Mitsubishi has confirmed the acquisition of UniCarriers, ending weeks of market speculation.

In a statement, Misubishi Heavy Industries, Ltd. (MHI) and Mitsubishi Nichiyu Forklift Co., Ltd. say their respective boards have approved the acquisition of all shares of UniCarriers Holdings Corporation (UniCarriers) currently held by Innovation Network Corporation of Japan (INCJ), Hitachi Construction Machinery Co., Ltd. and Nissan Motor Co., Ltd.

Under the new arrangement, MHI and Mitsubishi Nichiyu Forklift will hold respective stakes in UniCarriers of 65% and 35%.

The acquisition is worth JPY110 billion (USD887 million) and December 30 has been set as the date for execution of the share transfer.

MHI explains that its latest three-year plan highlights the need to strengthen its global competitiveness "through accelerated business expansion".

"The decision to acquire shares in UniCarriers was made in reflection of MHI’s positioning of its forklift business as one of its global growth businesses well into the future," according to the official statement.

"In today’s forklift industry, amid intensifying global competition, scale expansion is becoming increasingly important for securing profitability. Scale expansion has also become indispensable in the realm of research and development, including new technologies, as the industry increasingly faces the need to respond to global environmental issues.

"Through acquisition of UniCarriers, MHI and Mitsubishi Nichiyu Forklift will achieve a full lineup of product offerings, giving them greater response capacity to customers’ diverse needs.

"The move is also targeted at enhancing the companies’ R&D capabilities and boosting their product competitiveness. Furthermore, through mutually complementary sales networks, MHI’s and Mitsubishi Nichiyu Forklift’s global expansion opportunities will be enhanced, thereby strengthening their business foundations and enabling expansion in business scale. In addition, by aggregating the cutting-edge innovative technologies of the MHI group companies, the acquisition of UniCarriers is aimed at creating products of high added value and a business model transcending the conventional parameters of the logistics machinery and equipment industry."

Mitsubithi explains that a preparatory committee will be launched to work with UniCarriers to draw up business policies and strategies "that will further enhance (their) reputation as a world-class manufacturer of logistics machinery and equipment".