Jungheinrich strikes in USA
The Hamburg (Germany)-headquartered intralogistics specialist Jungheinrich is acquiring Storage Solutions Group, a USA-based provider of racking and automation solutions. The transaction is valued at USD 375 million.
Storage Solutions, headquartered in Westfield, Indiana and employing 170 people, is expected to improve Jungheinrich's market coverage in USA. With 45 years of industry experience in manufacturing and delivering warehouse equipment, Storage Solutions forecasts a turnover of USD 290 million and an ebit of around USD 34 million for 2022.
The acquisition will give Jungheinrich access to key logistics centres in USA. The Hamburg company may also consider the medium-term option to establish a presence in neighbouring countries, Canada and Mexico in particular. Jungheinrich reports that this purchase will have no impact on the partnership with Mitsubishi Logisnext Americas (MLA) and the forklift business in the area. (sh)