News story

NMHG chief ends 30-year career

Thursday, 6 April 2006 ( #254 ) - PORTLAND, OR, United States
Reginald R Eklund
Reginald R Eklund
Reginald R Eklund retires as Nacco Materials Handling Group Inc (NMHG) president and CEO on June 30, 2006. Eklund, 65, has had a career in materials handling spanning 30 years. He started as a market analyst in Eaton Corp's materials handling group in 1966 before becoming Eaton's Yale Materials Handling Corp president and CEO in 1984. In 1985, Nacco Industries acquired Yale Materials Handling Corp and Hyster Company in 1989. In 1992, Eklund was appointed head of the combined Hyster-Yale Materials Handling Inc, later renamed NMHG. NMHG, ranked number 4 in dhf magazine's world ranking list of forklift manufacturers for 2004/05, operates three divisions: Americas, Europe and Africa, and Asia-Pacific. The group has 7,500 employees. Sales for fiscal 2005 totalled USD2.4 billion. Eklund paid tribute to NMHG employees for the group's growth. "Through the years it has always been a privilege to serve, and ultimately lead, this outstanding organisation. What a wonderful experience to participate in the evolution of such a great business. "More importantly, it has been an honour to work with the fine men and women who have the highest values and a strong drive for success," he said. Watching Hyster and Yale grow under the structure of NMHG and Nacco Industries was the highlight of his career with the company, Eklund said. He plans to spend time doing community service and with his family after retirement. Michael Brogan, 56, NMHG executive vice president for operations, replaces Eklund.