Material handling product vendor Toyota Industries North America Inc. has acquired Hoist Liftruck Mfg. LLC, saying the deal will help expand its line of heavy-duty equipment.
East Chicago, Ind.-based Hoist Liftruck is a manufacturer of high-capacity lift trucks ranging in lift capacity from 7 to 57 tons and including vehicles such as heavy-duty cushion tire and pneumatic forklifts, container handlers, and reach stackers, the firm said.
The two companies have a tight history together, since Toyota has had an original equipment manufacturer (OEM) agreement with Hoist for the manufacture of large capacity forklifts under the Toyota Heavy Duty (THD) brand since 2015.
It's official! Toyota Industries North America, Inc. has entered into a definitive agreement to acquire the assets of Hoist Liftruck Mfg. LLC effective February 8, 2019. The new company will be Hoist Material Handling, Inc. pic.twitter.com/QjrN1v1Ty1— Hoist Liftruck (@HoistLiftruck) February 13, 2019
Terms of the deal were not disclosed. Hoist LiftruckFounder Marty Flaska said in an announcement that he will retire.
The new company will be called Hoist Material Handling Inc. and will be led by Vice President and General Manager Dan Kossow; VP of Engineering Bob Miller; VP of Sales Stu Jacover; and VP of Operations Ryan Delaney.
"This is the perfect next step in the expansion of our Toyota Heavy Duty (THD) line," Jeff Rufener, president of Toyota Material Handling U.S.A., said in a release. "Hoist has been a great manufacturer of heavy-duty equipment for years and brings a group of passionate, talented associates that will help us in our role as a full-line equipment supplier."