Toyota Industries North America, Inc. has entered into a definitive agreement to acquire the assets of Hoist Liftruck Mfg. LLC.
The deal adds Hoist Liftruck’s range of heavy FLTs, reachstackers and the new T-Series terminal tractor to Toyota’s portfolio. Toyota is keeping the Hoist brand, and on February 8 Hoist Liftruck became Hoist Material Handling, Inc.
Hoist, which is currently privately owned by the Flaska family, is already producing some Toyota machines at its facility in East Chicago, Indiana. In 2015 Hoist announced it would build a range of 22,000lb to 72,000lb pneumatic tire forklifts for Toyota Material Handling USA Inc, under a “private label” arrangement.
The Flaska family is now handling over the business to Toyota. “We’re proud of what we’ve accomplished in building a terrific brand and quality products,” said Hoist Founder Marty Flaska. “I am retiring and will no longer be part of the business, but the company is in good hands. It’s an honour to hand it off to the industry leader Toyota.” Hoist Material Handling will be led by Vice President (VP) and General Manager Dan Kossow.
“This is the perfect next step in the expansion of our Toyota Heavy Duty (THD) line,” said Jeff Rufener, President of Toyota Material Handling U.SA. “Hoist has been a great manufacturer of heavy-duty equipment for years and brings a group of passionate, talented associates that will help us in our role as a full-line equipment supplier. We are excited about the future of Hoist Material Handling.”
While Germany’s Kion group has announced plans to expand forklift production in South Carolina to avoid the 25% tariff on imported Chinese-built machines, Hoist’s deal with Toyota does not appear to be driven by tariff concerns. As far as can be ascertained, Toyota does not import Chinese-made forklifts into the US, where Toyota markets its products as “Assembled in the United States.”