The acquisition of Hinowa is expected to broaden the existing product portfolio of Oshkosh.
In addition, the transaction will support the planned accelerated growth strategy of the US-based, mission-critical vehicles and essential equipment maker.
Oshkosh president and CEO John Pfeifer said: “This acquisition will accelerate our electrification capabilities and provide growth opportunities across core and adjacent markets.”
The potential deal now depends on customary closing conditions and is scheduled to close in the next 90 days.
Upon completion of this transaction, the Joint Light Tactical Vehicle manufacturer will operate Hinowa within its Oshkosh Access Equipment business.
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Oshkosh executive vice-president and JLG Industries president Frank Nerenhausen said: “Combining our capabilities will enable us to better serve customers and expand our operational footprint in Europe.”
JLG is an Oshkosh company, which provides access equipment. Since 2010, JLG compact crawler boom lifts, including electric, hybrid, and diesel-powered variants, have been produced by Hinowa.
Founded in 1987, Hinowa primarily manufactures mini dumpers, lift trucks, undercarriages, and other aerial work platforms.
The company specialises in the production of advanced track designs, and also provides expertise in lithium-ion battery technology and electrification.
Hinowa currently has a 250,000ft² manufacturing facility and a 50,000ft² equipment facility in Nogara, Italy, with a workforce of approximately 230 people.
Hinowa founder and owner Dante Fracca said: “Our successful 12-year relationship with JLG, along with shared core values around culture, safety, productivity, and sustainability, position us well for the future.”
In 2020, Oshkosh finalised a $115m deal to acquire Pratt Miller, an autonomous product development and engineering company in the US.