Acquisition will allow Nissan Forklift and Atlet to exchange technology and manufacturing expertise.

 Nissan Motor Co. announced today an agreement to acquire Swedish lift truck manufacturer Atlet AB.

Atlet was founded 49 years ago by Knut Jacobsson and until now has been family owned. “With no natural family succession, we wanted to find an industrial partner to allow us long-term development and to further strengthen the Atlet brand,” says Jacobsson. ”We welcome this. It opens great potential for an exciting and rewarding future for our employees.”

Nissan’s materials handling unit, Nissan Forklift, manufactures electric and engine-powered lift trucks and has a strong market presence in Europe, Japan and the United States. Atlet sells its electric trucks mainly in Europe and, according to its latest annual report, the company is also experiencing growth in emerging markets such as Turkey and Thailand.

Nissan ranked ninth in Modern’s recent ranking of the world’s top lift truck suppliers, reporting $820 million in industrial truck revenue from its Nissan and Barret brands. Atlet ranked No. 15 with revenue of $247 million.

The acquisition will allow both companies to benefit from the exchange of technology and manufacturing know-how and from joint purchasing opportunities, according to the press release announcing the deal. Combined, the companies produce more than 36,500 units worldwide per year.

Nissan says it intends to operate both brands and sales networks separately. Following the completion of the acquisition process, Nissan plans to appoint a new CEO for Atlet.The current CEO, Marianne Brismar, will remain as a special advisor.

The acquisition is expected to be completed by the end of 2007 pending approval by the EU Commission.