LEADING business magazine Fortune has named Toyota Industries Corporation in its top 50 list of the most admired companies in the world for the first time.
Toyota Industries Corporation (TICO) is the world's leader in materials handling equipment, based on 2003 turnover.
Fortune has ranked TICO the 36th most admired company in the world.
The Fortune survey also placed Toyota Industries Corporation (TICO) as the most admired company in Japan - up from number two in last year's poll.
In the category of motor vehicle parts, Toyota Industries Corporation (TICO) won the title of the world's most admired company, bettering last year's number two position in this part of the survey.
TICO's Australian subsidiary is Toyota Industries Corporation Australia (TICA).
It distributes the TICO material handling brands of Toyota Industrial Equipment, BT Lift Trucks and Raymond Forklifts.
Toyota Industries Corporation Australia (TICA) President and Chief Executive Officer Steve Harper said the top 50 ranking and the number one ranking for motor vehicle parts were landmark achievements.
"A top ranking in the motor vehicle parts category of this survey is a tremendous achievement alone,” he said.
“For Toyota Industries Corporation to receive a ranking in the overall top 50 most admired companies shows recognition from the world's leading companies across all industries.”
"Achieving such impressive rankings in this survey demonstrates the level of respect the Toyota group commands and bears testament to Toyota's innovative approach and continued investment in research and development across all of its businesses."
Toyota's success in this year's Fortune countdown comes as the corporation celebrates 50 years in materials handling.
The year 2006 also marks the 80th anniversary of Toyota Industries Corporation.
"As Toyota celebrates 50 years of manufacturing forklifts this year, our placing in the Fortune top 50 gives us another reason to celebrate," Mr Harper said.
"It is through continuing to pioneer new developments over the last 50 years that Toyota has strengthened its position as the word's number one forklift manufacturer."
TICO's sister company Toyota Motor Corporation was named as the second most admired company in the world - up from last year's number five ranking in the top 50.
The annual Fortune survey asks over 8,000 top executives and financial analysts their opinions on companies working across 70 different industries.
Respondents are asked to award companies in their industry marks out of ten across nine different categories including innovation, quality of products/services, social responsibility and quality of management.
In addition to awarding points to companies within their own industry, respondents are also asked to rank their top ten companies across all industries - the results of which are used to compile the all-star top 50 list.