Leading market positions; Good customer diversity; Solid brand images and large distribution network; and Fair amount of maintenance and replacement parts sales. Cyclical and volatile market demand; Manufacture engineered-commodity products; Cost structure continues to be a work in progress; and Somewhat aggressive financial profile. The ratings reflect NMHG Holding Co.'s leading positions within cyclical and volatile markets, its aggressive financial profile, and fair financial flexibility. NMHG competes in the global forklift truck market, which is characterized as moderate in size, somewhat consolidated, and modestly capital intensive. Over the business cycle, the industry grows at GDP-like rates. Larger forklift manufacturers are also gaining market share from vendor consolidation, leading to national account opportunities. However, the industry is both cyclical and volatile;
