Hamilton Beach 2009 Annual Report Download - page 12

9
markets, continue at low but stable levels.
NMHG is cautiously optimistic a moderate
recovery will begin in the second half of
2010 for these regions. Recovery is also
anticipated to be stronger in Eastern Europe,
the Middle East and Asia than in Western
Europe, which is expected to be flat in
comparison with 2009. The North American
market is expected to improve moderately.
Parts volumes showed only a slight
improvement in the second half of 2009
over the first half of 2009, and early 2010
indicators show a continued weak recovery.
Generally, the pace of the upturn is difficult
to forecast. Overall, the company expects
moderate increases in bookings, unit
shipment levels and parts sales in 2010
compared with 2009, with gradual increases
each quarter.
Actions Being Taken to Move
Forward in 2010
Given these market prospects,
NMHG’s team is overseeing a focused
agenda that balances near-term challenges
of revenue generation in a severely
depressed market with the longer-term
objective of ensuring that the company is
properly prepared to achieve its financial
targets as the recovery strengthens.
In 2009, the company’s actions were
successful in reducing NMHG’s overall
cost structure to appropriate levels for
prevailing market conditions. The company
plans to continue to manage its business
very conservatively until it is confident the
upturn will be enduring. Cost containment
actions, such as conservative plant schedules,
plant vacation periods, administrative
cost control measures, reduced salaries
and capital expenditure constraints, will
continue in 2010 and will be adjusted only
as conditions improve.
Overall, NMHG’s product develop-
ment, supply chain, manufacturing
processes and quality and reliability
programs are quite mature and are in a
phase of continuous improvement. The
company expects significant benefits from
these areas as the market returns. These
programs, in conjunction with strengthened
sales and marketing capabilities and a focus
on enhanced distribution effectiveness,
set the stage for gaining additional market
share in the next cycle. In 2009, NMHG
announced that it would permit its dealers
The Yale®MPE 060-080 rider-walkie
pallet truck, with capacities up to
8,000 pounds, is available in single,
double or triple pallet configurations.
The MPE is designed to meet the
horizontal transporting dock needs
in warehouse environments.