Japan-based Yanmar to buy track and skid steer loader maker ASV for US$70.7M
GRAND RAPIDS, Minn.—Japanese diesel engine and equipment manufacturer Yanmar Holdings Co. is expanding its footprint in the compact equipment segment with the acquisition of Minnesota-based ASV Holdings Inc.
ASV, which makes compact track and skid steer loaders, said June 27 it has agreed to a US$70.7 million takeover offer from the Osaka, Japan-based company. The boards of both firms have signed off on the deal, but ASV shareholders must still vote to approve the agreement before it’s finalized.
Giuliano Parodi, the chairman of Yanmar’s board, as well as the company’s CEO, said the deal will help fuel growth, particularly in the North American market.
“We believe that the ASV acquisition will significantly bolster Yanmar’s compact equipment offerings in the loader segment, a product range vital for success in the all-important North American market,” Parodi said in a release.
“ASV is a great fit for both Yanmar’s focus on quality, and our growth and expansion plans in the North American and global markets as it will create a comprehensive and global provider of compact equipment with virtually no overlap in distribution networks.”
The acquisition of the Grand Rapids, Minn. company will also give Yanmar its first manufacturing facility in North America.
The deal is expected to close in the third quarter of this year.