Hyster-Yale Materials Handling, Inc., About Hyster-Yale

Business Highlights

Hyster-Yale Materials Handling, Inc. offers a broad array of solutions aimed to meet the specific materials handling needs of customers’ applications. The Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster^® and Yale^® brand names. Subsidiaries of Hyster-Yale Group include Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines, and Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni^®, Auramo^® and Meyer^® brand names. Hyster-Yale also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal).

Hyster- Yale operates as three separate segments: Lift Trucks, Attachments and Fuel Cells.
Traded on the New York Stock Exchange, Ticker: HY, and is headquartered in Cleveland, Ohio with approximately 8,100 employees worldwide (as of December 31, 2021)

2021 Financial Results

Revenues: $3.1 billion
Operating Loss: $152.3 million
Adjusted Operating Loss*: $70.6 million
Net Loss: $173.0 million
Adjusted Net Loss*: $44.4 million
Cash: $65.5 million at December 31, 2021
Debt: $518.5 million at December 31, 2021
Net Debt: $453.0 million at December 31, 2021

*Adjusted operating loss and Adjusted net loss are non-GAAP measures. Adjusted operating profit (loss) is defined as operating profit (loss) before asset impairment charges and Nuvera inventory adjustments. Adjusted net income (loss) is defined as net income (loss) attributable to stockholders before asset impairment charges, Nuvera inventory adjustments, valuation allowances for certain deferred tax assets and the noncontrolling interest share of impairment charges. Click here for the related reconciliations to GAAP measures in the Non-GAAP section of this website.

Click here for financial detail by segment and by quarter

Leading Global Lift Truck and Attachment Manufacturer

Leading global lift truck brands
A leading worldwide attachment manufacturer
Growth potential in all markets, but in particular, Eastern Europe, Asia-Pacific, Latin America and China
Products marketed globally primarily to independent Hyster^® and Yale^® retail dealerships

Global Scope of Operations

Hyster-Yale’s operations are supported by a global network that includes manufacturing facilities, service and product development centers on five continents.

Click here to see Hyster-Yale's global locations

Economic Engine Driven by Unit Volume

Hyster-Yale’s economic engine is driven by increasing unit volume and economies of scale. Core strategic initiatives were designed to drive the economic engine by increasing market share.

Click here to see Hyster-Yale's economic engine

Experienced Management Team

Strong team of long-term Hyster-Yale managers and executives with global experience
Supported by professionals recruited from leading industrial companies, such as Eaton, Case, Sumitomo, UniCarriers, Caterpillar and Ford

Strategic Initiatives

Provide the lowest cost of ownership while enhancing productivity for customers
Be the leader in the delivery of industry- and customer-focused solutions
Be the leader in independent distribution

Grow in emerging markets
Be the leader in the attachments business
Be a leader in fuel cells and their applications

Lift Truck and Attachment Segments

Leading Brands and Market Share

Hyster^® and Yale^® are among the most recognized brands in the lift truck industry.

Both brands serve the needs of customers across the manufacturing and services spectrum and deliver core competencies in product support and fleet management.

Hyster^® has an additional competency in Big and Jumbo Trucks, serving the needs of ports, steel and rail.

Lift trucks and component parts are manufactured in the United States, China, Northern Ireland, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam.

Hyster- Yale’s attachment subsidiary, Bolzoni S.p.A., is a leading worldwide producer of attachments, forks and lift tables under the Bolzoni^®, Auramo^® and Meyer^® brand names.

Bolzoni^® brand is known for its lift truck attachments, forks and lift tables.
Auramo^® brand is recognized worldwide as the paper handling specialist, focusing on paper roll clamps, bale clamps and other specialized handling attachments.
Meyer^® brand is recognized as the inventor of the multiple pallet handler and offers a wide range of lift truck attachments.

Bolzoni products are manufactured in the United States, Italy, China, Germany, and Finland.

Comprehensive Global Product Line with a full range of Power Options, Attachments and Solutions

Class 1: Electric counterbalanced rider lift trucks: 1 ton – 8 ton capacity
Class 2: Electric narrow aisle lift trucks: 1.5 ton – 6 ton capacity
Class 3: Electric hand lift trucks: 1.5 ton – 8 ton capacity
Class 4: Internal combustion engine counterbalanced lift trucks, cushion tire: 1.5 ton – 7 ton capacity
Class 5: Internal combustion engine counterbalanced lift trucks, pneumatic tire: 1.5 ton – 52 ton capacity

See Hyster-Yale’s product line and solutions >>

Large, Global-Installed Population

Estimated over 960,000 Hyster-Yale brands lift trucks in operation worldwide (as of December 31, 2021)
Large, installed base provides barrier to entry and drives ongoing parts revenue
Fleet Management Program provides customers with value-added solutions that include service, aftermarket parts and comprehensive management of materials handling needs.
Comprehensive global proprietary and “all-makes” service parts program
Service parts can result in recurring, higher-margin revenues
Aftermarket parts sales represented approximately 15% of Hyster-Yale’s annual revenues in 2021. Bolzoni’s revenues for attachments represented an additional 6% of Hyster-Yale’s 2021 revenues.

Highly Professional Dealers

Strong, stable network of independent dealers in key markets
80% of lift truck sales are through dealer network (as of December 31, 2021)
Global operations supplying both Hyster^® and Yale^® dealer networks
Independently owned and operated dealers with exclusive sales and service territories
Certain dealers represent both Hyster^® and Yale^® in defined territories
Strong global distribution drives market share

National Accounts Program

Direct-sales National Accounts program
Focused on strategic customers with centralized purchasing and geographically dispersed operations across dealer territories.
20% of lift truck sales are through National Accounts (as of December 31, 2021)

Financial Targets

LIFT TRUCK: Achieve a target operating margin of 7% and maintain a greater than 20% Return on Total Capital Employed
ATTACHMENTS: Exceed 7 percent operating profit margin target

Fuel Cell Business Segment

Hyster-Yale’s fuel cell business, Nuvera Fuel Cells, is an alternative-power technology company focused on fuel cell stacks and engines, while the Lift Truck segment is focused on fuel cell-powered battery box replacements and integrated fuel cell engine solutions.

Nuvera has patented fuel cell stack design and advanced compression and generation technology.
Nuvera’s industrialization and commercialization processes leverage the supply chain, quality, sales and service expertise of Hyster-Yale.

Global Partnerships

Hyster-Yale has developed partnerships to support customer needs in equipment, financing, alternative energy and high-quality global product availability.

Joint Ventures

Sumitomo NACCO

Sumitomo NACCO Forklift Co. Ltd is a 50/50 joint venture established in 1970 by Sumitomo Heavy Industries, Ltd. and Hyster-Yale Materials Handling, Inc. Sumitomo NACCO was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster^®- and Yale^®- branded lift trucks and related components and service parts outside of Japan. Sumitomo NACCO operates manufacturing facilities in Japan, the Philippines and Vietnam. Click here to learn more.

Hyster-Yale Maximal

Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. was established in 2018 as a 75%/25% joint venture company between Hyster-Yale and Y-C Hong Kong Holding Company Limited. The original business, Zhejiang Maximal Forklift Company Limited was founded in 2006. Hyster-Yale Maximal is a Chinese company specializing in the design, manufacture, service and distribution of Class 1 electric and Class 5 internal combustion engine counterbalance utility and standard platforms, and Class 2 and Class 3 electric warehouse products for both the local China and global markets under the Maximal brand. Hyster-Yale Maximal also designs and produces specialized products in the Port Equipment and Rough Terrain forklift segments. Click here to learn more.

HYG Financial Services, Inc.

HYG Financial Services, Inc. is an exclusive joint venture between Hyster-Yale and Wells Fargo Financial Leasing, Inc. formed primarily for the purpose of providing debt financing to dealers and lease financing to both dealers and customers in the United States. Hyster-Yale owns 20% of the joint venture entity. Under the joint venture agreement with HYGFS, the Company’s dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the financing of lift trucks that are sold or leased to customers.

Other

Hyster-Yale has contractual relationships with leading third-party equipment financing companies to provide customer-based and/or dealer-based financing solutions on four continents: Wells Fargo in North America, as described above, and Australia and New Zealand; DLL, BNP and Unicredit in Europe; DLL also in South America-Brazil, Australia and New Zealand; SMFL in SE Asia and Tokyo Century Leasing China Corporation and Ethoz Capital in China.

To ensure customers have access to the latest in energy-efficient technologies to increase sustainability, reduce operational costs and improve productivity Hyster-Yale has developed the following product development and supply partnerships:

Acquired Speedshield distribution rights to provide customers with leading telematics solutions, known as HYG Telematics.
Forged partnership with BALYO to incorporate automation solutions into Hyster-Yale’s product offerings.
Formal relationship to expand power solutions to include Lithium-ion batteries.

Diversified Customer Base

A diversified customer base reduces exposure to individual customer or industry risk.

Substantial geographic distribution with 65% of 2021 sales in the Americas market, 22% in the Europe, Middle East and Africa markets and 8% in China and other Asia-Pacific markets. Bolzoni represented approximately 6% of sales in 2021
Hyster-Yale markets industrial lift trucks into numerous end-user applications utilized in more than 700 industries (as of December 31, 2021)
No industry or customer concentration

Certain statements on this page that are not historical facts are forward-looking statements. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the posting of this data to the website.

Click here to see the Company's full Forward-Looking Statement Disclaimer/Risks and Uncertainties Statement.