Cleveland-based Hyster-Yale Materials Handling Inc. is buying a controlling stake in China’s Zhejiang Maximal Forklift Co. Ltd. from KNSN Pipe and Pile Co. Ltd. The $90 million deal will give Hyster-Yale 75 percent of the outstanding shares of Maximal, a privately held OEM for utility and standard lift trucks and specialized material handling equipment. The remaining 25 percent will be owned by current Maximal senior management through a holding company. When the deal is completed, the new company will be named Hyster-Yale Maximal Materials Handling Co. Ltd. The deal will:
- Expand Hyster-Yale's low-cost, global manufacturing capabilities.
- Provide access to competitive component sourcing.
- Strengthen its utility and standard product portfolio by adding a wider spectrum of products to its materials handling business.
- Enhance its presence in China and the growing global utility and standard market segments.
Maximal reported sales of $66.3 million in 2016, with domestic and export volume of nearly 6,000 units. Bookings and revenues in 2017 have increased nearly 20 percent over the prior year. It has nearly 600 employees. Following the expected closing in the first half of 2018, HY Maximal will be a subsidiary of Hyster-Yale, but is expected to continue to operate as a separate entity within Hyster-Yale's JAPIC segment.
