nacco building new plant in vietnam!!!

Posted in the Berea Forum

naccoleastwanted

Foley, AL

#1 Apr 14, 2009
Nacco is building a 60 million dollar plant in Vietnam. Go to forkliftaction.com and search til you find the article. GOOD BYE AMERICAS!!! Bet you haven't heard this at any company meetings lately! If anyone can tell how this helps us, let me know! THANKS NACCO!!!
get it straight

Nicholasville, KY

#2 Apr 14, 2009
Nacco has plants all over the world, not just in Berea! Get it straight before you write about it!

Hanoi, Vietnam
Wednesday, 3 Dec 2008
Thang Long Industrial Park
Work has started on a new plant in Vietnam that will produce forklift transmissions and axle components for export.

Sumitomo Nacco Materials Handling Vietnam Co Ltd, a joint-venture project between Sumitomo Heavy Industries and Nacco Materials Handling Group, anticipates the plant will generate USD2 million in revenue per year.

The 2.7-hectare plant in Thang Long Industrial Park, Dong Anh District will be operational in seven months. The project will be divided into three phases with a total capital investment of USD60 million.

The second phase will involve making forklift parts and the third phase will concentrate on making the machines.

Takashi Yoneda, director of Sumitomo, says the company decided to invest in Vietnam because of its labour quality, political stability, tax incentives and geographical advantages.
get it straight

Nicholasville, KY

#3 Apr 14, 2009
NEWS : Full Story
Newsletter #402 (View other news stories)
Economy rocks NMHG sales, shipments

Mayfield Heights, OH, United States
Wednesday, 18 Mar 2009
Alfred M Rankin Jr
Nacco Industries Incís materials handling group (NMHG) is feeling the wrath of the economic cycle.

The company anticipates significant declines in global forklift markets with little expectation for recovery until 2010. NMHG manufactures and markets forklifts under the Yale and Hyster brands.

The company says NMHG is operating with capital expenditure constraints, planned plant downtime, reductions in workforce, restrictions on spending and travel, suspension of the incentive compensation programs and profit-sharing wage freezes, and salary and benefit reductions.

For the 2008 fourth quarter ended December 31, the wholesale side of NMHG reports profit of USD1.6 million Ė down from USD23.8 million for the comparable 2007 quarter.

Quarterly sales decreased to USD647 million from USD760 million, and shipments dropped to 20,830 units from 25,046.

The year-end backlog was 14,900 units in comparison to 30,500 units at the end of 2007.

The company recorded a USD6 million pre-tax charge for reductions in force at all NMHG locations because of the downturn in forklift markets.

The key drivers for the change in results at NMHG wholesale were a decrease in market volume for units and parts, unfavourable foreign currency movements and the reduction-in-force costs, says Alfred M Rankin Jr, chairman, president and chief executive officer of Mayfield Heights-based holding company Nacco Industries.

The retail portion of NMHG reported an adjusted quarterly loss of USD1.6 million in 2008 versus USD1.1 million in 2007. Reduced spending and lower interest expense were noted for the retail side.

In addition to NMHG operations, publicly traded Nacco Industries has housewares and mining businesses.
naccoleastwanted

Foley, AL

#4 Apr 14, 2009
Lets see how that helps the hard working AMERICAN workers. Laying people off here and opening a new plant in Vietnam to do the same dammmm thing??? HUM??? We could be confused??? TELL ME MORE!!!
early cuyler

Manchester, KY

#5 Apr 14, 2009
I'M TIRED OF ALL OF THIS STUFF! IF NACCO IS LEAVING I JUST HOPE THEY GO SOON! WE THAT ARE LEFT ARE GROWING TIRED OF WANDERING IF OUR JOBS ARE GONE! EVERYONE IS VERY STRESSED :(
naccoleastwanted

Foley, AL

#6 Apr 14, 2009
Maybe its nothing CUYLER! Just heard about it and went searching online. Im laid off from NACCO myself. I don't mind being laid off because of the economy, lord knows its bad, BUT I'm sick and tired of seeing AMERICANS lose their jobs for cheeper labor overseas. SAVE THE REST OF THE WORLD, MAKE THE BIG MANS POCKET FATTER, AND THE HELL WITH THE LOYAL LITTLE MAN!!!!
early cuyler

Manchester, KY

#7 Apr 15, 2009
AMEN BROTHER!!
Told ya so

Lexington, KY

#8 Apr 15, 2009
All you "say it aint so joe" nacco workers...who I warned a year ago to get into something else...simply can not get it through your thick skulls....Lifts are no longer needed in a financially collapsed world! What is wrong with you people? Are you just ignorant or are you truly unintelligent?
early cuyler

Manchester, KY

#9 Apr 16, 2009
well told. i have been there over 18 years. there not many places that hire older guys. they want young mindless guys so they can train them the way they want!! THATS WHY I'M STILL THERE!!
NaccoSulligent

Hamilton, AL

#10 Apr 16, 2009
Well Mr Gray says it will not affect americas it is for asian market. I don't belive for a second it won't hurt american plants. 60 million dollars to jump start a market "BS" they cant even sell enough to keep us busy much less others also. Sounds like the end to all american Nacco plants to me. I mean transmission and axles first then forklift parts and to finish it putting them together. It sure sounds like parts of all our jobs in Greenville,Berea and Sulligent. I hope this is not the case but it wont shock me.
Jay

Berea, KY

#11 Apr 17, 2009
I say buy American Product's The Jap's and the rest of the so cll NAFT crap can go with them.America has suffered enough,if they want cheap labor let them go to another country,the American Worker is proud of what it make's something you will not find anywhere else.
Studwelder

Lexington, KY

#12 Apr 21, 2009
35 years ago the Vietnamese were torturing and starving our soldiers, airmen and sailors. Now this dumbass bunch wants to ship our jobs over there. Maybe they'll take a few of these suck supervisors with them,and maybe move a few of the top managemant over there, too. I'd like to see them eatin' a big dawg sandwich. This place is history.
Studwelder is

Lexington, KY

#13 Apr 21, 2009
Ronnie Sparks!!!! Hardly a stud im thinking lol
symbionese

Berea, KY

#14 Apr 22, 2009
Ho Chi Minh should be seriously spinning in his mausoleum about now. I suspect LBJ and Nixon should be going a few spins themselves. I don't think this is why five million Vietnamese or 52,000 Americans gave up their lives.
Studwelder

Waneta, KY

#15 Apr 22, 2009
Not Ronnie Sparks! I am about his age though. And I like old Ronnie and wouldn't want this bunch of cutthroats thinking what I'm saying is Ronnie. Re-lick your calf friend. You're dead wrong.
signoftimes

Berea, KY

#16 Apr 22, 2009
Studwelder wrote:
Not Ronnie Sparks! I am about his age though. And I like old Ronnie and wouldn't want this bunch of cutthroats thinking what I'm saying is Ronnie. Re-lick your calf friend. You're dead wrong.
How's that Ford Taurus running ole buddy? What color do you call that, anyway?

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Berea Discussions

Title Updated Last By Comments
KY What's mitch McConnell done for coal, when ther... 14 min wtf 7,185
Alex warren 56 min Hmm 1
KY 'Fox News Sunday' to Host Kentucky Senate Debate (Oct '10) 1 hr Jay 155,437
Ginseng 9 hr Digger 1
Looking to buy an Epiphone electric guitar 11 hr Wood 1
Melvin Eugene Butler II missing (Sep '10) 11 hr vivian 3
Bible study rules for public schools proposed (Feb '10) 12 hr Athenesword 131,107
Berea Dating

more search filters

less search filters

Berea Jobs

Berea People Search

Addresses and phone numbers for FREE

Berea News, Events & Info

Click for news, events and info in Berea

Personal Finance

Mortgages [ See current mortgage rates ]