Linde sells lift truck division
By Staff -- Modern Materials Handling, 11/1/2006
Linde AG has sold its materials handling division, which it recently renamed the Kion Group, to investment firms Kohlberg Kravis Roberts & Co. (KKR) and Goldman Sachs Capital Partners for €4 billion ($5.1 billion).
In a joint statement, representatives from KKR and Goldman Sachs said their medium-term goal for Kion is an initial public offering.
"Kion is an extremely well-positioned company in the international industrial truck industry," the companies added.
"We are utterly convinced that KKR and Goldman Sachs have the right overall concept for the group," said Wolfgang Reitzle, president of the executive board of Linde. "After carefully examining all the options, we have chosen a strong and strategically oriented partner, who will facilitate a seamless transition."
With about $4.5 billion in lift truck revenues, Linde ranked second behind Toyota in Modern's recent list of the world's top lift truck suppliers.
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