Nissan, Hitachi Construction Merge Forklift Operations

Nissan Motor Co., Japan’s second-biggest carmaker, and Hitachi Construction Machinery Co., the world’s largest maker of giant excavators, agreed to merge their forklift operations through a new venture.

Nissan will own 20 percent, and Hitachi Construction will hold 26.7 percent of the venture, and the remaining shares will be owned by the government-backed Innovation Network Corp. of Japan, which will provide 30 billion yen ($367 million) to the new company, according to a statement from Nissan today.