The Japanese auto parts maker Toyota Industries said on Monday that it planned to buy the Cascade Corporation for $759 million in cash as part of an effort to expand globally.
Under the terms of the deal, Toyota Industries will pay $65 a share through a tender offer - 23 percent higher than Cascade's 60-day volume-weighted average share price.
Shares of Cascade rose nearly 18 percent, to $64.93, in morning trading on Monday.
Toyota Industries - not to be confused with Toyota Motor, the carmaker that was spun off nearly 80 years ago - is the latest Japanese company to pursue growth by looking beyond its home shores. Last week, the Internet services company SoftBank announced that it planned to buy a 70 percent stake in Sprint Nextel for $20 billion.
In Cascade, Toyota Industries will gain a prominent maker of parts for lift trucks and construction vehicles. The American company, based in Fairview, Ore., earned $63 million in the year ended Jan. 31, on revenue of $535.8 million.
“We've long known Cascade as a reliable and world-class supplier to our materials handling business,†Tetsuro Toyoda, the president of Toyota Industries, said in a statement, “and we look forward to better meeting our customers' logistical needs by broadening our lift truck business.â€
Cascade will become a subsidiary of Toyota Industries and will continue to be run by its chief executive, Robert C. Warren Jr. Mr. Warren and his family's investment vehicle have pledged to tender their 14 percent stake in the company as part of the deal, which is expected to close by the end of the year.
Toyota Industries was advised by Nomura and the law firm White & Case, while Cascade was advised by Bank of America Merrill Lynch and the law firm Miller Nash.
