Hyster-Yale Materials Handling, Inc. and the shareholders of Penta Holding S.p.A., the majority shareholder of Bolzoni S.p.A., announced that they have entered into a definitive agreement whereby Hyster-Yale agreed to acquire, through an indirect wholly-owned subsidiary, 100 percent of Penta's outstanding shares for an aggregate purchase price of €53,495,837.
Based in Piacenza, Italy, Bolzoni S.p.A. is a worldwide producer of attachments for forklift trucks under the Bolzoni Auramo and Meyer brand names. For the twelve months ended September 30, 2015, Bolzoni S.p.A. had consolidated revenues of EUR €133.9 million.
Under the terms of the transaction, following the closing, Bolzoni S.p.A. will become a subsidiary of Hyster-Yale, but is expected to continue to operate as a stand-alone business, with its own management team and board of directors. Roberto Scotti, Bolzoni's current chief executive officer, is expected to continue to lead Bolzoni S.p.A. following the completion of the transaction.