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    • Toyota Material Handling North America
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    1. Powered Vehicles and Forklifts

    Toyota Material Handling and Raymond to Combine into One Company

    Jan. 8, 2025
    The leading North American producers of forklifts will be integrated into a single company.

    The Raymond Corporation, a provider of material handling products and intelligent intralogistics solutions and part of the Toyota family since its acquisition in 2001, will formally be integrated into Toyota Material Handling North America (TMHNA) as of April 1, 2025. Toyota is the top producer of forklifts in the world.

    Brett Wood, currently president and CEO of TMHNA, will continue in that role once the merger is completed. Wood also serves as a senior executive officer for TMHNA’s parent company, Toyota Industries Corp. (TICO). Michael Field, currently president and CEO of The Raymond Corporation, will become TMHNA’s chief operations officer (COO). Another division, Toyota Material Handling, will also be merged under the TMHNA umbrella. Bill Finerty, currently Toyota Material Handling’s president and CEO, will retire at the end of March.

    A spokesperson for Toyota noted that TMHNA is committed to maintaining unique brand identities for both Raymond and Toyota in the marketplace, so the Raymond brand will continue.

    Explaining the move, Wood said in a statement, “Our customers’ needs are evolving rapidly, and we must prepare and adapt to an ever-changing market.” In particular, he pointed to the opportunity to leverage people, processes and into one unified organization. He also noted that there will not be any layoffs, adding that TMHNA plans to invest even more in its workforce to accelerate growth.

    “Our goal isn’t to reduce our workforce, but rather to bring together the strengths, resources and talent from throughout our organizations,” said Wood. In 2024, Toyota Material Handling and Raymond Toyota announced the formation of an Energy Solutions Manufacturing Center of Excellence in Greene, N.Y., that is expected to open this year and add 45 jobs. Also, Toyota recently broke ground on a new 295,000 square foot facility in Columbus, Ind., which will produce electric vehicles and is scheduled to open in 2026.

    About the Author

    Dave Blanchard | Senior Director of Content

    During his career Dave Blanchard has led the editorial management of many of Endeavor Business Media's best-known brands, including IndustryWeek, EHS Today, Material Handling & Logistics, Logistics Today, Supply Chain Technology News, and Business Finance. He also serves as senior content director of the annual Safety Leadership Conference. With over 30 years of B2B media experience, Dave literally wrote the book on supply chain management, Supply Chain Management Best Practices (John Wiley & Sons, 2021), which has been translated into several languages and is currently in its third edition. He is a frequent speaker and moderator at major trade shows and conferences, and has won numerous awards for writing and editing. He is a voting member of the jury of the Logistics Hall of Fame, and is a graduate of Northern Illinois University.