Governor Hochul Announces the Raymond Corporation and Toyota Material Handling Open Energy Solutions Manufacturing Center of Excellence in Broome County

Governor Kathy Hochul announced today that world-renowned lift truck manufacturer, The Raymond Corporation and Toyota Material Handling, two companies within Toyota Material Handling North America, are officially growing their operations in the Southern Tier. The Raymond Corporation is repurposing an existing building located on Corporate Drive in the Town of Kirkwood, establishing the Energy Solutions Manufacturing Center of Excellence that will enable Raymond and its parent company to develop a more diverse portfolio of energy solutions as industry demand for electric products continues to grow. The new facility will continue to support its longstanding presence in New York State and its 'green' product line via the assembly of advanced energy solutions, including lithium-ion battery packs used in Raymond lift trucks. As a result of the expansion, The Raymond Corporation has committed to creating up to 45 new jobs. The company has begun the process of renovating, equipping and operating at this facility and expects to be fully operational sometime in 2025. This announcement builds on the significant work being done in New York State and the Southern Tier in the energy storage and advanced battery industries.

"It is through transformative projects like The Raymond Corporation's Energy Solutions Manufacturing Center of Excellence that we are ensuring that the Southern Tier region, and in fact all of New York State, are at the cutting edge of manufacturing and innovation," Governor Hochul said. "Together with our federal partners we are working to make certain that New York State is the global leader in the next-generation battery innovation industry."

Empire State Development is assisting the company with the project by providing up to $1 million through the performance-based Excelsior Jobs Tax Credit program. The total project cost has been placed at a little more than $15.6 million.

Founded in 1922, The Raymond Corporation's world-class success began in the Village of Greene in Chenango County in New York's Southern Tier region as a foundry. The company's products evolved to include patents for the design of the first double-faced wooden pallet and hydraulic hand pallet truck. Other technological advancements include its comprehensive iWAREHOUSE® forklift fleet management system, and in 2017, reflecting its commitment to alternate energy solutions, the company introduced its first lift truck powered by a lithium-ion battery. Additionally, The Raymond Corporation has been honored with a host of awards and recognitions from the Logistics Hall of Fame, IndustryWeek, the National Association of Manufacturers, and other organizations.

The Raymond Corporation President and CEO Michael Field said, "This grand opening marks a significant milestone in our company's journey. But more importantly, it represents our commitment to the future by bringing jobs, growth and opportunity to advance the community and the material handling industry, and by offering our customers with superior energy solutions to fit their unique needs."

Toyota Material Handling Vice President of Engineering Josh Linnemann said, "We are dedicated to powering a greener future, and this strategic investment will help us on that mission. Most importantly, we are committed to doing whatever it takes to solve our customers' evolving problems. The Energy Solutions Manufacturing Center of Excellence will allow us to create so much value for our customers by developing and producing solutions to meet each customer's unique needs."

This project further builds on the Governor's dedication to supporting next-generation energy efforts. In January, the Governor announced that the U.S. National Science Foundation had designated the New Energy New York (NENY) Storage Engine as a Regional Innovation Engine (NSF Engine) as a part of President Biden's Investing in America agenda. The NENY Storage Engine, anchored at Binghamton University in New York's Southern Tier Region, will receive up to $15 million for two years and up to $160 million over 10 years to establish a hub that will accelerate innovation, technology translation and the creation of a skilled workforce to grow the capacity of the domestic battery industry. Through Empire State Development, New York State will match up to 20 percent for the first five years of the project as well as provide support through established programs. The NENY Storage Engine was chosen for its diverse, cross-sector coalition that will build a leading ecosystem driving battery technology innovation, workforce development and manufacturing to support U.S. national security and global competitiveness.

Senate Majority Leader Charles Schumer said, "In addition to its Southern Tier operations, The Raymond Corporation and Toyota Material Handling North America (TMHNA) have established an advanced energy storage solutions development, prototyping and test center in Monroe County. The forward-thinking research and development center will see TMHNA collaborate with Rochester area energy storage resources to support further its and Toyota Industries' advanced energy solutions technology efforts, including lithium-ion batteries and fuel cells. The Raymond Corporation and TMHNA employ 2,600 workers statewide."

Empire State Development President, CEO & Commissioner Hope Knight said, "Expanding New York State's green economy is a top priority for Governor Kathy Hochul and for ESD. We're proud to support Raymond Corporation's commitment to driving alternative energy applications in the lift truck manufacturing industry and thrilled that this century-old Southern Tier company is continuing to create economic opportunities and quality jobs throughout the region."

County Executive Jason Garnar said, "We are excited to welcome The Raymond Corporation's expansion to Broome County and are grateful for their commitment to growing here. This new facility will bring valuable jobs, cutting-edge technology, and a significant boost to our local economy. Raymond's decision to expand in our community shows strong confidence in our future. Thank you to Governor Hochul for her continued support in making this growth possible. We look forward to helping Raymond thrive here for years to come."

Kirkwood Town Supervisor Lew Grubham said, "Kirkwood welcomes Raymond Corporation to our fine group of businesses that includes Frito Lay, Fed Ex, Willow Run, Masonite, Atkore and many others. We are pleased that Raymond chose Kirkwood to expand into and we believe it will be a positive choice for both Raymond and Kirkwood."

About The Raymond Corporation

The Raymond Corporation, a member of the Toyota Industries family of companies, is a leading global provider of best-in-class material handling products and intelligent intralogistics solutions. Built on principles of innovation and continuous improvement for over 100 years, Raymond's integrated automation, telematics, virtual reality and advanced energy solutions provide ways to optimize operations and bring warehouse and distribution operations to a new level of performance. Raymond® electric forklift trucks are engineered to achieve increased productivity and efficiency and are designed to provide ecological and economic benefits. Raymond delivers solutions to material handling and logistics markets in North America and globally. Combining operational excellence, award-winning innovation and world-class global customer support, we work together to run better, manage smarter and keep our customers always on. For more information, visit raymondcorp.com and follow us on Facebook, YouTube and LinkedIn.

About Toyota Material Handling North America

Toyota Material Handling North America (TMHNA), the industry leader in forklift sales, is composed of two main group companies: Toyota Material Handling, Inc. and The Raymond Corporation. One in three forklifts sold in North America is either a Toyota or Raymond product. With nearly 2.5 million square feet of manufacturing space, TMHNA is composed of five manufacturing plant locations: Columbus, Indiana; Greene, New York; Muscatine, Iowa; East Chicago, Indiana and Oakville, Ontario, Canada that produce racking products and more than 1,500 forklifts per week. With an annual revenue of over $4 billion, TMHNA has more than 15,000 associates and more than 300 dealer locations to support Toyota and Raymond customers throughout North America.

Accelerating Southern Tier Soaring

Today's announcement complements "Southern Tier Soaring," the region's comprehensive strategy to generate robust economic growth and community development. The regionally designed plan focuses on attracting a talented workforce, growing business and driving next-generation innovation.

About Empire State Development

Empire State Development (ESD) is New York's chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing the Regional Economic Development Councils and the marketing of "I LOVE NY" the State's iconic tourism brand. More information on Regional Councils and Empire State Development is available online.

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