Nacco Industries' forklift subsidiaries reported losses for 2001 but aim for break-even financial performances this year, according to the group's 12-month financial results, released this month.

Both the wholesale and retail units of Nacco Materials Handling Group (NMHG) had been restructured to achieve improvements in 2002, the report said.

Worldwide, NMHG Wholesale shipped 68,929 units in 2001, down from 84,825 in 2000, recording an operating loss of USD14.1 million. Sales totalled USD1.46 billion. NMHG Americas maintained its market position, but the subsidiary assumed "lift truck markets in the USA will not recover significantly in 2002".

"Market share is expected to increase in Europe, largely as a result of the sale to Zeppelin (GmbH) of the Hyster dealerships in Germany, as well as the strengthening of other Hyster and Yale independent dealerships."

NMHG Wholesale plans to introduce new warehouse, counterbalance and large forklifts this year. Its loss included USD7.2 million in costs incurred phasing out the Danville, Illinois, manufacturing plant in January.

NMHG Retail recorded a USD35.3 million operating loss for the year, despite a European realignment, integration of its Australian dealerships and downsizing in the USA. Retail sales totalled USD209 million. The unit operates 10 wholly-owned dealerships in the USA, 31 in Europe and 17 in Asia-Pacific.

Nacco Industries made a USD36.0 million loss on sales of USD2.64 billion, compared to a USD67.7 million profit on sales of USD2.87 billion in 2000.