Press Information

MHI Successfully Completes Public Tender Offer for Rocla,
A Finnish Electric Warehouse Truck Manufacturer
To Strengthen Material Handling Equipment Business in Europe

No.1268
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Tokyo, December 24, 2008 - Mitsubishi Caterpillar Forklift Europe B.V. (MCFE), a European subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI), has successfully completed a public tender offer to acquire Rocla Oyj, a manufacturer of electric warehouse trucks in Finland. Under the offer, MCFE will obtain 99.3% of all shares and voting rights in Rocla. Through the acquisition, MHI will 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 for customers in Europe, one of the largest markets for material handling equipment.

The offer was made to acquire all of Rocla’s issued and outstanding shares - 4,264,788 in total - and option rights that were not owned by Rocla and not already owned by MHI group companies at the price of €13 per share by December 12. The shares tendered in the offer, together with Rocla shares already owned by MCFE, represent approximately 98.6 % of all shares and voting rights in Rocla. Together with treasury shares owned by Rocla, these shares represent approximately 99.3%. All outstanding option rights have also been tendered into the offer. All Rocla shares owned by Mitsubishi Caterpillar Forklift America Inc., an MHI subsidiary in the U.S., were transferred to MCFE on December 16. With the completion of this transaction, Rocla's financial results will now be reflected in MHI's consolidated financial figures.

The offer consideration has been paid to shareholders and option holders who have validly accepted the offer on December 23. The total payment amount is approximately €40 million (approximately 5 billion yen). As MCFE's ownership in Rocla now exceeds 90%, MCFE initiates compulsory redemption proceedings for the remaining shares under the Finnish Companies Act.

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

Rocla Oyj, headquartered in Järvenpää, was established in 1942. The company is the fifth-largest manufacturer of electric warehouse equipment in Europe and employs approximately 500 workers. It began supplying warehouse equipment to MHI affiliates in Europe in 1987.

 



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