Toyota Industries Corporation Announces Successful Completion of Cash Tender Offer for Shares of Cascade Corporation

  Toyota Industries Corporation Announces Successful Completion of Cash Tender
  Offer for Shares of Cascade Corporation

Business Wire

KARIYA, Japan -- March 28, 2013

Toyota Industries Corporation (Tokyo Stock Exchange: 6201) (“TICO”) today
announced the successful completion of the tender offer by Industrial
Components and Attachments II, Inc., an indirect wholly owned subsidiary of
TICO, for all outstanding common shares of Cascade Corporation (NYSE: CASC)
(“Cascade”) for $65.00 per share (the “Offer”). The Offer expired at 12:00
midnight, New York City time, on Wednesday, March 27, 2013. Based on
preliminary information provided by the depositary, as of the expiration of
the Offer, 10,276,861 shares of common stock of Cascade were validly tendered
and not properly withdrawn (including 491,605 shares tendered pursuant to
notices of guaranteed delivery), representing approximately 91.8% of the
outstanding shares. All of such shares have been accepted for payment in
accordance with the terms of the Offer.

The waiting period applicable to the Offer and the transaction under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR
Act”), expired on March 26, 2013. On March 27, 2013, the Antitrust Division
notified TICO and Cascade that it had decided to close its investigation of
the purchase of the shares and the merger. Accordingly, the condition of the
Offer relating to the expiration or termination of the HSR Act waiting period
was satisfied.

TICO, together with its subsidiaries, intends to make prompt payment for the
shares of common stock of Cascade validly tendered in the Offer. TICO will
then purchase additional shares from Cascade pursuant to the merger agreement
and complete and close the merger and acquisition of Cascade without the
approval of Cascade’s remaining shareholders. All outstanding shares of common
stock of Cascade, other than shares owned by TICO, Purchaser or Cascade (or
any of their respective subsidiaries), will be canceled and converted into the
right to receive cash equal to the $65.00 offer price per share without
interest thereon and less any applicable withholding taxes. In addition, upon
consummation of the merger, the common stock of Cascade will cease to be
traded on the New York Stock Exchange.

Upon consummation of the merger, Cascade will become an indirect wholly owned
subsidiary of TICO. While wholly owned, Cascade will continue to be based in
Fairview, Oregon and will operate as an independent subsidiary of TICO.
Cascade’s strict policies on confidentiality regarding competitive information
will remain unchanged. TICO recognizes and respects the importance of this
policy to customers and to the continued success of the business.

Nomura Securities is serving as exclusive financial advisor to TICO and White
& Case LLP is serving as TICO’s legal advisor in connection with the
transaction. BofA Merrill Lynch is serving as exclusive financial advisor to
Cascade, and Miller Nash LLP is serving as Cascade's legal advisor.

About Toyota Industries Corporation

Toyota Industries Corporation is a leading transportation equipment company
engaged primarily in the manufacture and sale of automobiles, materials
handling equipment and textile machinery, as well as in the logistics business
in Japan and internationally. Toyota Industries Corporation’s common stock is
listed on the Tokyo Stock Exchange where it trades under the symbol “6201”.
For more information about Toyota Industries Corporation, please visit
www.toyota-industries.com.

About Cascade Corporation

Cascade Corporation is one of the world’s leading manufacturers of materials
handling load engagement devices and related replacement parts, primarily for
the lift truck industry and to a lesser extent, the construction industry.
Cascade Corporation’s common stock is listed on the New York Stock Exchange
where it trades under the symbol “CASC”. For more information about Cascade
Corporation, please visit www.cascorp.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the U.S. federal securities laws. These forward-looking statements include,
but are not limited to, statements as to the proposed acquisition of Cascade
Corporation by Toyota Industries Corporation, the expected timetable for
completing the transaction, expected long-term growth for the combined
company, plans for geographic expansion in the global marketplace and any
other statements about Toyota Industries Corporation or Cascade Corporation’s
managements’ future expectations, beliefs, goals, plans or prospects. Any
statements that are not statements of historical fact (including any
statements containing the words “believes,” “plans,” “anticipates,” “expects,”
“estimates,” and similar expressions) should also be considered
forward-looking statements. Readers are cautioned that all forward-looking
statements are based on current expectations and involve risks and
uncertainties and a number of factors could cause our actual results to differ
materially from any results indicated in this release or in any other
forward-looking statements made by us, or on our behalf. Factors that could
cause actual results to differ from these forward-looking statements include,
but are not limited to, the possibility that certain conditions to the merger
and to completion of the transactions will not be met, the possibility that
competing offers may be made, conditions affecting the industries in which
Toyota Industries Corporation or Cascade Corporation operate may change. The
forward-looking statements contained in this release speak only as of the date
on which they are made and, except as required by law, Toyota Industries
Corporation expresses no intention or undertake no obligation to update any
forward-looking statements to reflect events or circumstances after the date
of this press release and as a result, no undue reliance should be placed on
these forward-looking statements.

Contact:

Toyota Industries Corporation:
TICO
Takashi Yoshida, Manager, PR Department
+81 566-27-5157
or
Brunswick Group
Sarah Lubman / Christina Stenson
212-333-3810
or
Cascade Corporation:
Joseph G. Pointer, Chief Financial Officer
503-669-6300
 
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