Toyota Material Handling and The Raymond Corporation will formally integrate into one company under the name Toyota Material Handling North America (TMHNA), effective April 1.
The organization will integrate both the Toyota and Raymond president responsibilities into TMHNA, which will be led by Brett Wood, president and CEO. Wood also serves as a senior executive officer for TMHNA’s parent company Toyota Industries Corporation (TICO).
“This is a historic day for our company, customers, dealers, and associates,” Wood says. “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.”
Bill Finerty, current Toyota Material Handling president and CEO, will formally retire at the end of March. Michael Field, the current president and CEO of The Raymond Corporation, will become TMHNA’s COO.
Key takeaways:
- Toyota acquired The Raymond Corporation in 2001. This unification will allow TMHNA to leverage the unique strengths of both organizations to be more efficient for the benefit of both Toyota and Raymond customers.
- This integration will not result in layoffs. In fact, TMHNA plans to invest even more in its people to accelerate growth.
- TMHNA maintains four main manufacturing plants – in Columbus, Ind.; Greene, N.Y.; Muscatine, Iowa; and East Chicago, Ind. (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. The new factory, which will focus specifically on producing electric products to drive down lead times, is scheduled to open in 2026.
- To optimize manufacturing processes, TMHNA made a $50 million investment to building, infrastructure and equipment elevated operations in Greene, N.Y., and Muscatine, Iowa, manufacturing facilities.
