This is issue #73 - 05 September 2002 of your personal newsletter.
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FORKLIFTACTION.COM
The independent, global newsletter for industry professionals.
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IN THIS ISSUE:
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INSIDE FORKLIFTACTION

NEWS
1. BT PREDICTS MARKET TURNAROUND
2. MATERIALS HANDLING DRAGS LINDE GROUP DOWN
3. RAYMOND DEFENDS PRODUCT LIABILITY SUIT
4. **ADVERTISEMENT** FORKLIFT TIRE SELL-OUT
5. NACCO MATERIAL HANDLING IN DEBT EXCHANGE
6. ALLIED SYSTEMS ACQUIRES LONG REACH ATTACHMENTS
7. FORKLIFT USED IN DAYLIGHT ROBBERY

UPCOMING EVENTS
8. TIME INTERNATIONAL MACHINERY EXHIBITION
9. LOGIS-TECH TOKYO 2002
10. CIF 2002
11. TRANSPED 2002

OPEN TENDERS
12. SAFETY INSPECTION AND CERTIFICATION OF LIFTING DEVICES
13. ELECTRIC LIFT TRUCK, 38 V, CATERPILLAR, MODEL EC25KS, OR EQUIVALENT
14. TOYOTA MODEL 7FGU32 FORKLIFT
15. FORKLIFT TRUCKS
16. HARBOUR CRANES
17. HYSTER 3000LB CAPACITY PLUS OTHER ITEMS
18. LICENCE FOR TECHNOLOGY - EXTENDABLE WHEELBASE


INSIDE FORKLIFTACTION
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NEWS
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1. BT PREDICTS MARKET TURNAROUND
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MJOLBY, Sweden
BT Industries is confident the world materials handling market cannot recede further, saying that, while there remains global uncertainty, market activity has increased since the first quarter of 2002.

BT has posted first-half sales of SEK6.09 billion (USD651.5 million), down eight percent from the SEK6.6 billion (USD706.7 million) posted in the same period of 2001. Net income fell 19 percent from SEK442 million (USD47.3 million) in 2001 to SEK360 million (USD38.5 million).

"The second quarter gives us some hope that the market is ready to rebound," BT chief executive Per Zaunders said. "The first quarter was tough, but we are now seeing positive signs of a possible turnaround, including higher orders received. During the first half, BT was also able to strengthen market share."

A weakening world economy, slow demand in 2001 and high shipments related to orders from 2000 saw a decline in backlog, Mr Zaunders said.

"The restructuring of our industry has been obvious during the last decade. The need for changes is increasing and this is more evident in periods with a weak economy, as we have seen," he said.

"Keeping good profitability therefore requires adjusting costs. To use possible synergies, within BT and with our owner Toyota, is one of the major opportunities to increase cost efficiency."
- BT Industries website - http://www.bt-industries.com
http://www.forkliftaction.com/news/newsdisplay.asp?nwid=602

2. MATERIALS HANDLING DRAGS LINDE GROUP DOWN
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WEISBADEN, Germany
Linde has blamed 'weak industrial truck markets' for declining materials handling sales and earnings in the first half of 2002.

The company, in its latest financial results released last week, said the regressive trend in industrial truck markets continued but did slow in the second quarter.

Demand in Asia was on the rise, where new forklift orders grew more than 20 percent, a result of restructuring in south-east Asia through Linde's cooperation with Komatsu Forklift. Demand slipped below 2001 levels in Europe (down nine percent) and the USA (down 11 percent).

Linde's three materials handling divisions - Linde Material Handling, Still and FIAT OM - saw combined sales fall 2.7 percent to EUR1.442 billion (USD1.42 billion) in the 2002 first half, compared to EUR1.482 billion (USD1.46 billion) for the first half in 2001.

Orders received dropped 5.8 percent to EUR1.534 billion (USD1.51 billion) from EUR1.628 billion (USD1.6 billion) in 2001. Linde predicted growth in the second half of 2002 from new product releases, including the 39x forklift, debuted at CeMAT in Germany this year.

The materials handling divisions' operating result decreased from EUR106 million (USD104.3 million) to EUR58 million (USD57.1 million). While full-year 2002 sales and earnings would remain below 2001's figures, Linde said the earnings decline would slow considerably in the second half.

Linde's total group sales for the half decreased 2.9 percent to EUR4.118 billion (USD4.05 billion) from EUR4.240 billion (USD4.17 billion), which the company blamed mostly on materials handling.
- Linde website - http://www.linde.com
http://www.forkliftaction.com/news/newsdisplay.asp?nwid=603

3. RAYMOND DEFENDS PRODUCT LIABILITY SUIT
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SACRAMENTO, United States
Forklift maker Raymond Corporation has beaten a product liability lawsuit stemming from the death of a man operating a Raymond stand-up forklift.

The forklift toppled off a loading dock, killing operator Toby Smedley in December 1996. His daughter, Victoria, sued Raymond, alleging the operator's standing position and the forklift's controls were ill-suited to emergency situations, the tyres were too smooth for wet surfaces, such as those on loading docks, and the forklift's design lacked a latching rear enclosure to protect the operator.

She also alleged Raymond shredded accident reports, internal team minutes and other documents about the incident. A jury verdict favoured Raymond, and the California Supreme Court in Sacramento, on July 10, affirmed the conclusion in denying Ms Smedley's appeal for review.

Raymond makes a full line of manual and electric pallet trucks and walkie stackers, counterbalanced forklifts, reach trucks, order-pickers and dual-purpose forklifts for pallet handling and case picking.
http://www.forkliftaction.com/news/newsdisplay.asp?nwid=604

4. **ADVERTISEMENT** FORKLIFT TIRE SELL-OUT
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GERMANY, United States
* Galaxy Tire & Wheel still has massively discounted forklift tires for urgent sale
* Contact David Ganz while stocks last
* Phone: 781-321-2910
* Fax: 781-322-2147
* Email: dganz@galaxytire.com
* The best forklift tire deals - guaranteed
* Available in more than 30 countries worldwide
- Galaxy Tire & Wheel website - http://www.galaxytire.com
http://www.forkliftaction.com/news/newsdisplay.asp?nwid=605

5. NACCO MATERIAL HANDLING IN DEBT EXCHANGE
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PORTLAND, United States
Nacco Material Handling Group (NMHG), the global maker of Hyster and Yale forklifts, has set September 16 as a deadline for holders of USD250 million in debt to exchange senior financial notes, each in a denomination of USD1000, due in 2009.

A senior financial note is superior to other debt in terms of the business's obligation to repay the loaned funds.

Terms of the exchange will be substantially similar to 10 percent notes NMHG issued on May 9 as part of a rushed refinancing arranged outside the jurisdiction of US security laws. The current exchange of debt instruments makes the refinancing subject to the security laws.

The need for quick action hindered a one-step refinancing. As of March 31, NMHG had an available USD85 million of a USD350 million revolving credit facility that would have expired in June.

NMHG placed the May offering privately with institutional and non-USA investors and agreed with them at the time to file a registration statement covering the exchange offer with the US Securities & Exchange Commission (SEC).

The solution has a downside. "As a result of the refinancing, we expect our interest expense to increase significantly compared with prior periods," the company said in its securities filing. "In addition, a significant portion of NMHG's interest rate swap agreements will no longer qualify for hedge accounting treatment."

NMHG will not receive any proceeds from issuing the exchange notes and will not incur any increase in debt.

In another financial move, NMHG said it was talking with a non-US institution about obtaining a new European revolving credit facility of about USD43 million (GBP27.9 million). NMHG filed its intentions in a 176-page SEC registration statement and prospectus on August 13.

Nacco Material Handling Group Holding Co, based in Portland, Oregon, controls Hyster-Yale Materials Handling Inc and is a wholly-owned subsidiary of Nacco Industries Inc, which trades on the New York Stock Exchange.

Prospectus: http://www.sec.gov/Archives/edgar/data/1173519/000095015202006303/l94511fe424b3.txt
- Nacco website - http://www.nacco.com
http://www.forkliftaction.com/news/newsdisplay.asp?nwid=606

6. ALLIED SYSTEMS ACQUIRES LONG REACH ATTACHMENTS
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PORTLAND, United States
Allied Systems Co, an engineering and manufacturing company, has acquired the forklift attachments lines from Houston, Texas-based Long Reach Inc, which filed for bankruptcy in April.

Allied has transferred the Long Reach product line to its Portland manufacturing facilities, and is already filling orders for Long Reach side shifts, fork positioners, paper roll clamps, carton clamps, lateral clamps, rotators, push-pulls, pallet handlers, forging clamps and concrete pipe clamps.

Allied manufactures marine cranes, Wagner log stackers and bulldozers, Ranger skidders, Lantec planetary winches and Allied winches. Allied was acquired from Hyster in 1990.

Long Reach attachments have been in the market for more than 70 years, serving specialised forklift applications in the steel, cotton, paper and industrial materials handling industries. Allied has retained key Long Reach personnel to maintain business continuity, said Allied senior vice-president Bill Chan.

"Allied intends to continue distributing the products under the Long Reach name and through existing Long Reach dealers," he said. "The Long Reach products fit into our business structure like a hand in a glove."

- Allied Systems website - http://www.alliedsystems.com
http://www.forkliftaction.com/news/newsdisplay.asp?nwid=607

7. FORKLIFT USED IN DAYLIGHT ROBBERY
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MELBOURNE, Australia
A thief used a forklift to steal an automatic teller machine from a busy inner-city market in Melbourne, Australia, late last month.

Police told The Age newspaper the thief told several people he was taking the ATM for servicing, before wrapping it in plastic, loading it on a yellow forklift and driving away.

Police are appealing for witnesses.
http://www.forkliftaction.com/news/newsdisplay.asp?nwid=608

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UPCOMING EVENTS
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8. Time International Machinery Exhibition
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Tehran, Iran
1st through to the 9th October 2002
http://www.forkliftaction.com/events/eventdisplay.asp?evid=92

9. LOGIS-TECH TOKYO 2002
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Chiba, Japan
October 15-19, 2002
http://www.forkliftaction.com/events/eventdisplay.asp?evid=96

10. CIF 2002
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Shanghai, China
10th, 11th and 12th October 2002
http://www.forkliftaction.com/events/eventdisplay.asp?evid=69

11. Transped 2002
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Prague, Czech Republic
24th, 25th, 26th and 27th October 2002
http://www.forkliftaction.com/events/eventdisplay.asp?evid=105

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OPEN TENDERS
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12. Safety Inspection and Certification of Lifting Devices [Contract: DAAD1602T0165]
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Natick, MA, United States
Closing: 18 September 2002
http://www.forkliftaction.com/tenders/tender_full.asp?teid=104

13. Electric lift truck, 38 V, Caterpillar, Model EC25KS, or equivalent [Contract: F3072-020023/A]
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Quebec, Canada
Closing: 20 October 2002
http://www.forkliftaction.com/tenders/tender_full.asp?teid=106

14. Toyota Model 7FGU32 forklift [Contract: 290200000163]
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Washington DC, United States
Closing: 06 September 2002
http://www.forkliftaction.com/tenders/tender_full.asp?teid=107

15. Forklift trucks [Contract: CPV: 29221511]
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Athens, Greece
Closing: 16 October 2002
http://www.forkliftaction.com/tenders/tender_full.asp?teid=109

16. Harbour cranes [Contract: CPV: 29221411]
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Lorient, France
Closing: 20 September 2002
http://www.forkliftaction.com/tenders/tender_full.asp?teid=110

17. Hyster 3000lb Capacity plus other items [Contract: RFQ-02-IS0045]
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Washington, DC, United States
Closing: 13 September 2002
http://www.forkliftaction.com/tenders/tender_full.asp?teid=108

18. Licence for technology - Extendable Wheelbase [Contract: Invent 1]
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Milton, Australia
Closing: 12 September 2002
http://www.forkliftaction.com/tenders/tender_full.asp?teid=111


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