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Hyster-Yale to purchase majority stake in Bolzoni

Hyster-Yale to purchase majority stake in Bolzoni

Hyster-Yale Materials Handling, Inc. has agreed to acquire 100% of the shares of Italian attachment manufacturer Bolzoni S.p.A. held by its majority shareholder Penta Holding S.p.A..

The purchase price is €53,495,837. Penta holds a majority stake of approximately 50.4% in Bolzoni. The closing of the transaction is expected to take place during the second quarter of 2016, and is subject to customary closing conditions, including clearance by the German antitrust authority.

Following the closing of the transaction, Hyster-Yale, through an indirect wholly-owned subsidiary, will launch a mandatory tender offer for all of the outstanding shares of Bolzoni, funded using Hyster-Yale's cash on hand and borrowings under Hyster-Yale's existing credit facility.

Under the terms of the transaction, following the closing, Bolzoni 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 current Chief Executive Officer, is expected to continue to lead Bolzoni following the completion of the transaction.

Commenting on the transaction, Scotti said: "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 utilise our manufacturing capacity by insourcing components that Hyster-Yale currently purchases. Today, Bolzoni provides attachments and components to forklift OEMs, their sales network and customers and ensures the integrity of information is maintained at all times. This core operating principle will not change as a result of this acquisition."

Hyster-Yale Materials Handling, Inc. designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster and Yale brand names.

Colin Wilson, President and Chief Executive Officer of Hyster-Yale Group, Inc., said: "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.  We remain committed to serving all of Bolzoni S.p.A.'s customers."

"Bolzoni has been investing in capacity expansion, and we see an opportunity to leverage this by absorbing Bolzoni's unused capacity. Bolzoni's historical strength is in Europe, which has growth opportunities, but Bolzoni has also been expanding in the Americas and has a presence in China, where we want to expand.

"We also envision using our global independent dealer network and strong relationships with customers with whom we sell directly to expand the sales of Hyster and Yale products fitted with Bolzoni's excellent range of specialized attachments."

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