Toyota Material Handling today said it will merge with The Raymond Corporation, unifying two major North American providers of material handling products and solutions some 24 years after Toyota acquired Raymond in 2001.
By creating one integrated organization known as Toyota Material Handling North America (TMHNA), both companies will combine their efforts to best support their customers, the companies said. TMHNA will be led by President & CEO Brett Wood, a veteran of the material handling industry who also serves as a senior executive officer for TMHNA’s parent company, Toyota Industries Corporation (TICO).
The move becomes effective April 1, ushering in several changes; current Toyota Material Handling President & CEO Bill Finerty will formally retire at the end of March. And Michael Field, the current president & CEO of The Raymond Corporation, will become TMHNA’s chief operations officer (COO).
But other aspects will not change. According to Toyota, TMHNA has committed to maintaining unique brand identities for both Raymond and Toyota in the marketplace. And the integration will not result in layoffs, the company said.
“Our goal isn’t to reduce our workforce, but rather to bring together the strengths, resources, and talent from throughout our organizations,” Wood said in a release. “Together, we will create a more dynamic, more resilient organization. We will continue to invest in the growth and development of all our associates.”
The integration will touch many companies in the industry, since one in three forklifts sold in North America is either a Toyota or Raymond product. TMHNA builds its products at four main manufacturing plants – in Columbus, Indiana; Greene, New York; Muscatine, Iowa; and East Chicago, Indiana (Toyota Heavy Duty Division). Late last year, the company broke ground on a new 295,000 square-foot factory across the street from its existing North American headquarters in Columbus. That new factory is scheduled to open in 2026 and will focus specifically on producing electric products to drive down lead times. In addition, the company is working to optimize manufacturing processes through a $50 million investment to building, infrastructure and equipment elevated operations in its Greene, New York, and Muscatine, Iowa manufacturing facilities.
“This is a historic day for our company, customers, dealers, and associates,” Wood said. “Our customers’ needs are evolving rapidly, and we must prepare and adapt to an ever-changing market. We have an amazing opportunity to leverage the best people, processes, and products into one unified organization. We want to become the undisputed industry leader in solving our customers’ problems through innovation for decades to come.”
