Toyota Material Handling, The Raymond Corporation become one integrated organization

Toyota Material Handling and The Raymond Corporation - two providers of material handling technology - will formally integrate into one company under the name Toyota Material Handling North America (TMHNA), effective April 1, 2025.

TMHNA announced its commitment to maintaining unique brand identities for both Raymond and Toyota in the marketplace, striving to preserve and enhance its customer relationships.

TMHNA will be led by Brett Wood

Toyota acquired The Raymond Corporation in 2001. This unification, according to the companies’, will allow TMHNA to use the unique strengths of both organizations to be more efficient for the benefit of both Toyota and Raymond customers.

The organization will integrate both the Toyota and Raymond president responsibilities into TMHNA, which will be led by president & CEO Brett Wood. Wood also serves as a senior executive officer for TMHNA’s parent company Toyota Industries Corporation (TICO).

Current Toyota Material Handling president & CEO Bill Finerty will formally retire at the end of March. Michael Field, the current president & CEO of The Raymond Corporation, will become TMHNA’s Chief Operations Officer (COO).

“This is a historic day for our company, customers, dealers, and associates,” said Wood. “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.”

Brett Wood, president and CEO, Toyota Material Handling North America. Source: Toyota Material Handling North America

The companies said that this integration will not result in layoffs. TMHNA plans to invest more in its people to accelerate growth. The announcement said that one in three forklifts sold in North America is either a Toyota or Raymond product.

“Our goal isn’t to reduce our workforce, but rather to bring together the strengths, resources, and talent from throughout our organizations,” Wood added. “Together, we will create a more dynamic, more resilient organization. We will continue to invest in the growth and development of all our associates.”

TMHNA builds its products at four main manufacturing plants - in Columbus, Ind.; Greene, N.Y.; Muscatine, Iowa; and East Chicago, Ind. (Toyota Heavy Duty Division). In 2024, Toyota Materials Handling 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, a $50 million investment to building, infrastructure and equipment elevated operations in Greene, New York, and Muscatine, Iowa manufacturing facilities.

“Our customers will always be at the center of our strategy, and ultimately, this integration is about doing what is best for our customers,” Wood said. “As a unified organization, we will deliver the industry’s best products, services, and support - ensuring we meet and exceed our customers’ evolving needs and expectations.”