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Kawasaki will spin off its wheel loader division into a new wholly owned subsidiary, and Hitachi will buy a 34% stake before the end of 2009, with an option to buy a controlling share after three years. TCM, already majority owned by Hitachi, will join in a technology-sharing alliance.
UniCarriers Corporation completed the transfer of all issued shares of TCM Corporation from Hitachi Construction Machinery and all issued shares of Nissan Forklift from Nissan Motor, creating the world's fourth largest forklift company with sales of around USD 2 billion.