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Source: Company Data

The Business 

The KION Group is a global leader of materials handling equipment such as industrial trucks, warehouse technology, related services and supply chain solutions. KION Group was founded in 2006 by the demerger of The Linde Group material handling business. The company’s brands are well known for premium industrial trucks (e.g. The Linde and STILL) or industrial trucks in the economy segment (e.g. Baoli). Other brands are regional suppliers such as Ferwick (France) and OM Voltas (India). 

KION is providing logistic solutions across more than 100 countries worldwide spread over six continents.

After the acquisition of Dematic in 2016, the company changed its internal management structure and is henceforth structured into three main divisions:

  • Industrial Trucks & Services – includes forklift trucks, warehouse technology and related services.

  • Supply Chain Solutions – encompasses integrated technology and software solutions to optimize supply chains.

  • Other – includes service and holding companies such as IT and logistics across the other segments.

The Industrial Trucks & services segment continues to be the main sales channel and growth driver of this company, with the division Supply Chain Solution fast approaching.

Overview by business

Industrial Trucks & Services

The Industrial Trucks & Services division of KION encompasses all activities of the international brand companies such as Linde, STILL and Baoli, as well as the local brand companies Fenwick and OM Voltas. Additionally, it includes the financial services business.

Linde is the company’s premium brand that manufactures forklifts and warehouse trucks internationally. It provides fleet management solutions, driver assistance systems and service options. Linde aspires to meet and exceed the customers requirements regarding technology, efficiency, functionality and design. Linde products are sold under the brand name Fenwick in France.

STILL is a leading innovator in the field of forklift trucks, warehouse trucks and intralogistics systems that are focused on the European and Latin American markets.

Baoli is the company’s international brand for the lower end of the volume segment and the economy segment. 


OM Voltas is prominent in the Indian Market and manufactures as well as sells electric and IC forklift trucks and warehouse trucks through KION’s subsidiary.

KION Financial Services provides finance solutions and support sales for the entire segment. Its activities comprise the financing of long-term lease business for external customers, the internal financing of the short-term rental business and the related risk management.

This segment covers the key steps of the value chain: product development, manufacturing, sales and service, truck rental and used trucks, fleet management and financial services. 

Most industrial trucks are built according to the customers individual specifications; therefore, the company ensures the supply of important components by manufacturing them in-house. 

Source: Company Data

KION’s Industrial Trucks & Services division showed growth in the past. Since 2015, sales grew on average by 4.89% yoy (CAGR 2015-2019) with constant increases throughout the years. 

Source: SRH Alster Research AG, Company Data

The growth driver and source of the main revenue of this segment (nearly half of the revenue) derives from the sale of industrial trucks, where there is continuous focus on energy-efficiency, low-emission drive technologies and automation solutions.

In terms of margins, the Industrial Trucks & Services division has been able to post the highest adjusted EBITDA margins of all segments. In fact, average adjusted EBIT margins have been in the range of some 60% of the company’s overall adjusted EBIT, showing a strong demand in the products.

Supply Chain Solutions

This segment supplies state-of-the-art integrated automation technology, software and services for the optimization of supply chains. This includes but is not limited to automatic guided vehicles, palletizers, storage and picking equipment including automated storage and retrieval systems as well as sorters and conveyors.

The aim of the solutions is to achieve very fast throughput times and picking rates as well as increasing the efficiency of the systems as a whole by eliminating unnecessary handling or storage of goods. 

The company’s software to real-time management the supply chain solutions can be integrated into the customers existing application landscape to support performance management functions and to measure and control performance. 

This segment covers every phase of the new installation: from analyzing the customer needs to technical planning and design of the system to implementation and appropriate training of the workforce.


The division Supply Chain Solutions was established after the strategic profile of the KION Group has undergone a fundamental change as a consequence of the acquisition of Dematic in the end of 2016. Since 2017, the average growth rate of this division is strong with an average of 5.88% (CAGR 2017-2019).

Source: SRH Alster Research AG, Company Data


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