Lift Technologies buying Cascade

By Staff -- Modern Materials Handling, 12/1/2000

Cascade Corp., a leading manufacturer of attachments for lift trucks, has agreed to be acquired by Lift Technologies Inc. The proposed merger is valued at $320 million with shares of Cascade common stock to be converted into cash at $17.25 a share.

Lift Technologies is a manufacturer of lift truck masts. With 35 years in the lift truck industry, William J. Harrison, founder and president of Lift Technologies, and former president of Kenhar Corp., spearheaded the merger plan.

When the merger is completed, he says, "we will have an organization combining three load handling product companies globally: Cascade attachments, Kenhar forks, and Lift-Tek masts."

Cascade will become a wholly-owned subsidiary of a new corporation formed by Lift Technologies and will continue to do business under its present name.

The proposed merger is subject to regulatory and shareholder approvals and other customary conditions.