Business
HYSTER-YALE ANNOUNCES STRATEGIC BUSINESS REALIGNMENT
Hyster-Yale, Inc. (NYSE: HY) (the "Company") today announced a strategic business realignment of its Nuvera fuel cell business designed both to increase near term profits and to create an integrated energy solutions program at Nuvera's Billerica facility which will be part of its Hyster-Yale Materials Handling (HYMH) business. That program will include HYMH's:
About this update from Hyster-yale, Inc.
[{"type":"text","content":"CLEVELAND, April 30, 2025 /PRNewswire/ -- Hyster-Yale, Inc. (NYSE: HY) (the "Company") today announced a strategic business realignment of its Nuvera fuel cell business designed both to increase near term profits and to create an integrated energy solutions program at Nuvera's Billerica facility which will be part of its Hyster-Yale Materials Handling (HYMH) business. That program will include HYMH's:","length":427,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Development, manufacturing, and commercialization of its lithium-ion battery modules, battery chargers, battery management systems, and energy management activities. All of these activities are critical to HYMH's success with the next generation of batteries expected to be used broadly in electric forklift trucks. These activities will be carried out in the Billerica facility and as needed, in HYMH's other facilities around the world.","length":451,"tagName":"p"}]},{"val":[{"type":"text","content":"Development, manufacturing and commercialization of a mobile, modular and scalable hybrid electric charging platform to provide off grid power solutions. This platform will use both HYMH's battery solutions and also have a variant called HydroChargeTM which incorporates Nuvera's patented fuel cell technology.","length":323,"tagName":"p"}]},{"val":[{"type":"text","content":"A very significantly downsized and limited fuel cell program focused on completing final development and testing of its higher powered 125KW fuel cell for use in HYMH's port equipment and in larger HydroChargeTM applications. This modest fuel cell program reflects the Company's conclusion, based on recent limited and very focused up take of fuel cells as an energy solution, as well as on a significantly changed political environment in the U.S. and around the world, that its current fuel cell business will not reach the Company's profitability objectives in an acceptable period. ","length":603,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1377,"olType":false},{"type":"text","content":"This strategic alignment is expected to achieve, beginning in the second half of 2025, direct annualized cost reductions of $15 to $20 million and indirect cost reductions of $10 to $15 million by absorbing Nuvera resource...