Japan’s Toyota Industries Corporation has launched its takeover of Cascade Corporation, following an agreement on the purchase that values Cascade at $759 million. The two companies project that their combination will create a “global material handling business.”
Directors of both companies and major shareholding groups of Cascade are supporting the consolidation. Cascade president and CEO Robert C. Warren, Jr., and Warren Holdings LLC, a family-managed limited liability company, have agreed to support the $65.00/share transaction and to tender their shares, representing approximately 14% of Cascade’s outstanding shares.
Tetsuro Toyoda, TICO president and representative director, said, “Cascade Corporation has a strong reputation for providing customers with the latest technology in materials handling attachments for lift trucks and is widely considered to be the innovative leader with high-quality, customizable products.
“We've long known Cascade as a reliable and world-class supplier to our materials handling business,” Toyoda continued, “and we look forward to better meeting our customers' logistical needs by broadening our lift truck business. We remain committed to serving all of Cascade's customers.”
Toyota Industries (which long ago spun off its automaking subsidiary, now Toyota Motor Corp.) manufactures material handling equipment (notably lift trucks), automotive machinery, textile machines, and logistics systems.
Cascade Corp., based in Fairview, Ore., manufactures and distributes material handling attachment devices, including clamps, construction attachments, forks and fork positioners, multiple load handlers, rotators, sideshifters, and many more.
Cascade will become a wholly owned subsidiary of TICO.
“Our company has concluded that the offer being made by Toyota Industries Corporation, one of the world's most admired companies, represents an ideal combination of attractive return to our shareholders, continuing service to our customers, and stability and opportunity for our employees,” Robert C. Warren stated.
He will continue to lead the business after the closing, and it will remain headquartered in Oregon.