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KION Group and Voltas Limited join forces in India

Nachrichtenquelle: GlobeNewswire
19.03.2011, 07:06  |  1549   |   |   


KION GROUP GmbH /
KION Group and Voltas Limited join forces in India
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The issuer is solely responsible for the content of this announcement.

* Joint venture for material handling equipment established
* Poised to expand position in an attractive growth market
* KION Group´s sixth brand
* Partnership will give Voltas technology leadership


Wiesbaden, Germany/Mumbai, India, March 19, 2011 - KION Group GmbH and Voltas
Limited have agreed to establish a joint venture in India for the development,
manufacture, marketing, and servicing of forklift trucks and warehousing
equipment.

Voltas´s material handling operations will be integrated into a new joint
venture company (JV), with the KION Group holding a majority share. The JV will
be named Voltas Material Handling (VMH) and is expected to start operations in
April 2011.

As the KION Group´s sixth brand, Voltas will primarily concentrate on the Indian
market from its local manufacturing base. The product range will include
diesel/LPG and electric trucks with load capacities of 1.5 to 16 tons. VMH will
have twenty-five branches and dealerships all over India.

Gordon Riske, CEO of the KION Group, commented: "We are proud to welcome Voltas
to the KION family of brands. Voltas is one of the most successful forklift
manufacturers in India, and will provide our Group with in-depth knowledge of
the forklift truck market in India. It has strong sales, an effective service
network, and an outstanding local reputation based on its existing product
range. As part of our long-term strategy, we intend to further invest within
this joint venture to take full advantage of the potential of the Indian market.
The joint venture represents a significant step toward expanding our position in
one of the world´s most promising growth markets."

Sanjay Johri, Managing Director of Voltas Ltd., said: "We are very happy to work
with the KION Group. KION has unrivalled know-how and technological leadership
in the forklift truck business, so the partnership will help VMH further
consolidate its leading position in India. The Voltas brand will continue to
expand its product range, particularly in the warehouse equipment sector. The
partnership will ensure long-term sustainability, and we are well positioned in
the Indian forklift truck market."

Until now, the KION Group has been supplying forklift trucks to India through
its Linde Material Handling and STILL brands and is a leading international
supplier of material handling equipment to the Indian market. VMH will serve the
volume market with its existing, highly competitive product range. Demand in the
Indian market is expected to grow rapidly in the course of the country´s dynamic
industrialisation. VMH is well positioned to take full advantage of the
potential of the Indian market as one of the world´s most promising growth
markets.


The Companies

The KION Group, with its Linde, STILL, Fenwick, OM, and Baoli brands, is the
European market leader in industrial trucks and the global number two in the
industry. KION also holds leading positions in the growth markets of China,
Eastern Europe, and South America. In 2010, it employed some 20,000 people and
generated revenue of more than EUR3.5 billion.

Voltas Ltd. is a premier engineering solutions provider and project specialist.
Founded in India in 1954, Voltas offers engineering solutions for a wide
spectrum of industries in areas such as material handling equipment, heating,
ventilation, and air conditioning, refrigeration, electro-mechanical projects,
textile machinery, mining and construction equipment, water management &
treatment, cold chain solutions, building management systems, and indoor air
quality.


For further information, please contact:


Michael Hauger
Head of Communications and Investor Relations, KION Group
Phone: +49 (0) 611.770-655
E-mail:michael.hauger@kiongroup.com

Frank Kopfinger
Head of Investor Relations, KION Group
Phone: +49 (0) 611.770-220
E-mail:frank.kopfinger@kiongroup.com

BN Garudachar
GM Corporate Communications, Voltas Ltd.
Phone: +91 22 66656281/2
E-mail:bngarudachar@voltas.com

--- End of Message ---

KION GROUP GmbH
Abraham-Lincoln-Strasse 21 Wiesbaden Germany

KION Group and Voltas Limited join forces in India:
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originality of the information contained therein.

Source: KION GROUP GmbH via Thomson Reuters ONE

[HUG#1498161]


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