Lift-truck manufacturer Toyota Industries Corporation has completed its $760-million takeover of Oregon-based Cascade Corporation, a move it announced last fall with a $65.00/share offer. It closed that offer earlier on Thursday, noting it has accumulated 10.3 million outstanding shares, estimating that to be 92% of the total available.
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.
It supported the takeover offer when it was announced in 2012, and both companies predicted that their combination would create a “global material handling business.”
Now, Cascade becomes a wholly owned, independent subsidiary of Toyota Industries, known as TICO, which manufactures automotive machinery, textile machines, and logistics systems, as well as lift trucks and other material handling equipment.
“TICO recognizes and respects the importance of this policy to customers and to the continued success of the business,” it stated.
The buyer said the combination of the two organizations creates a company with “a wider spectrum of high-quality and innovative products” for the lift-truck sector.