Yanmar and Manitou deepen alliance
By Chris Sleight22 October 2013
Yanmar has acquired a 6.26% stake in Manitou and the two manufacturers will cross-distribute products in Latin America. The deal follows a similar strategic alliance for North America, signed by the two companies in January 2012.
The Latin American agreement will mirror the North American one, which is to say Manitou will sell Yanmar-manufactured compact excavators under the Gehl and Mustang brands (which are owned by Manitou). At the same time, Yanmar will sell Yanmar-branded skid steer and compact tracked designed and manufactured by Gehl and Mustang.
Yanmar president Takehito Yamaoka said, “Manitou is well-respected as the market leader in the telescopic handler, so it is exciting for Yanmar to have closer relationship with them through this capital investment. It is becoming more necessary for each player to have wide range of product line-up in today’s construction market, but we believe the product synergy through this strategic alliance will let the two companies become more attractive and help us to find more chances to see new customers.”
Manitou president & CEO Dominique Bamas said, "In addition to having very similar corporate cultures, the synergies which exist between the two companies are numerous and strong. Among those available to us this partnership intensifies our collaboration with respect to engines. Product expansion opportunities are currently underway to develop distribution networks for the Gehl and Mustang branded excavators in Mexico, Central America and Latin America. The expansion of our excavator distribution will extend our brand exposure as well as provide greater opportunities for increased business.”
Yanmar acquired its shares in Manitou from long-term institutional investor Société Générale. Mr Bamas said, “To include Yanmar among the shareholders that accompany and support our development is proof of the solidity of our industrial and familial model and its growth potential.”
Manitou chairman Marcel Braud added, "I would like to thank Société Générale for having always stood by us and for permitting the arrival of our partner, Yanmar, as an equity investor in Manitou."