News Summary: Toyota Industries buying Cascade
NEW YORK (AP) — THE TRANSACTION: Japanese transportation equipment company Toyota Industries Corp. is buying one of its suppliers, U.S. parts maker Cascade, in a deal valued at $759 million.
THE DETAILS: Toyota Industries is a sister company of automaker Toyota Motor Corp. It will pay $65 per share for Cascade Corp. That's an 18 percent premium to Cascade's Friday closing price of $55.08.
LOOKING AHEAD: Both companies' boards approved the transaction, which is targeted to close by year's end. Cascade will become a Toyota Industries subsidiary. Its headquarters will stay in Fairview, Ore.