KION Group maintains profitable growth in the second quarter of 2017

  • The KION Group continues its strong growth, both organically and as a result of the Dematic acquisition
  • Rise in the value of order intake to EUR1.971 billion in the second quarter of 2017 (up by 38.1 percent)
  • Significant growth in revenue to EUR2.016 billion (up by 50.0 percent)
  • Adjusted EBIT margin improves to 10.6 percent
  • Net income increases to EUR108.2 million (up by 69.1 percent)
  • Strong free cash flow of EUR100.6 million in the first half of the year
  • Outlook for 2017 confirmed

Having seen strong momentum in the first quarter of 2017, the KION Group continued to grow profitably in the period April to June. In the second quarter of 2017, the total value of order intake rose by 38.1 percent to EUR1.971 billion following last year’s acquisition of Dematic, a specialist in automation and supply chain optimization. At EUR2.196 billion, the order book was at the high level reported at the end of 2016 (EUR2.245 billion). The period April to June 2017 saw substantial year-on-year revenue growth of 50.0 percent to EUR2.016 billion. Adjusted earnings before interest and tax (EBIT) went up by 52.2 percent to EUR214.2 million. The KION Group thus improved on the strong adjusted EBIT margin of 10.5 percent achieved in the second quarter of last year to reach 10.6 percent.

Second-quarter net income rose to EUR108.2 million, an increase of 69.1 percent. Earnings per share for the period amounted to EUR0.95. Driven by its good operating performance, the Group generated a strong free cash flow of EUR100.6 million in the period January to June (Q2 2017: EUR36.1 million).

Looking at the first half of 2017, the total value of order intake grew by 41.4 percent to EUR3.852 billion, while revenue for the first six months of the year improved by 49.3 percent to EUR3.828 billion. In the period January to June, adjusted EBIT increased by 53.4 percent to EUR367.1 million and net income was up by 54.8 percent to EUR150.3 million.

“Our two main segments – Industrial Trucks & Services and Supply Chain Solutions – continue to see strong market momentum, and we are fully participating in this growth,” said Gordon Riske, Chief Executive Officer of the KION Group, at a presentation of results. “The global market for trucks and warehouse technology also developed very well in the second quarter. As before, the rapid expansion of e-commerce and the increasing penetration of Industry 4.0 technologies are driving the warehouse systems and automation solutions businesses.”

The global market for forklift trucks and warehouse technology recorded further growth in the second quarter of 2017. New truck orders were up by 15.5 percent in the second quarter of 2016, reaching around 343,600 trucks. This rise was driven primarily by strong increases in China and the sustained momentum in Europe.

Segment performance in detail

The Industrial Trucks & Services segment (forklift trucks, warehouse technology, and related services) reported order intake, measured in terms of units, of approximately 52,500 trucks in the second quarter of 2017, a year-on-year improvement of 15.3 percent and the highest number of orders ever registered in a single quarter. In the first six months, the segment’s order intake was up by 14.9 percent to 102,400 units. The total value of order intake grew by 9.9 percent to EUR1.514 billion in the second quarter and by 11.1 percent to EUR2.928 billion in the first half of the year. Revenue rose by 8.0 percent year on year to EUR1.417 billion in the second quarter (H1 2017: EUR2.740 billion, up by 9.2 percent), with the new truck business making a particularly strong contribution to this increase. The main revenue growth drivers were again electric forklift trucks and warehouse trucks. At EUR166.7 million, adjusted EBIT surpassed the figure for the prior-year quarter by 6.9 percent (H1 2017: EUR295.8 million, up by 10.4 percent). The adjusted EBIT margin remained stable at 11.8 percent in the second quarter (Q2 2016: 11.9 percent).

The Supply Chain Solutions segment has only included Dematic since November 2016 and the total value of its order intake was EUR452.3 million in the second quarter of 2017, compared with EUR44.7 million in the corresponding period of last year. This segment’s order intake for the first six months was EUR913.6 million, up from EUR79.8 million in the first half of 2016. It posted revenue of EUR596.0 million for the second quarter of 2017 in comparison with EUR27.8 million a year earlier (H1 2017: EUR1.079 billion; H1 2016: EUR47.6 million). In the period April to June 2017, adjusted EBIT stood at EUR61.4 million, compared with an operating loss of EUR1.7 million in the second quarter of last year (H1 2017: EUR95.5 million; H1 2016: operating loss of EUR2.5 million). The adjusted EBIT margin reached a strong 10.3 percent in the second quarter of 2017.

Segment performance in detail

The Industrial Trucks & Services segment (forklift trucks, warehouse technology, and related services) reported order intake, measured in terms of units, of approximately 52,500 trucks in the second quarter of 2017, a year-on-year improvement of 15.3 percent and the highest number of orders ever registered in a single quarter. In the first six months, the segment’s order intake was up by 14.9 percent to 102,400 units. The total value of order intake grew by 9.9 percent to EUR1.514 billion in the second quarter and by 11.1 percent to EUR2.928 billion in the first half of the year. Revenue rose by 8.0 percent year on year to EUR1.417 billion in the second quarter (H1 2017: EUR2.740 billion, up by 9.2 percent), with the new truck business making a particularly strong contribution to this increase. The main revenue growth drivers were again electric forklift trucks and warehouse trucks. At EUR166.7 million, adjusted EBIT surpassed the figure for the prior-year quarter by 6.9 percent (H1 2017: EUR295.8 million, up by 10.4 percent). The adjusted EBIT margin remained stable at 11.8 percent in the second quarter (Q2 2016: 11.9 percent).

The Supply Chain Solutions segment has only included Dematic since November 2016 and the total value of its order intake was EUR452.3 million in the second quarter of 2017, compared with EUR44.7 million in the corresponding period of last year. This segment’s order intake for the first six months was EUR913.6 million, up from EUR79.8 million in the first half of 2016. It posted revenue of EUR596.0 million for the second quarter of 2017 in comparison with EUR27.8 million a year earlier (H1 2017: EUR1.079 billion; H1 2016: EUR47.6 million). In the period April to June 2017, adjusted EBIT stood at EUR61.4 million, compared with an operating loss of EUR1.7 million in the second quarter of last year (H1 2017: EUR95.5 million; H1 2016: operating loss of EUR2.5 million). The adjusted EBIT margin reached a strong 10.3 percent in the second quarter of 2017.

Successful capital increase

In May, KION GROUP AG carried out a successful capital increase, placing all 9,300,000 new shares with institutional investors at a price of EUR64.83 each. The resulting gross proceeds amounted to approximately EUR603 million, which has been used to partly refinance the acquisition of Dematic.

Outlook

Given its good business and earnings performance in the first half of 2017, which was in line with expectations, the KION Group confirms the outlook for 2017 as a whole that was published in the 2016 combined management report.

In 2017, the KION Group aims to build on its successful performance in 2016 and, based on the forecasts for market growth, achieve further increases in order intake, revenue, and adjusted EBIT.

The order intake of the KION Group is expected to be between EUR7.800 billion and EUR8.250 billion. The target figure for consolidated revenue is in the range of EUR7.500 billion to EUR7.950 billion. The target range for adjusted EBIT is EUR740 million to EUR800 million. The adjusted EBIT margin is predicted to increase above the margin of 9.6 percent that was generated in 2016. Free cash flow is expected to be in a range between EUR370 million and EUR430 million. The target figure for ROCE is in the range of 9.5 percent to 10.5 percent.

Order intake in the Industrial Trucks & Services segment is expected to be between EUR5.450 billion and EUR5.600 billion. The target figure for revenue is in the range of EUR5.300 billion to EUR5.450 billion. The target range for adjusted EBIT is EUR605 million to EUR630 million. The adjusted EBIT margin is predicted to increase slightly above the margin of 11.3 percent achieved in 2016.

Order intake in the Supply Chain Solutions segment is expected to be between EUR2.350 billion and EUR2.650 billion. The target figure for revenue is in the range of EUR2.200 billion to EUR2.500 billion. The target range for adjusted EBIT is EUR195 million to EUR230 million. The adjusted EBIT margin is predicted to increase significantly above the margin of 1.6 percent that was generated in 2016.

The outlook is based on the assumption that material prices will hold steady and the current exchange rate environment will remain as it is. Actual business performance may deviate from the forecasts due, among other factors, to the opportunities and risks described in the 2016 group annual report. Performance particularly depends on macroeconomic and industry-specific conditions and may be negatively affected by increasing uncertainty or a worsening of the economic and political situation.

Source: kiongroup.com/mediasite

Mitsubishi Caterpillar Forklift America Inc. Deploys Tavant Warranty System

MCFA deploys Tavant Warranty to handle warranty claims & related aftermarket business processes

Tavant, a leading provider of aftermarket solutions for manufacturing industries, announced today that Mitsubishi Caterpillar Forklift America Inc. (MCFA) has deployed Tavant Warranty solution as the company’s sole application for handling warranty claims and related aftermarket business processes. Tavant’s warranty chain management solution is designed to help MCFA enhance its service quality and operational efficiency in the processing and tracking of warranty claims.

Tavant Warranty is built on a dynamic business rules engine that helps automate and self-check claims during processing. Upon deployment, the system immediately begins to reduce lead times and accelerate throughput rates. The system enables an integrated workflow in which all the stakeholders can collaborate toward a common objective to eliminate errors, reduce warranty spend, improve product quality, and enhance end-customer satisfaction.

“Quality of our products is of the highest priority at MCFA. How well we handle the warranty claim process and how quickly we identify quality concerns, amongst other aftermarket services, has a substantial impact to our business. In today’s technology-driven business environment, efficiency in the back office can be a competitive advantage – and a requirement for ensuring the highest level of customer satisfaction. We chose to reinvent our internal warranty process to realize greater transparency and higher efficiency,” said David Christian, Sr. Manager of Dealer Support for MCFA.

“And because the warranty is an extremely complicated process, with hundreds of system components to track, and many IT interdependencies, we chose to work with Tavant because of their knowledge of the manufacturing sector and their in-depth experience in the development and deployment of complex enterprise systems,” continued Christian.

Commenting on the company’s growing warranty management practice, Sarvesh Mahesh, CEO of Tavant, said, “Our warranty management product grew out of our extensive work with many manufacturers across the globe. The warranty process was one of the greatest pain points across all our clients, so we began to develop a standalone system around this issue based on solving core universal roadblocks in claims processing. The result is that Tavant is now the only company in the world offering a warranty-focused system that is available both on premise and on the cloud. Working with an industry-leader such as Mitsubishi Caterpillar Forklift America for handling the aftermarket business is a rewarding validation of the robustness of our newest manufacturing product—and of its clear value-add to manufacturing operations.”

Plug Power Announces Expanded Collaboration with Walmart

Continued growth expected in Walmart’s use of Plug Power hydrogen fuel cells in its distribution center material handling fleet. Walmart granted right to purchase Plug Power equity, vesting based on future business.

Plug Power Inc., a leader in providing energy solutions that change the way the world moves, has announced a new collaborative agreement with Walmart to facilitate further expansion of its ongoing relationship with Wal-Mart Stores, Inc.  The new agreement includes revised deal terms with Walmart that allow Plug Power to access project financing at a lower cost of capital and no restricted cash, making Plug Power’s future distribution transactions with Walmart cash flow positive up front.  Plug Power expects to provide its GenKey hydrogen fueling station and fuel cell energy solutions to up to 30 additional Walmart sites in North America over the next three years, with ten sites already under contract and scheduled to be finished by the end of 2017. The value of these 2017 commitments is expected to be around $80 million. On average, Plug Power has deployed a new Walmart site every 6 weeks since 2014, resulting in a deployed fleet of 5500 Plug Power fuel cells at 22 of Walmart’s U.S. distribution centers as of the end of 2016.

“Our expanding relationship with Walmart validates Plug Power’s advanced capabilities in fuel cell products and systems, allowing the world’s largest retailer to maintain its leading position as an industry innovator,” said Andy Marsh, CEO of Plug Power. “Walmart’s long-term supply agreement is a great example of our strategy in action, as it enables us to improve both our revenue visibility and cost structure, all while allowing our customers to experience improved productivity and operational cost savings. We see a growing market opportunity for our power and fueling station technologies within the material handling segment, as well as new mobility applications worldwide, positioning us for long-term success and shareholder value creation.”

As part of the agreement, and as an incentive to align Walmart’s future business with Plug Power’s growth and success, Plug Power has granted Walmart warrants to acquire up to 55,286,696 of Plug Power’s common shares.  Warrants for the first 5,819,652 shares vested upon execution of the new program agreements at an exercise price of $2.1231 per share, which is based on the volume weighted average closing price of Plug Power common shares for the thirty trading days ending July 19, 2017.  Additional warrants will vest in installments tied to successive $50 million payment thresholds, up to a total of $600 million in the aggregate, made by Walmart in connection with qualified purchases of goods and services from Plug Power.  The exercise price for warrants vesting after the first 34,917,912 warrant shares will be based on the volume weighted average closing price at the time that such warrants vest. The details of the warrants and vesting are described in more detail in a report on Form 8-K filed by Plug Power with the SEC earlier today.

The new agreement is a key milestone in a longstanding relationship with Walmart, which has been at the forefront of fuel cell technology adoption and commercialization in material handling, becoming Plug Power’s first GenKey customer in 2014. Plug Power supplies the retail giant with fuel cells, hydrogen fueling stations, and ongoing maintenance services. Today, Walmart operates the largest fleet of hydrogen fuel cell powered electric vehicles in the world, totaling more than 6,600 units in distribution centers across North America. Plug Power’s hydrogen fuel cell technology replaces traditional lead-acid batteries, helping customers increase warehouse productivity with a more energy efficient solution while reducing the costs and sustainability issues related to traditional battery maintenance.

“Plug Power’s material handling solutions represent a critical component in our supply chain,” said Jeff Smith, Senior Director of Logistics Maintenance and Purchasing Services. “Plug Power’s hydrogen fuel cell technology, coupled with their innovative fueling stations has proven to be a reliable, cost-effective alternative to traditional energy solutions.”

Source: Plug Power

Lithium-Ion Battery Pack Can Be Adapted to Any Forklift

Romeo Power, the energy storage technology company founded by top engineers and designers from SpaceX, Tesla, Samsung, and Amazon, has introduced THUNDER PACK™- C, the first lithium-ion (Li-ion) battery pack designed to be adapted for any electric forklift make or model. Like its predecessor, the THUNDER PACK – J 2.0, THUNDER PACK – C is safer, non-toxic and far more energy efficient with significantly longer cycle life than lead acid batteries that still dominate the global forklift market, now forecasted to reach $55.9 billion in 2021.

Romeo Power THUNDER PACKs are warranty-backed to last 4,000 cycles – approximately 12 years – deliver quick recharge, require no maintenance, and produce zero emissions and zero odors. In contrast, traditional lead-acid forklift battery packs have much shorter cycle life, long recharge and cool-down periods, need constant maintenance, run out of energy in as few as six hours, and emit hydrogen sulfide gas and sulfuric acid that smells bad, is messy and hurts the environment.

“In our experience forklift buyers want three things: more safety, longer drive time and less downtime,” said Michael Patterson, Romeo Power founder, and CEO. “THUNDER PACK – J 2.0 – and come December, THUNDER PAC – C – were developed to deliver on all three criteria better than any other battery pack on the market today.”

All Romeo Power battery packs are engineered to exceed the most stringent government safety requirements and include an advanced battery management system based on control-oriented, physicochemical models. Combined with the company’s innovations in thermal engineering, manufacturing processes and the materials chosen to connect components, Romeo Power battery packs have smaller space requirements than other battery packs on the market and offer enhanced state-of-charge (SOC) and state-of-health (SOH) monitoring.

“Romeo Power battery packs are just unbeatable,” said Dan Crowley, CEO of Madison, WI-based Power Designers USA, an innovative battery charger company that provides battery packs and charging solutions for forklifts and other materials handling equipment. “THUNDER PACK’s design, materials, and thermals, combined with Power Designers’ advanced charging algorithm are totally winning the day with our customers – especially big, name-brand packaged goods and food companies with massive fleets of forklifts in their warehouses.”

Batteries Are Big Business

The global forklift market, valued at $35.3 billion in 2014, is projected to expand at a compound annual growth rate of 6.9 percent and now forecast to reach $55.9 billion by the end of 2021, according to a February report by Persistence Market Research (PMR).

In 2014, 55 percent of global forklift sales were electric models. In 2015, 60 percent were electric. In North America, electric lift trucks now represent nearly 64 percent of sales.

The increase in electric forklift sales is due to several factors, including efficiency and cost. The need for a machine or equipment that can maneuver heavy goods with ease to various locations is also an important reason that drives this market, according to a January study by Allied Market Research. And other triggers such as an increase in productivity, reduced injuries and accidents along with operator comfort are major considerations that supplement the market growth, the study found. But the main influence is reduced emissions in the work environment, according to MHI.org, the largest materials handling, logistics, and supply chain association in the U.S.

Yet, electric forklifts are still powered predominantly by lead-acid batteries, which emit hydrogen sulfide gas and sulfuric acid that smells bad, is messy, and hurts the environment.

“Our ability to adapt THUNDER PACK – C for any electric forklift make or model is huge, not to mention we’re manufacturing it in America,” said Patterson. “When you combine that with zero maintenance, zero watering, zero battery room, no gassing, no equalize charging, zero hazard, and significant cycle life increase, we think we have everything we need to disrupt this market and change it for the good, forever.”

Just The Specs

Li-ion battery technology is changing the way the industrial motive power market does business — and Romeo Power continues to advance the technology.

New KAUP Discharging Device Provides Non-Hydraulic Solution

forklift attachment discharge

 

The new KAUP Discharging Device T167S has been designed and manufactured by KAUP for emptying boxes on Euro pallets with a pallet frame and emptying grate boxes.

The Discharging Device has been developed for companies that may only require intermittent use of this type of attachment. It is a cost effective solution for infrequent or seasonal material handling tasks when a hydraulically operated attachment may not be viable.

The KAUP T167S attachment slips easily onto a rotating fork clamp with no hydraulic connection to the forklift truck necessary.  The quick mounting mechanism ensures it is immediately ready for operation and can be quickly dismounted from the forklift truck when it is no longer required.

The attachment can be quickly adjusted to handle three different load heights. A simple manual adjustment of the load holding arms allows the attachment to accommodate pallet frame heights of 800mm, 1.200mm and 1.600mm. The Discharging Device has a central track for the precise lifting of Euro pallets, allowing the pallet to be positioned exactly 90° to the attachment. This lightweight attachment ensures the residual capacity of the forklift truck remains unchanged for normal forklift truck operation and provides an opening range of 1.200mm – 1.300mm.

This attachment is available for all industry sectors throughout the UK and Ireland from material handling specialists B&B Attachments. B&B pride itself on providing the most comprehensive range of attachments available from one provider.  This includes solutions for ancillary systems, such as cameras and weighing systems from leading manufacturers, such as KAUP, Liftek and MoTec, while also designing and manufacturing custom, specialist attachments in-house for customers with unique requirements.

Source: www.bandbattachments.com.

Aker Wade Power Technologies Announces Availability of Forklift Fast-Charging Systems for Material Handling Operations in Europe

Aker Wade® Power Technologies is proud to announce that its popular UniMAX® and TwinMAX® forklift fast chargers are now manufactured in Corsalone, Italy. Working in collaboration with Powergen S.R.L., a leading European manufacturer of quality charger electronics, Aker Wade is positioned to provide European material handling fleets with the performance and reliability they expect along with shorter lead times and lower prices.

“Since 2004, Aker Wade has delivered over 17,700 fast charge ports to customers in North and South AmericaAsia and Europe. The models built in Corsalone feature Aker Wade’s proven charge control software and add a new 7.5kW output option to the 10, 15, 20 and 30kW outputs already available. Working with Powergen, a trusted European brand, brings faster shipping, shorter lead times and better service for our customers,” says Bret Aker, Managing Director, Aker Wade.

“Our continuing alliance with Aker Wade helps us serve a growing segment of customers in Europe who prefer the simplicity, safety and cost savings of running each forklift on a single battery,” says Antonio Borri, Managing Director, Powergen.

Aker Wade’s fast chargers allow operators to charge while they are on regularly scheduled breaks. Advanced controls on the charger communicate with the battery to manage current and temperature, automatically reaching an optimum state-of-charge. This allows operators to work through multiple shifts without battery changes while optimizing the health of the battery for long life.

“Operations throughout Europe can confidently eliminate multiple batteries, battery storage rooms and the heavy labor demands that go with changing batteries,” says Michiel Hendriksz, General Manager, Aker Wade Europe. “With our UniMAX® and TwinMAX® fast chargers, they need only one battery for each lift truck, even for multi-shift operations.”

Aker Wade Power Technologies designs and manufactures advanced fast charging systems for industrial forklift fleets. Founded in 2000, Aker Wade is the market-leading provider of fast charging technology in the global material handling industry, servicing markets in the U.S., Europe, and AsiaAker Wade collaborates with battery companies, forklift manufacturers, and infrastructure suppliers to deliver custom fast charge solutions for each application. For additional information, please visit www.akerwade.com.

Powergen is based in Italy and manufactures, distributes, sells and services multiple lines of fast and high-frequency industrial battery chargers and charger parts for the manufacturing and material handling industries in Europe. Powergen is a family-owned company, founded on the work of Mr. Ernesto Borri, industrialist, who first patented equipment for a temperature-controlled electric heater. For more information, please visit www.batterychargerpowergen.eu

PORTABLE DOCK LIFTS REQUIRE NO PIT

Presto ECOA Trans-A-Dock™ Surface Mount Loading Dock Lifts deliver all of the benefits and advantages of a permanent dock lift without the need for pit mounting. They are ideal for use in leased buildings, or places where permanent installation is not possible or practical.

Trans-A-Dock™ Lifts can access a wide range of truck bed heights up to 60” and transfer loads to fixed height docks or grade level.

They are available in 3,000, 4,000, and 5,000 lb. capacities. Platforms are constructed of safety tread steel plate and are available in 72” x 72” or 72” x 96” sizes with a variety of transfer configurations. They also feature safety chains at either end and a removable hand rail. Approach ramps and bridge plates also feature safety tread construction and are equipped with lifting chains. Rectangular structural tube scissor legs minimize deflection and allow safe handling of off-center loads.

A detachable dolly jack with flip down wheels on the base frame allows the empty lift to be moved when not in use.

For more information, visit www.prestolifts.com.

I.D. Systems to Acquire Keytroller, Strengthening Its Position in Industrial Truck Management Market and Overall Growth Outlook

Company Also Reports Preliminary Second Quarter 2017 Revenue of $10.0 Million to $10.5 Million

I.D. Systems, Inc., a leading provider of mobile asset management technology and solutions for the Industrial Internet of Things, has entered into a definitive agreement to acquire substantially all of the assets of Keytroller, LLC, a manufacturer and marketer of a wide range of electronic products for managing forklifts, construction vehicles, and other industrial equipment.

The purchase price is $9.0 million at the close, consisting of $7.0 million in cash and $2.0 million in I.D. Systems common stock, plus up to $3.0 million in earn-out consideration over two years, also in I.D. Systems common stock. The acquisition of Keytroller is expected to close before the end of July 2017, upon satisfaction of customary closing conditions.

In 2016, Keytroller generated revenue of $6.6 million and adjusted EBITDA of $1.2 million. Beginning in the third quarter of 2017, Keytroller’s results will be included as part of I.D. Systems’ industrial truck management product line.

The two companies’ market positions and distribution channels are highly complementary. I.D. Systems sells its flagship PowerFleet® industrial truck management systems primarily to large global enterprises and through lift truck manufacturers (OEMs), while Keytroller markets most of its products through a large network of lift truck dealers to small and medium-size end users. PowerFleet® rarely competes head-to-head with Keytroller devices.

By combining Keytroller’s mid-range and economy products with PowerFleet®, I.D. Systems becomes an unmatched single source of fleet management technology for industrial truck owners and operators, which the company believes will help it compete more effectively and diversify its revenue sources. The acquisition of Keytroller also gives I.D. Systems a new source of industrial truck usage data for its PowerFleet IQ® analytics database, enhancing the value of that tool for multi-site enterprises.

Preliminary Second Quarter Fiscal 2017 Revenue

For the second quarter ended June 30, 2017, I.D. Systems expects to report revenue between $10.0 million and $10.5 million. The midpoint of this estimated revenue range represents approximately 28% sequential revenue growth and 15% year-over-year.

“We are encouraged by the organic growth reflected in our preliminary second quarter revenue—and excited by our planned acquisition of Keytroller,” said I.D. Systems CEO Chris Wolfe. “Keytroller’s business complements our industrial truck management segment incredibly well, from product mix and market position to sales cycle and customer diversification. The acquisition should contribute immediately to I.D. Systems’ revenue and profitability, as well as position the company to achieve a more predictable, profitable revenue stream from a much more diverse customer base. We look forward to integrating Keytroller’s operations smoothly into our corporate family and leveraging the benefits of this acquisition as we continue to focus on future growth.”   

Jury Awards $17 Million to Man Who Lost His Leg in Forklift Accident

 

A Riverside Superior Court jury awarded Steven Meier $17 million after he had his right leg amputated below the knee due to being run over by a forklift in October 2013.

Mr. Meier, who was a security guard employed by Securitas Security Services, was patrolling at a PennySaver USA facility in Mira Loma, CA, when he was struck from behind by a forklift operating in reverse on October 20, 2013. The forklift crushed Mr. Meier’s right leg, dragging him several feet and degloving his lower limb. To dislodge Mr. Meier’s leg from underneath the forklift, a second forklift was brought in to lift the first forklift off of Mr. Meier.

Mr. Meier was rushed to Riverside Community Hospital where he underwent various surgeries to repair his leg and ankle.  Over the next year and a half, Mr. Meier underwent eleven surgeries to repair the damage to his leg, foot, and ankle. Due to the large zone of injury, Mr. Meier was plagued with complications, requiring multiple hospitalizations, and surgeries. Ultimately, however, these measures were for naught and on July 21, 2015, a year and a half after the collision, Mr. Meier’s right leg was amputated just below the knee.

Even after the amputation, Mr. Meier had to undergo three revision surgeries, and infections continued to set back his recovery. In September 2016, Mr. Meier was finally fitted for a temporary prosthetic leg, and is expected to get a permanent prosthetic towards the beginning of 2018.

Lead trial counsel for Mr. Meier, Ricardo Echeverria, said after the verdict “We are very pleased that the jury recognized the tragedy that this case presented. The verdict was a fair and reasonable result given the liability and damage issues in the case.”

The trial lasted ten days before the jury ruled in favor of Mr. Meier.

The case was Steven Meier v. PennySaver USA, LLC, et al. Riverside Superior Court, Case No. RIC1507069.

 

MCFA CELEBRATES 25 YEARS OF MATERIAL HANDLING EQUIPMENT MANUFACTURING

Mitsubishi Caterpillar forklift

Mitsubishi Caterpillar Forklifts America  celebrates their 25th Anniversary

Mitsubishi Caterpillar Forklift America Inc. (MCFA), a leading manufacturer of forklifts under the Cat® lift trucks, Mitsubishi forklift trucks and Jungheinrich® brands, celebrated a major milestone this July, marking 25 years of quality material handling production and distribution. The company has continued to grow each year, expanding its 40-acre, Houston-based manufacturing facility and lift truck product offering to drive quality customer support throughout North, Central, and South America.

“MCFA has undergone a remarkable transformation over the last 25 years,” says Ken Barina, president of MCFA. “From a small operation of 335 employees to the nearly 1,200 we have today, MCFA has continued to make significant strides in not only the Class IV and V internal combustion forklift market, but also in the electric segment with our innovative Class I, II and III warehouse products.”

Founded July 1, 1992, MCFA has undergone an expansion of its Houston-based manufacturing facilities over the last several years to accommodate product growth as well as the industry’s growing demand for electric forklift products. The portfolio of products manufactured at MCFA is distributed and supported by an extensive network of local dealerships.

“Our dealer network remains one of the most experienced and dedicated in the industry,” says Barina, “They offer comprehensive customer support programs in all our markets, ranging from highly-trained technicians to extensive parts availability.”

Over the last quarter of a century, MCFA has made several advances in its drive to be the leading manufacturer of forklifts. These include:

  • The addition of Jungheinrich-branded warehouse products to MCFA’s existing Cat lift trucks and Mitsubishi forklift trucks product lines – providing customers with access to all five classes of lift trucks through MCFA’s dealer network
  • Opening a new electric assembly facility on MCFA’s manufacturing campus, a move that brought a 40% increase in production capability and created new manufacturing jobs in Houston
  • Localizing the production of several key forklift products, such as the Cat lift trucks and Mitsubishi forklift trucks 6-16 ton internal combustion models to Houston to reduce lead time.
  • The launch of Warehouse Navigation technology in North America, offering customers a semi-automated approach to operating lift trucks within narrow aisles
  • A joint venture with Jungheinrich AG to form Industrial Components of Texas, LLC (ICOTEX), a new company that will manufacture industrial components. Construction of a dedicated 71,000-square-foot facility is underway in Conroe, Texas, and is scheduled to open in August 2017.

MCFA will celebrate the production of its 450,000th forklift later this year – marking another huge milestone for the company. Later this month, the company will also begin the second expansion of its electric assembly building, doubling the amount of production space for electric forklift models on MCFA’s Houston campus.

To learn more about MCFA, its dealer network and comprehensive lift truck and warehouse product line, visit www.MCFA.com.

As part of the silver celebration at MCFA, employees gathered to commemorate 25 years with a unique photo opp. A video of this gathering was created.