Consolidation is continuing in the mobile robot market. Toyota Material Handling Inc. and The Raymond Corp. yesterday announced that they plan to merge. The providers of material handling systems will integrate into one company under the name Toyota Material Handling North America, or TMHNA, effective April 1, 2025.
The companies said the integration will not result in layoffs. They asserted that TMHNA plans to invest more in its people to accelerate growth. Currently, one in three forklifts sold in North America is either a Toyota or a Raymond product, Toyota said.
“Our goal isn’t to reduce our workforce, but rather to bring together the strengths, resources, and talent from throughout our organizations,” said Brett Wood, the president and CEO of Toyota Material Handling North America. “Together, we will create a more dynamic, more resilient organization. We will continue to invest in the growth and development of all our associates.”
Toyota Material Handling‘s product offerings include forklifts, reach trucks, order pickers, pallet jacks, container handlers, automated guided vehicles (AGVs), and tow tractors. The Columbus, Ind.-based company acquired Raymond in 2001.
It said this unification will allow TMHNA to use the strengths of both organizations to be more efficient for the benefit of both Toyota and Raymond customers.
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Raymond and Toyota unify leadership team
The new organization will also merge Toyota and Raymond leadership responsibilities in Toyota Material Handling North America under Wood. He also serves as a senior executive officer for TMHNA’s parent company, Toyota Industries Corp. (TICO).
“This is a historic day for our company, customers, dealers, and associates,” Wood stated. “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,” he added.
Bill Finerty, the 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 Corp., will become TMHNA’s chief operations officer.
TMHNA plans to retain, grow brands
Toyota Material Handling North America said it will maintain unique brand identities for both Raymond and Toyota in the materials handling marketplace as it strives to preserve and enhance its customer relationships.
“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.”
Toyota manufactures its products at four main plants – in Columbus, Ind.; Greene, N.Y.; Muscatine, Iowa; and East Chicago, Ind. (Toyota Heavy Duty Division).
Late last year, it broke ground on a new 295,000-sq.-ft. (27,406 sq. m) 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.
The company has also invested $50 million in optimizing manufacturing at its facilities in Greene, N.Y., and Muscatine, Iowa. Raymond and Toyota officially opened their Energy Solutions Manufacturing Center of Excellence in September 2024.
With an annual revenue of over $6 billion, TMHNA has more than 16,000 associates and nearly 300 dealers. It said it has solutions and support centers to support Toyota and Raymond customers throughout North America.
