Tuesday 27th Sep 2016 - Logistics Manager

Forklift giant seeks stock market listing

Kion Group, parent company of forklift truck makers Linde and Still, is to seek a listing on the Frankfurt Stock Exchange.
 
The group is currently owned by funds advised or controlled by Kohlberg Kravis Roberts together will Goldman Sachs.
 
Strategic anchor investor Weichai Power will increase its stake in Kion to 30 per cent prior to completion of the offering.
 
‘The IPO of Kion Group will enable investors to participate in a company with a global presence and a leading position within its sector which has steadily improved its profitability and operates in a market which is expected to grow faster than global GDP during the next years’, said chief executive officer Gordon Riske.
 
As well as Linde and Still, Kion’s brands include Fenwick, OM STILL, Baoli and Voltas.
 
Last month, the group announced the closure of its heavy truck plant at Merthyr Tydfil by the end of October 2013.
 
Production of the Linde Material Handling heavy forklift trucks will be mainly transferred to a contract manufacturing facility in the Czech Republic during the coming months with full production at the new facility timetabled for October 2013. In the area of container handling trucks Linde Material Handling has already started a partnership with Konecranes.