Nissan and Hitachi Construction merge forklift operations
Nissan Motor Co., Japan’s second-biggest carmaker, and Hitachi Construction Machinery Co., the world’s largest maker of giant excavators, have agreed to merge their forklift operations through a new venture.
Nissan will own 20% and Hitachi Construction 26.7% of the new forklift ventur. The remaining shares will be owned by the government-backed Innovation Network Corp. of Japan, which will provide 30 billion yen ($367 million) to the new company, according to a statement from Nissan today.
The merger comes as Nissan targets to win 8% of the global car market by March 2017, through cutting back on businesses outside its main vehicle division. Nissan Forklift Co., a fully owned unit of the Yokohama-based company, produces about 30,000 forklifts a year in Japan, Europe and the U.S., according to its website. The new company, to be called UniCarriers Corp., will begin operations this year.