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Toyota Industries Buys Dutch Equipment Maker for $1.25 Billion

March 23, 2017

With the acquisition, Japan's Toyota Industries aims to expand its products beyond forklifts.

Toyota Industries Corp. (IW 1000/212), a parts-and-assembly affiliate of Japan’s largest carmaker, has agreed to buy Dutch baggage and parcel handling equipment manufacturer Vanderlande Industries Holding BV for 1.16 billion euros (US$1.25 billion) to expand its products beyond forklifts.

The Japanese company aims to complete the acquisition of closely held Vanderlande by the first quarter of next year, according to a statement. The Dutch company had about 130 billion yen ($1.17 billion) in net sales last year, has 50 sites globally and 4,500 employees, according to the release.

Toyota Industries President Akira Onishi said back in 2013 that the Kariya, Japan-based company is searching for acquisitions that would expand its forklift and tractor business.

Toyota Industries last month acquired Indianapolis-based Bastian Solutions LLC, which develops software to control handling systems at logistics centers, for about $260 million.

By Kevin Buckland