Kariya, Japan-based vehicle manufacturer Toyota Industries Corp. (TSE: 6201) will buy Cascade Corp. (NYSE: CASC) for $759 million.
Cascade, based in Fairview, Ore., manufactures and distributes replacement parts and other materials for the lift truck and construction industries within the automotive aftermarket. The company will become a wholly-owned subsidiary of Toyota.
Toyota Industries, one of 13 companies under conglomerate Toyota Group, makes forklifts, lift trucks and textile machinery.
The purchase price is about $65 per share. Boards of directors from both companies have approved the transaction.
Nomura Securities is Toyota’s financial adviser, while White & Case LLP is serving as legal counsel in connection with the deal. Bank of America Merrill Lynch is advising Cascade, while Miller Nash LLP is handling sell-side legal matters.
For more auto-industry coverage, see “Winners of the Auto Aftermarket," “The Buyside: Fras-le On the Hunt”, and “ShoreView-backed Twinco Merges With DYK Automotive.”