News Release

Adairsville, Georgia, USA, June 27, 2019 –Yanmar Holdings has announced Yanmar’s entry into a definitive agreement to acquire compact equipment manufacturer ASV Holdings Inc. (“ASV”), a designer and manufacturer of renowned compact tracked loaders (“CTLs”) and skid-steer loaders (“SSLs”). Yanmar is to acquire ASV through the mechanism of a statutory merger.

Mr. Giuliano Parodi, Executive Officer of Yanmar Holdings, stated: “We believe that the Yanmar Group’s acquisition of ASV will significantly bolster Yanmar’s compact equipment offerings in the loader segment, a product range vital for success in the all-important North American market.” Mr. Parodi added, “With its highly-skilled workforce and quality CTL/SSL lineup, ASV is a great fit for both Yanmar’s focus on quality, and our growth and expansion plans in the North American and global markets as it will create a comprehensive and global provider of compact equipment with virtually no overlap in distribution networks.”

“I have no doubt that our design, manufacturing and distribution expertise will find a welcome home in the Yanmar Group as we share a common vision to provide the highest-quality products,” said Mr. Andrew Rooke, Chairman and C.E.O. of ASV. “ASV’s merger with Yanmar will ensure a vibrant future providing quality machinery for our customers and will provide a great opportunity for ASV employees to join a growing global company.” ASV has an independent dealer network throughout North America, Australia, and New Zealand. The company also sells OEM equipment and aftermarket parts. ASV owns and operates a 238,000 square-foot production facility in Grand Rapids, MN.

The acquisition, once finalized, will complete the Yanmar’s range of compact equipment products and contribute to Yanmar’s prospects for growth in North America and globally.

The transaction is expected to close in the third quarter of 2019, and Yanmar will acquire 100% of ASV’s outstanding shares of common stock for total consideration of $70.70 Million, or $7.05 per share.

About Yanmar

With beginnings in Osaka, Japan, in 1912, Yanmar was the first to succeed in making a compact diesel engine of a practical size in 1933. Then, with industrial diesel engines as the cornerstone of its enterprise, Yanmar has continued to expand its product range, services, and expertise to deliver total solutions as an industrial equipment manufacturer. As a provider of small and large engines, agricultural machinery and facilities, construction equipment, energy systems, marine equipment, machine tools, and components, Yanmar’s global business operations span seven domains.

On land, at sea, and in the city, Yanmar’s mission of “providing sustainable solutions focused on the challenges customers face, in food production and harnessing power, thereby enriching people's lives for all our tomorrows” is a testament to Yanmar's determination to provide us with “A Sustainable Future.”

For more details, please visit the official website of Yanmar Co., Ltd.: https://www.yanmar.com/global/about/

About Yanmar Compact Equipment

Since 1968, as a pioneer of smaller construction equipment, Yanmar Compact Equipment has been setting the industry standard for construction equipment for more than 50 years. The company designs, manufactures, sells and services compact equipment such as Mini and Midi excavators, Wheel Loaders and Wheel Excavators as well as carriers that provide to its worldwide spread customers the best possible performance so work can be performed safely and comfortably. Its compact equipment, which combines high-performance engines with proprietary hydraulic systems, achieves high levels of efficiency, economy and operability. Yanmar Compact Equipment benefits from three production sites (in Japan -Fukuoka-, in France -St-Dizier- and in Germany – Crailsheim-). Always seeking to bring “The Best Performance By Your Side” to support the development of cities through the world.

For more details, please visit the official website of Yanmar Compact Equipment: https://www.yanmar.com/global/about/company/construction/about.html

＜NOTE＞No Offer or Solicitation
This press release does not constitute an offer to buy or the solicitation of an offer to sell any securities or a solicitation of any vote or approval with respect to the proposed transaction or otherwise.