Toyota Industries Corp. announced Friday that it is purchasing the forklift operations of Tailift Co., a Taiwanese maker of forklift and machine tools. The acquisition is aimed at increasing sales in China and other emerging markets, the Japanese machinery maker said in making the announcment.
Under the deal, Tailift will spin off its forklift operations into a new firm and Toyota Industries will acquire a 55 percent stake in the new firm for about 9 billion yen, which is about $83 million, according to the website 4-Traders.
Before the deal becomes official, it needs to be reviewed by the Chinese and Tiawanese governments to make sure it does not violate either of the nations’ anti-monopoly laws.
Tailift’s forklift operations posted sales of about 16 billion yen — or $147 million — in 2013. The firm has production bases in Taiwan and China.