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Toyota to acquire Cascade

Nov. 1, 2012 — Toyota Industries Corporation and Cascade Corporation have announced they have entered into a definitive agreement under which TICO will acquire 100 per cent of the shares of Cascade for $65 per share in cash in a transaction valued at $759 million pursuant to a tender offer. The purchase price represents a 23 per cent premium over Cascade's volume-weighted average share price for the 60 days ending October 19, 2012. The transaction has been unanimously approved by the boards of directors of both TICO and Cascade.


October 31, 2012
By Toyota Industries Corporation


Nov. 1, 2012 — Toyota Industries Corporation and Cascade Corporation have announced that they have entered into a definitive agreement under which TICO will acquire 100 per cent of the shares of Cascade for $65 per share in cash in a transaction valued at $759 million pursuant to a tender offer. The purchase price represents a 23 per cent premium over Cascade's volume-weighted average share price for the 60 days ending October 19, 2012. The transaction has been unanimously approved by the boards of directors of both TICO and Cascade.

The transaction will create a leading global materials handling business with a wider spectrum of products and a valuable platform for growth. Based in Japan, TICO is a leading global materials handling, automotive, textile machinery and logistics company and a leading manufacturer of lift trucks, with a robust product lineup. Based in Fairview, Ore., Cascade is a leading international manufacturer and distributor of materials handling attachments and replacement parts for the lift truck and construction industries worldwide. Under the terms of the transaction, Cascade will become a wholly owned subsidiary of TICO.

Robert C. Warren, Jr., president and CEO of Cascade, said, "Our company has concluded that the offer being made by Toyota Industries Corporation, one of the world's most admired companies, represents an ideal combination of attractive return to our shareholders, continuing service to our customers, and stability and opportunity for our employees."

Tetsuro Toyoda, TICO president and representative director, said, "Cascade Corporation has a strong reputation for providing customers with the latest technology in materials handling attachments for lift trucks and is widely considered to be the innovative leader with high-quality, customizable products. We've long known Cascade as a reliable and world-class supplier to our materials handling business, and we look forward to better meeting our customers' logistical needs by broadening our lift truck business. We remain committed to serving all of Cascade's customers."

Cascade's president and CEO, Robert C. Warren, Jr., will continue to lead the business after the closing of the transaction, and it will remain based out of Fairview, Oregon.

Related Links
www.cascorp.com
www.toyota-industries.com