Mitsubishi Logisnext: Notice of Acquisition of U.S. Material Handling Equipment Dealer, Pon Material Handling NA, Inc.
 
Apr 11, 2019
Category:

April 11, 2019 08:00 PM Hong Kong Time - TOKYO--(BUSINESS WIRE)--Mitsubishi Logisnext Co., Ltd. (the “Company”)(TOKYO:7105) is pleased to announce that as a result of the Board of Directors meeting held today on April 11, 2019, the Company’s consolidated subsidiary Mitsubishi Logisnext Americas Inc. (“MLNA”) will acquire all of the outstanding equity interests of Pon Material Handling, NA, Inc. (“PMH”), a U.S. material handling equipment dealer operating its business under the name of Equipment Depot.

1. Purpose of the Acquisition

The Company manufactures and sells forklift equipment in North, Central and South America through its two subsidiaries under MLNA, including Mitsubishi Caterpillar Forklift America Inc. (“MCFA”) and UniCarriers Americas Corporation.

The North American market is the most important market for the Company, and as such, the Company is looking to take a step in expanding its operations in the U.S. and broadening its product and service solution offerings to its customers. This acquisition will help the Company achieve its current Mid-Term Business Plan and also deliver greater growth in the future as well.

Serving local communities since 1951 with locations spanning 1,500 miles, PMH, operating as Equipment Depot, has been one of the largest independent material handling and rental business in the U.S. Equipment Depot is also the largest dealer for MCFA, with a stable and profitable client-base. Delivering on its mission to be the Best Service Organization in the material handling and contractor services industry, Equipment Depot offers a unique promise: Performance. Guaranteed.™ The organization's extensive footprint, local support, and service commitment help it stand apart from its competitors.

Overall, MLNA’s acquisition of Equipment Depot will strengthen its position in the industry by expanding its direct sales channels, enhancing its service offerings and ensuring achievement of future growth goals. This acquisition will enable the company to meet the comprehensive needs of both existing and new customers in the material handling, parts, services and rental businesses.

2. Timeline

Date of Share Transfer is currently anticipated to be at the end of July 1, 2019.

The schedule of the transaction is tentative as of April 11, 2019 and may differ from the above depending on the approval status from relevant authorities with regards to the US antitrust law and fulfillment of other closing conditions.

Contacts
PRESS CONTACT:
Corporate Communication Department
Mitsubishi Heavy Industries, Ltd.
James Bennett, +81-(0)3-6275-6200
Email: mediacontact_global@mhi.co.jp

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