Press Information

MHI to Acquire Rocla, a Finnish Electric Warehouse Truck Manufacturer,
To Strengthen its Material Handling Equipment Business in Europe
-- Public Tender Offer to be Made by MCFE, its Subsidiary --


Tokyo, October 23, 2008 - Mitsubishi Heavy Industries, Ltd. (MHI) has decided to acquire Rocla Oyj, a manufacturer of electric warehouse trucks* in Finland. MHI has already today concluded a three-party agreement under which Mitsubishi Caterpillar Forklift Europe B.V. (MCFE), a MHI subsidiary in Europe, will submit a public tender offer to acquire Rocla. By acquiring Rocla, MHI aims to reinforce and further expand its material handling equipment portfolio, strengthen its capability to address the needs of European customers, and aggressively develop comprehensive solution-oriented products and services to customers in Europe, one of the largest markets for material handling equipment.

MCFE and Rocla, the fifth-largest manufacturer of electric warehouse equipment in Europe, have a long history of cooperation. Rocla began supplying warehouse equipment to MHI affiliates in Europe in 1987. In addition to enriching its product portfolio by adding Rocla's products to its own lineup of counterbalanced forklift trucks**, MHI forged a strategic alliance with Rocla in 2002 through investment by MCFE and Mitsubishi Caterpillar Forklift America Inc., an MHI subsidiary in U.S.A., which today collectively possess a 28.1% equity share.

Through the takeover bid (TOB), MHI aims to further solidify its relationship with Rocla and, the acquisition of Rocla's warehouse equipment business would enable MHI/MCF group to broaden its products and solution portfolio, to provide a comprehensive solutions oriented products and service portfolio within both counterbalanced forklift trucks and warehouse equipment, and to develop and expand their business in accordance with the European and overall growth strategy.

The offer will be made to acquire all of Rocla's issued and outstanding shares - 4,264,788 in total - excluding shares already owned by Rocla and MHI affiliates. The acceptance period is expected to commence on November 10, 2008 and run for approximately five weeks. The price offered for the shares will be €13 per share. The tender offer will be financed through MCFE's existing cash balance and credit lines.

After the acquisition, MHI intends to maintain Rocla's existing management team and employees. MHI and MCFE also plan to send relevant staff to join the Rocla organization to enhance the integration process. Further, MHI, MCFE and Rocla will also establish a joint committee to promote collaborative operations and pursue maximization of synergy merits from their integration.

Rocla Oyj was established in 1942 and is headquartered in Järvenpää. The company is listed on NASDAQ OMX Helsinki Ltd. and employs approximately 500 workers. It enjoys strong acclaim for its fast product development and design capabilities.

MCFE was established in 1992 in Almere, the Netherlands, as a joint venture between MHI and Caterpillar Industrial Inc. The firm manufactures, markets and provides services for forklift trucks and related products in Europe, Russia, the Middle East and Africa.

*Warehouse trucks are used to transport, stack and store materials on shelves in large warehouses. Due to varying specifications to accommodate exact customer needs and warehouse requirements, sales activities typically call for solution-oriented proposals.
** Counterbalanced forklift trucks have a mast and forks at the front to lift vertically and carry materials and a counterweight at the rear to counterbalance the load being lifted.

About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit or follow our insights and stories on