The two companies already have a strategic alliance and this will now being developed further.
Yanmar has supplied Manitou with engines for 25 years and last year signed a cross-distribution deal for North America. Manitou Americas distributes Yanmar’s compact excavators under the Gehl and Mustang brand names in North America while Yanmar America distributes skid steers and track loaders under its own brand name.
This arrangement will now be extended to Latin America.
The companies said that they would seek other development opportunities while working to reinforce their independent dealer networks.
Yanmar bought the shares from from the French bank Société Générale.
Yanmar president Takehito Yamaoka said: “Manitou is well-respected as the market leader in the telescopic handler, so it is exciting for Yanmar to have closer relationship with them through this capital investment. It is becoming more necessary for each player to have wide range of product line-up in today’s construction market, but we believe the product synergy through this strategic alliance will let two companies become more attractive and help us to find more chances to see new customers.”
Manitou president and CEO Dominique Bamas said: “To include Yanmar among the shareholders that accompany and support our development is proof of the solidity of our industrial and familial model and its growth potential."