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MITSUBISHI AND CATERPILLAR LIFT TRUCK JOINT VENTURE TO ESTABLISH THREE COMPANIES

 MITSUBISHI AND CATERPILLAR
 LIFT TRUCK JOINT VENTURE TO ESTABLISH THREE COMPANIES
 MENTOR, Ohio, June 16 /PRNewswire/ -- Mitsubishi Caterpillar Forklift (MCF), the joint venture Mitsubishi Heavy Industries, Ltd. (MHI) and Caterpillar Industrial Inc. (CII) agreed on March 21, 1992, to form, will be set up as three separate companies: one based in the United States; one in Europe; and the third in Singapore. Each will become operational July 1, 1992.
 -- Mitsubishi Caterpillar Forklift America Inc., will be headquartered in Mentor, Ohio, and manufacturing facilities will be in Houston. Tetsu Okuno, the current deputy general manager of General Machinery & Components Headquarters of MHI, has been appointed president.
 -- Mitsubishi Caterpillar Forklift Europe B.V. will be based in Almere, The Netherlands, covering Europe, Africa, and Middle East markets. Toshikazu Akami has been named president, moving from his position of General Manager of Forklift Truck & Handling Dept., General Machinery & Components Headquarters, MHI.
 -- In Singapore, Mitsubishi Caterpillar Forklift Asia Pte Ltd will cover Asia and Oceania and maintain a Japanese branch. President of this operation will be Satoru Nakajima, currently general manager of Machinery and System Dept., General Machinery & Components Headquarters, MHI.
 Competing for the 300,000 lift trucks sold around the globe annually, MCF intends to build on the diverse and complementary successes of the partners. Starting from a solid foundation of regional manufacturing and marketing, each of the three companies will have significant capitalization and draw upon the skills of employees of each organization.
 The U.S. company will have a capital base of $25 million and forecasts having over 500 employees in Ohio, Texas, and field offices. The Mitsubishi manufacturing plant in Houston will be transferred to the new venture in its entirety.
 The European company will have approximately 160 employees the first year and a capital base of 40 million Dutch gilders (U.S. $22.2 million). MHI Equipment Europe B.V. in Almere will transfer production of lift trucks to the new venture company.
 The Singapore operation is scheduled to have about 25 employees with capital of 5 million Singapore dollars (U.S. $3.1 million).
 The Mitsubishi Caterpillar Forklift venture companies will continue serving both Mitsubishi and Caterpillar customers by maintaining both brands and dealer networks. Small capacity forklifts will be sourced by the regional American and European plants while high capacity trucks are expected to come from Mitsubishi's Sagamihara Machinery Works as well as from other contract manufacturers.
 -0- 5/16/92
 /CONTACT: Pam Schwaller of Caterpillar Industrial, 216-357-4478/
 (CAT) CO: Caterpillar Industrial Inc.; Mitsubishi Heavy Industries Ltd ST: Ohio IN: MAC SU: JVN


SM -- NY025 -- 0567 06/16/92 10:16 EDT
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Date:Jun 16, 1992
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