Letters of interest to acquire Barloworld US operations have been executed with two parties
Greenville, N.C. (January 25, 2012) – Some time ago, Barloworld advised NACCO Materials Handling Group of their strategic intent to consider exiting the materials handling business in the United States. Over the past several months, we have worked with Barloworld to enable them to negotiate the sale of their materials handling business in the United States.
We are pleased to announce that letters of interest to acquire Barloworld US operations have been executed with two parties. Both parties have been approved by NACCO Materials Handling Group, and we are confident they will provide first class representation for the Hyster brand and exceptional support to Hyster customers, while being valued additions to the Hyster dealer network.
- Briggs Equipment Inc.
Briggs is the current Yale dealer in Texas, and parts of Alabama, Georgia, Mississippi and Louisiana. Briggs also represents Yale in the U.K. and Hyster and Yale in most of Mexico. Briggs will now represent Hyster Company in Florida, Arkansas and portions of North Carolina, South Carolina, Georgia, Alabama, Tennessee and Mississippi.
LiftOne, a Division of Carolina Tractor and Equipment Company who have their headquarters in Charlotte, N.C., will become the Hyster dealer in portions of North Carolina, South Carolina, Georgia, Alabama, Virginia and Tennessee. LiftOne will transition from existing competitive supplier relationships when appointed to represent the Hyster brand.
We look forward to welcoming Briggs and LiftOne to the Hyster network in the United States upon completion of the proposed transactions and execution of dealer agreements for the assigned territories.
The transactions remain subject to due diligence, and are expected to close by March 31, 2012. We will make further announcements concerning this transition as soon as we are able.
About Hyster Company
Based in Greenville, N.C., Hyster Company (www.hyster.com) is a leading worldwide lift truck designer and manufacturer. Hyster Company offers 130 models configured for gasoline, LPG, diesel and electric power, with the widest capacity range in the industry — from 2,000 to 115,000 lbs. Supported by one of the industry’s largest and most experienced dealer networks, Hyster Company builds tough, durable lift trucks that deliver high productivity, low total cost of ownership, easy serviceability and advanced ergonomic features; accompanied by outstanding parts, service and training support.
In two independent surveys conducted by Peerless Media Research Group in 2011, Hyster Company ranked No. 1 in brand satisfaction and the company’s full line of lift trucks ranked No. 1 in the U.S. for total cost of ownership.
Hyster Company is an operating division of NACCO Materials Handling Group, Inc. (NMHG), which employs approximately 5,000 people worldwide. NMHG is headquartered in Cleveland, Ohio, and is a wholly owned subsidiary of NACCO Industries, Inc. (NYSE:NC).