Toyota Industries acquired Fairview-based forklift attachment manufacturer Cascade Corporation for $759 million.
Cascade was founded in 1943 when five Esco investors put up $1,500 each to start a machine shop. They hired Robert Warren Sr., the son-in law of Ernest Swigert, to run the company. Swigert's grandson, Robert Warren Jr., 64, is president and chief executive of the company today, and will continue in his position after the transaction closes, the companies said.
Warren said Monday that Cascade, which employs 1,900 worldwide, including 220 in Portland, would become a wholly-owned subsidiary of Toyota, but that customers would notice little difference in day-to-day operations.
"We plan to remain Cascade Corp., based here in Portland, with our current products, policies and customers," he said. "They have asked us to stay around for a number of years. Hopefully we'll be able to lead this company through the transition and into some of the growth prospects that we see as a result of this transaction."
Read more at OregonLive.com.