New Defense Secretary Has Ties to Material Handling Firm

The new U.S. Defense Secretary Robert Gates, whose appointment was confirmed by the Senate last week, holds up to $250,000 in stock and serves on the board of NACCO Industries, the Cleveland-based parent of NACCO Materials Handling Group, a lift truck company and defense contractor. It designs, manufactures and sells Yale and Hyster brand lift trucks.

Upon being confirmed the former CIA director and Texas A&M University president has said that he would divest his holdings in the company and step away from any Defense Department matters involving NACCO for at least a year. Gates reportedly earned $134,750 in director fees from NACCO from 2005 to the present.

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