Toyota Industries Corporation (TICO) has signed an agreement to acquire Vanderlande, an automated materials handler, from private equity firm NPM Capital.

Vanderlande was founded in 1949, and is based in Veghal in the Netherlands. The company provides equipment at airports and the parcel markets, and supplies warehouses.

This marks the second such acquisition for TICO in this business area, having acquired Bastian Solutions, aiding its North American expansion.

TICO’s managing officer Norio Wakabayashi has been appointed the designated chairman of Vanderlande’s supervisory board.

He said: “Vanderlande complements our current offering by providing a full range of integrated automated material handling solutions. This acquisition creates an even stronger global coverage across almost all of the markets that have a requirement for automation.”

Vanderlande’s chief executive officer Remo Brunschwiler said: “Vanderlande is pleased to be acquired by such a hugely successful, strategic partner. The financial strength behind TICO and its global presence will help our company to continue with its strategy of sustainable profitable growth.”

The acquisition has been approved by Vanderlande’s management board and works council, and the Dutch company will retain its name and corporate identity. TICO said that Vanderlande’s operations would continue as a standalone entity.

The deal is expected to be closed during the second quarter of 2017, subject to regulatory approval.