GREENFIELD — Industrial manufacturer Toyota Industries Corp. has announced it will purchase Indianapolis-based Bastian Solutions LLC for $260 million in an acquisition that includes the Bastian’s Hancock County facility.
Japan-based Toyota Industries — which is separate from Toyoto Motor Corp., the well-known maker of passenger cars — announced the purchase last week.
Bastian, which was founded in 1952, has facilities around the world, including a seven-acre production campus located at 2155 Fields Blvd. in Greenfield. The business focuses on designing and creating custom-made equipment, including supply chain software, industrial controls and robotics that help companies across the globe operate with ease, according to a press release.
Brett Wood, CEO of Toyota Material Handling, said Bastian will keep its name and top leadership: Bill Bastian II will remain the CEO of Bastian Solutions, and Aaron Jones will continue as president, Wood said.
Wood also said “it’s very unlikely there will be any changes in staffing levels” elsewhere within Bastian.
Bastian has 589 employees, including 85 in Greenfield and 120 in Indianapolis. The company has 17 domestic offices as well as nine international offices. It posted about $225 million in sales for 2016, the Indianapolis Business Journal reported.
Now, Bastian will become part of Toyota Industries’ new division called Toyota Advanced Logistics Solutions. And although the purchase shows a shift in Toyota Industries’ business plans, local employees won’t likely see a change in their day-to-day work, officials said.
Toyota Industries, established in 1926, operates more than 200 companies, including Columbus, Indiana-based Toyota Material Handling North America, a forklift manufacturer. Toyota Material Handling has more than 8,000 employees and more than $3 billion in annual revenue, the IBJ reported.
But Toyota Industries is looking to expand is business model to include logistics and industrial efficiency – an area where Bastian has developed a specialty.
Acquiring Bastian was the quickest way to jump into the logistics sector, Wood told the IBJ.
“We could grow organically, but that would take longer than desired,” Wood said. “This acquisition of a leading company like Bastian Solutions just puts us into that market as quickly as possible, with a market leader.”