Toyota-Raymond Integration Creates Material Handling Giant — Promises Growth, Not Downsizing
Today, Toyota Material Handling and The Raymond Corporation announced that they will formally integrate into one company under the name Toyota Material Handling North America (THMNA), effective April 1, 2025.
Leading the company will be Toyota Material Handling North America 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).
Toyota has owned The Raymond Corporation since 2001 and sees the unification of the two companies as a way to leverage each organization's strengths to enhance efficiency for Toyota and Raymond customers.
Even though both brands will now be known as TMHNA, the company has stated that it wants to maintain unique brand identities to preserve its customer relationships.
THMN has stated that the integration will not result in layoffs, instead promising to invest more in its people 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. "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: Columbus, Indiana; Greene, New York; Muscatine, Iowa; and East Chicago, Indiana (Toyota Heavy Duty Division). Late last year, the company broke ground on a 295,000-square-foot factory across the street from its existing headquarters in Columbus. The new factory will focus specifically on producing electric products to drive down lead times and is scheduled to open in 2026.
To optimize manufacturing processes, a $50 million investment in building, infrastructure, and equipment has elevated operations in Greene, New York, and Muscatine, Iowa manufacturing facilities.
"This is a historic day for our company, customers, dealers, and associates. 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," said Wood.