IN BRIEF: Jungheinrich founds Uplift Ventures to invest in startups

Jungheinrich AG - Hamburg, Germany-based material handling equipment manufacturer - Founds Uplift Ventures to "build innovative growing companies and to invest in attractive start-ups". Jungheinrich says Uplift will expand group activity beyond its core business to areas that show "particularly high growth potential". Uplift will focus on AI-based optimisation of supply chains and material flows, robotics, autonomous logistics systems, sustainable energy solutions, digital platforms, and solutions related to the circular economy and sustainability. "We are now taking off and driving the first venture projects with Uplift Ventures in a focused manner. Disruptive thinking and a high speed of implementation are crucial for success here," says co-managing director Christina Mayer. "Our goal is to identify new potential at a very early stage, to scale attractive business models outside of today's core business and thus contribute to Jungheinrich's long-term success," adds counterpart Kerk Wichmann.

Jungheinrich Chair Lars Brzoska comments: "With Uplift Ventures, we are strengthening Jungheinrich's innovative power and opening up new and forward-looking business areas. By founding our corporate venturing unit, we are intensifying the execution of our long-term innovation strategy. We deliberately established Uplift Ventures as an independent company outside the Group. That way, we give the unit maximum entrepreneurial freedom and agility to consistently rethink innovative business models, with the industrial experience and financial strength of Jungheinrich behind it."

Current share price: EUR30.00, closed down 4.2% in Frankfurt on Thursday

12-month change: down 16%

By Aidan Lane, Alliance News reporter

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