Leading market positions. Good customer diversity. Solid brand images and large distribution network. Fair amount of maintenance and replacement parts sales. Cyclical and volatile market demand. Manufactures engineered-commodity products. Cost structure continues to be a work in progress. Somewhat aggressive financial profile. The ratings on NMHG Holding Co. reflect the company's leading positions within cyclical and volatile markets, its aggressive financial profile, and its fair financial flexibility. Portland, Ore.-based NMHG competes in the global forklift truck market, 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 also are gaining market share from vendor consolidation, leading to national account opportunities; however, the industry is both cyclical and
