News story

NMHG forecasts slow 2012 market growth in Americas, Asia Pacific

Wednesday, 7 March 2012 ( #555 ) - Mayfield Heights, OH, United States
Nacco Materials Handling Group (NMHG) is projecting minimal forklift market growth in the Americas and the Asia Pacific and modest declines in Europe and China during 2012, parent company Nacco Industries Inc says. "Nonetheless, NMHG anticipates a slight increase in unit booking and shipment levels in 2012 compared with 2011, primarily as a result of new product introductions and marketing programs," the company outlook says in a year-end financial report. "Backlog and parts volumes are also expected to remain relatively steady in 2012." Nacco financial highlights indicate NMHG had profit of USD82.6 million on 2011 sales of USD2.54 billion, reflecting a significant increase from 2010's profit of USD32.4 million on sales of USD1.80 billion. NMHG forklift shipments increased 30.5% to 79,700 units in 2011 from the previous year's 60,000 units. NMHG introduced a range of basic low-cost Utilev-brand utility forklift trucks in certain Latin American markets in mid-2011 ( News #545) and expects to market the internal combustion engine series of Utilev models in global markets during 2012. Dealing with stricter diesel emission standards keeps engineers busy. "NMHG has truck engine systems that meet the emission requirements of various regions of the world (and) expects to launch a range of lift trucks in 2012 that will include engine systems that meet the new Tier 4 emissions requirements" of the US Environmental Protection Agency. NMHG designs, engineers, makes, sells and services forklift trucks and aftermarket parts under the Hyster and Yale brand names, primarily through independent retail dealerships. NMHG owns seven facilities in the Americas, including five in the US and one each in Mexico and Brasil. NMHG's European presence includes owned buildings in Northern Ireland and the Netherlands and three leased facilities in England, Scotland and Italy. For the Asia Pacific region, NMHG and joint venture partner Shanghai Hyster Forklift Ltd occupy a Shanghai, China facility that Shanghai Hyster owns. NMHG leases other space in Australia and India. NMHG is the largest subsidiary of Mayfield Heights-based holding company Nacco Industries, which has other subsidiaries for household small appliances, kitchenware, gourmet foods and coal mining. As disclosed on 29 February, the publicly traded corporation reports profit of USD162.1 million on 2011 sales of USD3.33 billion. The 2010 report listed companywide profit of USD79.5 million on sales of USD2.69 billion.