment business in various ways. By raising M-FET's stake in Mitsubishi Nichiyu Forklift to 51%, MHI is looking to more effectively leverage the wide-ranging capabilities of the MHI Group and, by clarifying M-FET's consolidated management responsibilities, will promote the development of the material handling equipment business as a Group.

With MHI's all-round support, the M-FET Group will enthusiastically pursue the integration of Logistics and Energy.