Toyota Industrial Equipment to Form Independent U.S. Corporation

              U.S. Material Handling Supplier to Be Acquired By
                      Toyoda Automatic Loom Works, Ltd.

    TORRANCE, Calif., March 1 As part of Toyota's strategy to
strengthen its global material handling operations, Toyoda Automatic Loom
Works, Ltd. (TAL) will acquire Toyota Industrial Equipment (TIE), effective
April 1.  The acquisition will result in the formation of a new company,
Toyota Material Handling, U.S.A.  The creation of this new company will allow
TIE, currently a division of Toyota Motor Sales, U.S.A., Inc., to strengthen
its core business of supplying material handling products and services to a
wide variety of industries in the U.S.

    "The new organization and unified focus will help TIE be more responsive
to our customers' needs," explains Dr. Shankar Basu, TIE group vice president
and general manager.  "This is a strong commitment to customers in North
America and around the globe."  Basu will be appointed President and CEO of
the new U.S. company.

    The move is part of a long-term plan by Toyota and related to TAL's recent
acquisition of BT Industries, the Swedish manufacturer of Raymond and BT
Prime-Mover lift truck brands.  In June 2000, TAL purchased BT Industries,
acquiring 97.1% of the shares and voting rights.  As a result, Toyota is now
the world's No. 1 supplier of industrial equipment, surpassing German-based
Linde and the NACCO Material Handling Group, which controls the Hyster and
Yale brand names.

    Over 85 percent of the Toyota lift trucks sold in the U.S. are assembled
at Toyota Industrial Equipment Manufacturing in Columbus, Ind.  TIE's product
line-up includes cushion tire and pneumatic tire, internal combustion
forklifts with lifting capacities up to 17,500 pounds and a broad line of
electric trucks, including narrow aisle trucks, 3-wheel and 4-wheel
counterbalanced sit-down riders, stand-up riders, walkies, walkie/riders, hand
pallet trucks and airline ground support tow tractors.