2016 Annual Report
Solutions
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5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
www.hyster-yale.com
An Equal Opportunity Employer
Hyster-Yale maintains leading market share
positions in the Americas and worldwide
Contents
About the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Selected Financial and Operating Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Letter to Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Form 10-K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
Corporate Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Back Cover
Cover Photo Captions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Back Cover
Mission Statement: To be a leading, globally integrated designer, manufacturer
and marketer of a complete range of lift truck solutions by leveraging its high-quality,
application-tailored lift trucks, attachments and power solutions that offer the lowest
cost of ownership and the best overall value.
Corporate Information
Annual Meeting
The Annual Meeting of Stockholders of Hyster-Yale Materials
Handling, Inc. will be held on May 3, 2017, at 3:00 p.m. at
the corporate office located at: 5875 Landerbrook Drive,
Cleveland, Ohio 44124
Form 10-K
Additional copies of the Company’s Form 10-K filed with the
Securities and Exchange Commission are available free of charge
through Hyster-Yale’s website (www.hyster-yale.com) or by
request to:
Investor Relations
Hyster-Yale Materials Handling, Inc.
5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
(440) 229-5168
Stock Transfer Agent and Registrar
Stockholder Correspondence:
Computershare
P.O. Box 30170
College Station, TX 77842-3170
Overnight Correspondence:
Computershare
211 Quality Circle, Suite 210
College Station, TX 77845
(877) 373-6374 (U.S., Canada and Puerto Rico)
(781) 575-2879 (International)
Legal Counsel
Jones Day
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
Independent Registered Public
Accounting Firm
Ernst & Young LLP
950 Main Avenue, Suite 1800
Cleveland, Ohio 44113
Stock Exchange Listing
The New York Stock Exchange
Symbol: HY
Investor Relations Contact
Investor questions may be addressed to:
Investor Relations
Hyster-Yale Materials Handling, Inc.
5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
(440) 229-5168
E-mail: ir@hyster-yale.com
Hyster-Yale Materials Handling, Inc. Website
Additional information on Hyster-Yale
may be found at the corporate website,
www.hyster-yale.com. The Company
considers this website to be one of the
primary sources of information for investors
and other interested parties.
Hyster Global:
www.hyster.com
Yale Global:
www.yale.com
Nuvera Fuel Cells:
www.nuvera.com
Bolzoni S.p.A:
www.bolzonigroup.com
On the Cover (from top, left to right)
n The new European Yale® MS warehouse truck is a highly controllable and agile pedestrian stacker suitable for lift heights ranging from 12 to 20 feet.
n The newly released Hyster® XT 2.0 to 3.0 ton standard pneumatic tire, internal combustion engine lift truck series is available in 4,000 to 6,000 pound load capacities
and is designed to fit into almost any application or industry needing a hard-working forklift.
n The Yale® MPE080-VG end-rider truck with “Driven by Balyo” technology, designed for use in warehouse applications, has a carrying capacity of up to 8,000 pounds
and can transfer loads over long distances or to staging areas without the presence of an operator.
n This Hyster® 350-volt lithium-ion counterbalanced, electric-rider lift truck, has a lifting capacity of 8 to 9 tons and is ideal for applications such as ports, lumber yards
and the paper industry.
n Hyster® ReachStackers with Tier 4i emissions-compliant engines, load containers at a port in Rotterdam, The Netherlands.
n The Hyster® H360-36HD internal combustion engine truck with a Tier 4 Final engine, pictured with a coil-handling attachment. This unit has a lifting capacity of
36,000 pounds at a 36-inch load center and is designed for use in tough industrial applications.
n Hyster’s S120FT Fortis® internal combustion engine cushion-tire “Cool” truck, has a lifting capacity of up to 12,000 pounds and was designed to specifically meet the
needs of customers in the paper industry. This truck is shown with a Bolzoni Auramo paper clamp attachment.
n A Yale® Reach truck powered by a Nuvera fuel-cell engine is designed for use in warehouse applications.
n Yale offers two options of lift truck equipped with “Driven by Balyo” technology. An end rider with a load capacity of up to 8,000 pounds for automating repetitive
picking tasks in warehouses, and a MO70T tow-tractor for stock replenishment and material hauling.
The FSC® Trademark identifies
wood fibers coming from forests
which have been certified in
accordance with the rules of
the Forest Stewardship Council®.
About the Company
Hyster-Yale Materials Handling, Inc., headquartered
Hydrogen Power
2016 Annual Report
in Cleveland, Ohio, is a leading, globally integrated,
full-line lift truck manufacturer. The Company offers a
broad array of solutions aimed at meeting the specific
materials handling needs of its customers. These
solutions include attachments and hydrogen fuel
cell power products provided by its wholly owned
subsidiaries and telematics, automation and fleet
management services, as well as an array of other
power options for its lift trucks.
Lift Trucks
The Company’s operating subsidiary, Hyster-Yale
Group, Inc., designs, engineers, manufactures, sells and
services a comprehensive line of lift trucks and after-
market parts marketed globally primarily under the
Hyster® and Yale® brand names. The Company manu-
factures lift trucks and component parts in the United
States, Northern Ireland, Mexico, Italy, the Netherlands,
Vietnam, Japan, the Philippines, Brazil and China.
Lift truck unit volumes drive the Company’s
economic engine, and its worldwide distribution
strength drives market share, volume, economies of
scale and installed truck population. Hyster-Yale had an
estimated installed population base of approximately
827,000 lift trucks in operation at the end of 2016 in
more than 750 industries worldwide. This population,
in turn, generates profitable aftermarket revenue for
both Hyster-Yale and its dealers.
Attachments, Forks and Lift Tables
In 2016, the Company acquired Bolzoni S.p.A.,
a leading worldwide producer of attachments, forks
and lift tables marketed under the Bolzoni Auramo
and Meyer brand names. The acquisition allows the
Company to provide integrated solutions for attach-
ments and lift trucks and expand its market reach
while leveraging Bolzoni’s manufacturing capacity.
Bolzoni products are manufactured in Italy, China,
Germany, Finland and the United States.
In 2014, the Company acquired Nuvera Fuel Cells,
an alternative-power technology company with loca-
tions in Billerica, Massachusetts, and San Donato, Italy.
Nuvera is focused on hydrogen fuel-cell stacks and
related systems, as well as supporting on-site hydrogen
production and dispensing systems that are designed
to deliver clean energy solutions to customers. The
Company sees great opportunity to integrate fuel
cell-powered engines into its product line, as well as
developing partner relationships with companies
requiring a reliable source of high-efficiency, fuel-cell
engines and hydrogen generation.
Goals and Strategic Initiatives
The Company’s objective is to generate profitable
growth through increasing volumes, primarily by
providing solutions to its customers, which in turn are
expected to generate market share gains and drive
improved margins. The Company plans to accomplish
these objectives by implementing its core strategic
initiatives:
• Enhancing Understanding of Customer Needs
• Driving for Lowest Cost of Ownership
• Strengthening Independent Distribution
• Improving the Company’s Warehouse Position
• Focusing on Increased Success in Asia
• Enhancing the Company’s Big Truck Market Position
• Strengthening the Sales and Marketing Organization
• Leveraging Solutions and Technology Drivers
Total Revenues
(in billions)
EBITDA*
(in millions)
$3.0
$2.0
$1.0
$0
$2.7
$2.8
$2.6
$2.6
$2.5
12
13
14
15
16
$182.6
$164.8
$144.0
$136.6
$82.1
$200
$150
$100
$50
$0
$(50)
13
12
16
14
■ Lift Truck ■ Bolzoni ■ Nuvera
15
* See page 3 for the calculation of EBITDA, the discussion of non-GAAP items and the related reconciliations to U.S. GAAP measures.
Consolidated
1
Hyster-Yale Materials Handling
Selected Financial and Operating Data
Year Ended December 31
2016 2015 2014 2013 2012(1)
(In millions, except per share data)
Operating Statement Data:
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net (income) loss attributable
to noncontrolling interest . . . . . . . . . . . . . . . . . . . . .
Net income attributable to stockholders . . . . . . . . .
Basic earnings per share
attributable to stockholders . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per share
attributable to stockholders . . . . . . . . . . . . . . . . . . . . .
$ 2,569.7
$ 34.9
$ 42.3
$ 2,578.1
$ 103.5
$ 75.1
$ 2,767.2
$ 148.8
$ 110.2
$ 2,666.3
$ 134.3
$ 110.2
$ 2,469.1
$ 111.7
$ 98.1
0.5
$ 42.8
(0.4)
$ 74.7
(0.4)
$ 109.8
(0.2)
$ 110.0
(0.1)
$ 98.0
$ 2.61
$ 4.58
$ 6.61
$ 6.58
$ 5.84
$ 2.61
$ 4.57
$ 6.58
$ 6.54
$ 5.83
Balance Sheet Data December 31:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 43.2
$ 1,287.1
$ 82.2
$ 463.8
$ 155.1
$ 1,095.9
$ 19.6
$ 460.8
$ 111.4
$ 1,120.8
$ 12.0
$ 454.5
$ 175.7
$ 1,161.3
$ 6.7
$ 449.8
$ 151.3
$ 1,064.4
$ 106.9
$ 341.3
Cash Flow Data:
Provided by (used for) operating activities . . . . . . . .
Used for investing activities . . . . . . . . . . . . . . . . . . . . . . . .
Cash flow before financing activities(2)
$ (48.9)
$ (145.1)
$ (194.0)
$ 89.4
$ (31.3)
$ 58.1
$ 100.0
$ (44.4)
$ 55.6
$ 152.9
$ (26.1)
$ 126.8
$ 128.7
$ (19.5)
$ 109.2
Provided by (used for) financing activities . . . . . . . . . .
$ 77.9
$ (7.1)
$ (110.5)
$ (104.4)
$ (144.4)
Other Data:
Cash dividend paid pre-spin to
NACCO Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .
$ —
$ —
$ —
$ —
$ 5.0
Per share data:
Cash dividends(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market value at December 31 . . . . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity at December 31 . . . . . . . . . . . . .
Actual shares outstanding at December 31 . . . . . . . . .
Basic weighted average shares outstanding . . . . . . .
Diluted weighted average shares outstanding . . . .
Total employees at December 31(4) . . . . . . . . . . . . . . . . .
$ 1.170
$ 63.77
$ 28.30
16.391
16.376
16.427
6,500
$ 1.130
$ 52.45
$ 28.23
16.324
16.307
16.355
5,400
$ 1.075
$ 73.20
$ 27.98
16.241
16.607
16.675
5,400
$ 1.000
$ 93.16
$ 26.91
16.714
16.725
16.808
5,100
$ 2.250
$ 48.80
$ 20.40
16.732
16.768
16.800
4,900
(1 ) As a result of Hyster-Yale’s spin-off from NACCO Industries, Inc. and the distribution of one share of Class A common stock and one share of Class B common stock for each
share of NACCO Industries, Inc. Class A common stock and NACCO Industries, Inc. Class B common stock on September 28, 2012, the earnings per share amounts and the
weighted average shares outstanding for the Company have been calculated based upon doubling the relative historical basic and diluted weighted average shares
outstanding of NACCO Industries, Inc.
(2) Cash flow before financing activities is equal to net cash provided by (used for) operating activities less net cash used for investing activities.
(3) Includes an extraordinary dividend of $2.00 per share and a regular quarterly dividend of $0.25 per share paid to stockholders of the Company during the fourth
quarter of 2012.
(4) Excludes temporary employees.
2
2016 Annual Report
Year Ended December 31
2016 2015 2014 2013 2012
(In millions)
Calculation of EBITDA(5)
Net income attributable to stockholders . . . . . . . . . . . . .
Noncontrolling interest income (loss) . . . . . . . . . . . . . . .
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization expense . . . . . . . . . . . . .
EBITDA(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 42.8
(0.5)
(4.0)
6.7
(2.0)
39.1
$ 82.1
$ 110.0
0.2
17.2
9.0
(1.8)
30.2
$ 164.8
$ 109.8
0.4
39.9
3.9
(1.1)
29.7
$ 182.6
$ 74.7
0.4
29.4
4.7
(1.5)
28.9
$ 136.6
$ 98.0
0.1
7.0
12.4
(1.5)
28.0
$ 144.0
(5) EBITDA in this Annual Report is provided solely as a supplemental disclosure with respect to operating results. EBITDA does not represent net income, as defined by U.S. GAAP,
and should not be considered as a substitute for net income or net loss, or as an indicator of operating performance. Hyster-Yale defines EBITDA as income before income taxes
and non-controlling interest income (loss) plus net interest expense and depreciation and amortization expense. EBITDA is not a measurement under U.S. GAAP and is not
necessarily comparable with similarly titled measures of other companies.
Calculation of Return on Capital Employed:(6)
Average stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average capital employed, net of cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income attributable to stockholders, as reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus: Interest expense, net, as reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Income taxes on interest expense net, at 38%*** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual return on capital employed = actual net income before interest
expense, net, after tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual return on capital employed percentage(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual return on equity percentage(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
$
$
$
Year Ended December 31
(In millions, except percentage data)
2016*
2015**
$
$
$
$
483.6
126.1
(94.6)
515.1
42.8
4.7
(1.8)
45.7
8.9%
8.9%
449.7
44.1
(114.3)
379.5
74.7
3.2
(1.2)
76.7
20.2%
16.6%
(6) Return on capital employed is provided solely as a supplemental disclosure with respect to income generation because management believes it provides useful information with
respect to earnings in a form that is comparable to the Company’s cost of capital employed, which includes both equity and debt securities, net of cash.
(7) Return on equity is defined as net income divided by average stockholders’ equity.
*
**
***
2016 Average stockholders’ equity, debt and cash are calculated using 12/31/15 and each of 2016’s quarter ends.
2015 Average stockholders’ equity, debt and cash are calculated using 12/31/14 and each of 2015’s quarter ends.
Tax rate of 38% represents the Company’s target U.S. marginal tax rate compared with the non-meaningful effective income tax rate in 2016 and 28.1% in 2015.
3
Hyster-Yale Materials Handling
To Our Stockholders
Introduction
Hyster-Yale’s vision is to be the leading, globally
integrated designer, manufacturer and marketer of a
complete range of lift truck solutions, leveraging high-
quality, application-tailored lift trucks, attachments and
power solutions that offer the lowest cost of ownership
and the best overall value. During 2016, the Company
continued to invest in its strategic initiatives and made
substantial progress in many areas. The foundation
has been laid for more rapid market share gains and
profitable growth in the years ahead, including through
the acquisitions of Bolzoni S.p.A, a major global
manufacturer of attachments, forks and lifting tables,
and certain distribution businesses of Speedshield
Technology, a leading provider of telemetry solutions.
The Company also continued to invest in Nuvera and
is moving closer to high volume manufacturing of
fuel-cell engines and associated systems.
Hyster-Yale has a significant number of core
competencies, but its goal is to become a broader
lift truck solutions partner to the materials handling
market, one industry and one customer at a time.
With this singular focus, Hyster-Yale invested heavily in
businesses and technologies during 2016. The addition
of Bolzoni added a wider offering to the Company’s
suite of products and enhanced the Company’s ability
to better meet the needs of its customers. It is also
expected to expand Hyster-Yale’s market reach, while
leveraging Bolzoni’s manufacturing capacity. Bolzoni
contributed $115.6 million to revenues since its
acquisition in the second quarter of 2016.
The telematics installation and distribution busi-
nesses acquired in the United States and the United
Kingdom from Speedshield Technology provide a solid
platform for expansion of the Company’s offering of
Hyster® and Yale® fleet management solutions. This
acquisition provides Hyster-Yale with the exclusive
distribution rights of these businesses’ telemetry
products for forklift truck applications in all regions
outside of Australia. The acquired businesses are now
included in the Company’s aftermarket business.
Hyster-Yale’s goal is to become
the lift truck solutions partner to the
materials handling market.
After almost two years of ownership and sub-
stantial investment in product development, the
Company’s alternative-power technology company,
Nuvera, completed shipments to its launch customer
of its first Class 1, 2 and 3 battery-box replacement
fuel-cell systems. With initial commercialization and
deliveries underway, as well as successful trials and
demonstrations at other customers, the Company is
confident there is adequate demand to begin volume
production of the battery-box replacements and
integrated solutions at its Greenville, North Carolina,
manufacturing plant, as originally planned at the time
of the acquisition. As a result, responsibility for the next
4
2016 Annual Report
generation of battery-box replacements, as well as the
integration of Nuvera’s fuel-cell engines directly into
the lift truck product range, will be moved to the Lift
Truck business during 2017. This structure will permit
Nuvera to focus on its core intellectual property in
developing fuel cells and on commercialization of
the fuel-cell stacks, engines and associated products.
In turn, the Lift Truck business will focus on its core
competency of integrating engines of all types into
forklift trucks.
The Company is pleased with the progress made
on its strategic initiatives during 2016, but the year did
not come without challenges. The strong U.S. dollar
unfavorably affected results, as did a soft market for
higher-capacity Class 5 trucks, including Big Trucks, and
a shift in product mix away from internal combustion
engine (“ICE”) products, where the Company has
historically been strong. In addition, the Company made
large investments in its strategic initiatives through
deal-specific pricing at less than target margins to
gain targeted accounts, and it incurred additional
expenses for product development and marketing
to transition Nuvera’s products from development
to commercialization and production.
Given these factors, the 2016 consolidated net
income decreased to $42.8(1) million from $74.7 million
in 2015. Consolidated revenues of $2.6 billion were
comparable to 2015. The Company’s balance sheet
remained strong, but the Company used more cash
and increased its leverage as a result of the invest-
ments made in its strategic initiatives.
The Company operates three separate businesses:
its core Lift Truck business, Bolzoni and Nuvera. To
understand the Company, it is important to under-
stand each of these businesses.
Our Lift Truck Business
Both the internal decisions to incur certain up-
front costs to achieve longer-term benefits and the
external factors previously mentioned had a sub-
stantial impact on the near-term profitability of the
Company’s core Lift Truck business. The operating
profit margin at the Lift Truck business declined to
3.0% and net income decreased to $66.9 million in
2016. However, while the results declined from the
prior year, solid progress was made on the strategic
initiatives and, despite these challenges, the Company
continues to focus on achieving its Lift Truck target
operating margin of 7% during this market cycle.
Hyster-Yale has been positioning itself for operating
profit margin and share growth improvement in the
Lift Truck business since before the Great Recession.
Initially, this process was focused on strengthening
products and cost position. The Company upgraded its
comprehensive global product line and introduced new
models, and it rationalized its global manufacturing
footprint around assembly of lift trucks largely in the
market of sale, including implementing a modern,
lean and flexible manufacturing system. As a result
of these changes, the Company enhanced throughput
capabilities, which increased effective capacity by
over 45% from current levels, with fewer plants. The
(1) For purposes of this annual report, discussions about net income refer to net income attributable to stockholders.
(left to right)
n The direct-to-store delivery (DSD) package on the Yale® MPB045-VG offers specially designed features and lithium-ion power for
fast, efficient replenishment in retail operations.
n The Hyster® 60XT pneumatic-tire, internal combustion engine standard lift truck has a lifting capacity of up to 6,000 pounds and
is engineered to benefit a wide range of applications from building materials and home centers to agriculture and distribution.
n The Yale® MPE080-VG end-rider lift truck, utilizing “Driven by Balyo” technology, can move loads up to 8,000 pounds and can
autonomously navigate through warehouse environments.
5
Hyster-Yale Materials Handling
Company also re-engineered its products to utilize
common components across multiple lift truck classes
to reduce costs and complexity, including outsourcing
certain components to achieve high quality at lowest
cost, capture procurement cost savings, increase
manufacturing efficiency and allow for faster design
upgrades, in addition to centralizing its supply chain
management to leverage best practices and gain
economies of scale. Further, improvements in product
development, engineering, manufacturing and sourced
components have led to higher levels of product
quality, resulting in significantly reduced warranty
costs and enhanced customer satisfaction. All of these
efforts continue to gain momentum with the focus
now shifting to continuous improvement.
Most recently, through its commitment to being
a broader lift truck solutions provider, the Lift Truck
business has shifted its focus to organic growth driven
by market share gain. The Company has a geographic
focus, but to gain share it is also focusing on identify-
ing strategies that apply across an industry and then
executing those strategies with a one-by-one customer
focus. The Company has a high share in customers
with which it does business, but obviously, no share
in customers where it does not. To increase its profile,
the Company has improved its targeted messaging,
as well as increased coverage through direct sales to
major accounts and through an improved account
identification and coverage process. This process is
specifically aimed at identifying and understanding
customers in each industry so the Company can
craft solutions that provide those customers with
the lowest cost of ownership, maximum uptime
and highest value. The Company is confident in its
process, but attracting new customers and gaining
their trust and acceptance takes time.
Unit volume drives the Company’s economic
engine. Increased volumes generate greater economies
of scale, resulting in more favorable operating margin
leverage in all areas of the business, particularly in man-
ufacturing overhead and operating expenses. These
higher volumes ultimately result in a larger installed lift
truck population base, which is estimated at 827,000
units at the end of 2016. This growing installed base
generates a large, profitable parts business, which is a
key element of operating profit margins. The Company
believes that with market share growth and some
external market growth, it can reach adequate volumes
to achieve its financial objectives. The Company’s
current goal is to achieve annual sales of $3.6 billion on
annual volume of 115,000 properly balanced, Hyster-
Yale-produced trucks during this economic cycle. At
this volume level, the Company expects to be able to
achieve its Lift Truck business’ 7% operating profit
margin target through improved fixed manufacturing
capacity utilization and leverage of the Company’s
selling, general and administrative costs. In 2016, the
Company shipped approximately 79,200 Hyster-Yale-
produced units. However, to achieve the 7% target
an appropriate mix of 35,800 additional units is needed
to fill its assembly lines. Given the nature of the
Company’s path forward, it is difficult to forecast the
timing of achieving these targets with great specificity,
but the Company is confident it has the right programs
in place to accomplish its objectives and expects to
reach them in the next three to four years.
6
2016 Annual Report
During 2016, the overall global lift truck market
grew 7.5% to 1.2 million units. The Europe, Middle
East and Africa (“EMEA”) region experienced growth
of 10.5%, driven primarily by strong Western Europe
growth of over 12%. The Americas market grew 1.3%
during the year, as growth of 2.1% in North America
and Latin America was partly offset by a decline in the
Brazil market of almost 17%. The Japan, Asia-Pacific,
India and China (“JAPIC”) region grew 8.3% in 2016,
primarily because of increased demand in the China
market, which increased 14.7% from the lower prior-
year levels.
customers toward solutions that provide them the
lowest cost of ownership. All customers must be
given attention, but additional attention needs to go
to growth customers in the fast-growing warehousing
sector and support for them needs to come through
the Company’s worldwide, independent distribution
network, which the Company continues to strengthen.
Although Hyster-Yale wants to improve everywhere,
focused attention is being given to the Asia market as
demand there is high, and this is the area where the
Company has significant opportunties to strengthen
its overall market presence. Targeted attention on the
Through its commitment to being a solutions provider, the Lift Truck business’
focus is on organic growth driven by market share gain.
Looking forward, the global market for lift truck
units is expected to remain stable at a high level in
2017. Anticipated improvements in the Western and
Eastern European markets and a positive but weak-
ening JAPIC market are expected to be offset by an
anticipated small decline in the Americas market
from the record level achieved in 2016. Despite this
market environment, Hyster-Yale is optimistic it can
grow in 2017 through market share gains.
To achieve its long-term goals, the Company is
focused on the customer, everywhere and in every
industry, and on meeting these customers’ needs
through the execution of its core strategic initiatives,
including identifying and satisfying needs at both
the product and aftermarket levels, while driving
Company’s Big Truck market is also important as it drives
high revenues and margins. Finally, the Company’s sales
and marketing organization, which has been strength-
ened with additional talent and enhanced to include
focused organizational teams and Solutions Groups
charged with developing specialized, industry-specific
solutions for customers, needs to work with Bolzoni,
Nuvera and the other technology accelerators to
ensure these solutions bring value to customers.
These core strategic initiatives are expected to help
Hyster-Yale gain sufficient market share to generate
the appropriate mix of volume necessary to achieve
its financial targets. The Company’s initiatives are
inter-related, but more specific information on
certain initiatives follows.
(left to right)
n The newly released Yale® GP50MX, internal combustion engine, pneumatic-tire lift truck, with lifting capacities of up to 5,000
pounds, shown here with the Hi-Vis™2 mast and bar-on-edge overhead guard offering enhanced visibility for operator comfort.
n The Yale® ERC-VG electric, counterbalanced four-wheel warehouse truck is shown being powered by a Nuvera® fuel-cell engine.
n The new European Hyster® R1.4-2.5 Reach Truck for warehouse applications is available in lifting capacities between 1.4 and 2.5 tons.
n The European Yale® MS pedestrian stacker has lift capabilities suitable for a range of user heights and experience levels, ranging
from approximately 12 to 20 feet.
7
Hyster-Yale Materials Handling
Understanding Customer Needs: Hyster-Yale aims
to create and provide a full range of differentiated
products and develop solutions for specific industry
applications. Hyster-Yale’s product portfolio spans
all five major product classes. To meet the specific
application needs of its customers, the Company
continues to invest in broadening its product range
and has focused on designing and developing utility,
standard and premium products for its electric-rider,
warehouse, ICE and Big Truck product lines in all
appropriate market segments. The Company offers
over 260 different lift truck models with a full range
of power options, including lead-acid and lithium-ion
batteries and fuel-cell engines for its electric trucks,
and liquid propane gas, compressed natural gas,
gasoline and diesel fuel for its ICE trucks. Having the
right product at the right price for each application
allows the Company to focus on delivering products
that consistently meet the specific and varied needs of
customers, at appropriate margins, giving customers
the ability to move goods in a more productive and
cost-effective manner, and to lower the life cycle cost
of operating their trucks.
The Company’s product pipeline is expected to
provide a continuous stream of new products over
the next several years aimed at addressing application-
specific needs of customers in virtually all major
industries. In 2016, the Company introduced its new
“heart-of-market” 2.0 to 3.0 ton standard Class 5 ICE
lift truck, which has been well received by customers.
Production also began on the Company’s new
European 1.0 to 1.6 ton pedestrian pallet stacker. Early
in the second quarter of 2017, the Company expects
to launch a new ReachStacker Big Truck dedicated
to high-volume, container-handling applications in
defined markets. As these new products gain traction
and other new products in the pipeline are introduced,
these products are expected to help increase market
share, improve revenues and enhance operating
margins in 2017 and in the long term.
Delivering Lowest Cost of Ownership: The
Company is focused on providing products that
reduce the life cycle cost of operating its trucks.
The Company has been successful in reducing fuel
consumption, a significant direct cost for its customers,
on certain ICE truck models by up to 20%, and it has
improved the energy efficiency and controllability
of its electric trucks, which also reduces customers’
direct costs. The Company is introducing automation
and telemetry capabilities in its lift trucks to reduce
operating costs further. Telemetry delivers additional
information and value to customers, allowing them
to monitor the use of trucks and ensure they are
being properly operated and serviced in a timely
manner, thereby reducing lifetime maintenance costs.
Hyster-Yale has seen substantial growth in the use of
telemetry on its trucks, with over 25,000 trucks in the
field currently using this option. The Company can
also lower the cost of ownership by offering attractive
lease rates for its customers through an improved
understanding of applications and operating costs.
The Company is introducing automation
and telemetry capabilities in its lift
trucks as a way to provide solutions that
reduce operating costs.
Growing in Warehouse: In most markets around
the world, electric-powered trucks are gaining in
popularity, due in part to environmental concerns
but also due to growth of the retail, warehousing
and distribution markets, particularly in North America
and Western Europe. As a result, the industry is
experiencing a secular shift from ICE trucks to electric
power trucks. Worldwide orders for warehouse trucks
were approximately 44% of total lift truck orders in
2016, compared with 42% in 2015 and 37% ten years
ago. To meet this industry shift, the Company has
strengthened its warehouse market position through
enhancing dealer and customer support, adding
products and implementing programs to increase
focus on key customers. Sales of electric lift trucks
accounted for 27% of Hyster-Yale’s revenues in 2016.
As part of the Company’s efforts to penetrate the
growing warehouse equipment market more deeply,
it has upgraded its warehouse and electric-rider
product lines, including launching new Reach and
Stacker trucks in Europe and an enclosed end-rider
warehouse truck in both the United States and
8
2016 Annual Report
(left to right)
n A Yale Vision telematics solution shown mounted
on a Yale® lift truck. The Yale Vision tracks over five
usage meters, including impact sensing, access
control and preventive maintenance and,
ultimately, helps promote both operator safety
and increased productivity.
n A Hyster® LO 2.5 multi-level warehouse order
picker is designed for time-sensitive order-picking
operations that demand reliability.
Europe. In addition, the Company has helped dealers
strengthen their specialized capabilities for serving
this segment and increased coverage through direct
sales to major accounts, as well as improved account
identification and coverage processes. As a result of
these efforts, the Company has been successful in
winning business at many of its targeted warehouse
accounts. The Company has also achieved early success
in developing automated products using its own
resources and in combination with partners. In addition,
the Company expects that the Nuvera products will
help the Lift Truck business penetrate heavy-duty
warehouse applications, which are ideal customers
for lift trucks with fuel-cell power solutions.
Strengthening Independent Distribution: The
Company continues to believe that having entrepre-
neurial, exclusive, independent dealers that are
committed to customer satisfaction is a competitive
advantage. Hyster-Yale works with its dealers on
excellence programs aimed at enhancing their
capabilities and broadening their account coverage,
including increasing sales specialization and improving
sales messaging, which allows for mutual profitable
growth. The Company continues to strengthen its
exclusive, independent distribution network by adding
strong dealers, encouraging, where appropriate, more
dual-brand ownership by dealers and attracting
best-in-class dealers from competitors. In both 2015
and 2016, Hyster-Yale completed major enhancements
to its North American dealer network, which included
a large competitor dealer conversion in 2015 and
expansion of its dual-brand coverage. The Company
is also working to improve its Asian and European
distribution and continues to add dealers in these areas.
Succeeding in Asia: Hyster-Yale, as a global
company, is focused on expanding in all markets but is
giving particular focus to the JAPIC region, which is the
biggest market globally and where Hyster-Yale has the
lowest market share. The Company continues to add
sales resources and appoint new dealers in the area.
Attention is also being given to expanding the product
range, as well as the competitiveness of its products
produced in the region, either in its own facility in
China, through its Japanese joint venture or with its
partners in China and India.
Enhancing Big Truck Market Position: Overall, the
Company has a strong market position in Big Trucks
but believes there is significant growth potential
remaining, especially given the Big Truck market
weakness experienced in 2016. Hyster-Yale will
continue to introduce additional new Big Truck
products, providing a comprehensive Tier 4 engine
offering, including a new ReachStacker in 2017 that,
as previously mentioned, is dedicated to high-volume,
container-handling applications. Further, Hyster-Yale
has already gained Tier-4 engine-emission leadership
by achieving substantial improvements in fuel effi-
ciency with these new engines. The Company has
expanded its global Big Truck team and is highlighting
its Big Truck global capabilities to customers who need
global coverage and specialized application sales
capabilities, as well as working closely with its dealers
to drive growth plans. Hyster-Yale’s Big Truck efforts are
focused on both container-handling equipment and
the many industries requiring products using forks or
special attachments. Increasing specialization allows
Hyster-Yale to increase penetration in all industries
more effectively.
9
Hyster-Yale Materials Handling
Our Attachment Business
Bolzoni has been active for over 70 years in the
design, production and distribution of a wide range
of products utilized in industrial materials handling.
Bolzoni products, which include integral and hook-on
sideshifters, fork positioners, forks, push pulls, multi-
pallet handlers, rotators, paper roll, bale and carton
clamps and lift tables, are manufactured in Italy, China,
Germany, Finland and the United States. Bolzoni holds
a leading position in the lift truck attachment market,
predominantly in Europe, and is represented globally
by direct branches and independent dealers.
Bolzoni, acquired by the Company during the
second quarter of 2016, is a stand-alone business
under Hyster-Yale’s umbrella and is committed to
meeting the product and handling solutions needs
of its customers, which include many of the main
lift truck manufacturers. Since the acquisition and
through December 31, 2016, it has generated revenues
of $115.6 million and operating and net losses of
$0.1 million and $0.3 million, respectively, including
$2.7 million pre-tax of one-time purchase accounting
adjustments and $4.8 million pre-tax of expenses
related to the amortization of acquired assets.
The association of Bolzoni and Hyster-Yale is a
natural fit. Class 1 and Class 5 counterbalanced trucks
are the primary users of attachments. For many of
these customers, the attachment purchase is more
important than the actual lift truck purchase because
the attachment is what is directly handling their goods.
Bolzoni is focused on making sure the attachment has
the appropriate characteristics to move those goods
around the facility efficiently and undamaged, through
its intelligent lift truck attachments, which include its
iMove technology that has the capability to analyze
loads and apply the appropriate pressure to ensure
products are not damaged in transport. By providing
access to a full range of attachments and lift trucks
that meet the exact needs of customers, the Company
views the acquisition of Bolzoni as another way it can
offer its customers a complete product solution.
While maintaining Bolzoni’s independence is
critical to its customer relationships, the Company has
many opportunities to create synergies and improve
results at both businesses going forward. The majority
of Bolzoni's revenues are generated in the growing
EMEA market, primarily Eastern and Western Europe,
where Hyster-Yale currently has a smaller presence,
(left to right)
n The European Hyster® 4.5 Fortens internal combustion engine pneumatic-tire lift truck, with a lifting capacity of up to 4.5 tons,
moves a bale of hay with a Bolzoni Auramo bale clamp.
n The Bolzoni-Auramo manufacturing plant in Wuxi Xishan District, Jiangsu Province, China. Bolzoni has a total of six manufacturing
facilities located in Italy, China, Germany, Finland and the United States.
10
2016 Annual Report
and to a lesser degree, in the North America market,
where Hyster-Yale’s presence is very strong. This com-
bination, along with the anticipated growth in the
EMEA market in 2017, provides the Company with a
platform for improved global market penetration.
Bolzoni, through its research and development
facilities, is focused on innovation and providing
customized solutions to its customers. The combination
of these innovative qualities with Hyster-Yale’s, and
the ability to match the attachment and forklift truck
through the integration of attachment sourcing for the
Lift Truck business, is expected to create significant
opportunity in the future. This, in addition to the
implementation of integrated lift truck and Bolzoni
programs, primarily related to supplier and material
cost synergies, are expected to generate growth in
operating profit and net income over time and
generate more operating leverage from sales growth.
As these programs mature, the Company expects
Bolzoni to exceed its 7% operating profit margin target.
Our Hydrogen Power Business
The Company’s acquisition of Nuvera in late
2014 was driven by its view that having fuel-cell power
options, specifically for industrial mobility markets,
could be a product differentiator and that the hydrogen
fuel-cell market for lift trucks had significant growth
opportunities. This view has been reinforced by
the strong interest shown in Nuvera® products by
customers, dealers and potential partners. Hyster-Yale
believes the commercialization of the Nuvera fuel-cell-
related technologies is an investment that will reinforce
the Company’s core strategies and help drive additional
lift truck unit market share growth. It also provides the
Company with the ability to expand its power solutions
offerings, as well as best-in-class energy solutions to
customers, by integrating fuel cells with lift trucks in a
way that is expected to optimize the performance and
energy efficiency of the total lift truck system. This, in
conjunction with the Company’s capability to provide
full life cycle maintenance, service and fueling
requirements, is expected to provide Hyster-Yale
with an opportunity to meet customers’ needs, drive
market share, enhance Hyster-Yale’s margins and
offer a low overall cost of ownership alternative. In
addition, the Company expects that once Nuvera’s
technology is fully commercialized, participation
in the fuel-cell market could be a significant profit
generator and will add a value-chain profit opportunity
for sales and margins of fuel-cell and hydrogen-supply
products, across a broad spectrum of industries and
applications.
Nuvera’s primary goal is to be a major supplier of
fuel-cell engines to power lift trucks. Currently, more
than 150,000 electric trucks are sold each year in the
North America market and more than 700,000 are sold
worldwide. The Company estimates that between 25%
and 50% of those users could potentially use fuel cells
to make their operations more cost-effective and
efficient. Currently, Nuvera offers a fuel-cell engine that
is a direct replacement for a lead-acid battery. In 2016,
Nuvera completed shipments to its launch customer of
its first Class 1, 2 and 3 battery-box replacement fuel-
cell systems, which have been well received, and the
Company will be shipping units to additional customers.
While commercialization of these products is taking
longer than anticipated, the Company is pleased with
the design innovation in Nuvera’s core technologies,
as well as in its current generation of battery-box
replacements. However, production costs for these
units are currently higher than target costs. As a result,
Nuvera reported a net loss of $23.8 million in 2016
compared with $14.6 million in 2015. Nuvera and the
Company are focused on reducing manufacturing
costs per unit as production increases and greater
economies of scale are achieved, but it will take time
to get the target cost structure in place.
11
Hyster-Yale Materials Handling
New orders for Nuvera’s current generation of
battery-box replacements are being received and
further customer demonstrations are planned, which
are expected to provide additional sales opportunities.
The Company has expanded its commercial efforts,
including enhancing its sales, marketing and business
development teams, to prepare for a broad roll-out
of Nuvera® products. A growing team of internal field
service professionals are leveraging the resources of
Hyster-Yale and its dealer networks to ensure products
meet the demanding and rigorous needs of lift truck
customers. The Company has made significant invest-
ments to automate production, testing and quality
verification and will continue to invest in the future as
Nuvera focuses on fuel-cell stack, engine and associated
products manufacturing . All units undergo the full
reliability growth testing and validation processes that
are used for all new products introduced from Hyster-
Yale’s development and testing facilities.
Nuvera will continue, for now, to build out its
current inventory and continue to manufacture its
current generation battery-box replacements as a
contract manufacturer for the Lift Truck business and
will provide ongoing design assistance to the Lift
Truck business development group. This structure will
permit Nuvera to focus on its core competencies of
developing its fuel-cell technology, including its next
generation Orion® Gen 2 technology with increased
power density and scalability, commercialization of
the fuel-cell stacks and engines as a fuel-cell engine
supplier to the Lift Truck business, and continuing
development of its hydrogen-generation appliance
and its electrochemical compressor. In turn, the Lift
Truck business will focus on its core competency of
integrating engines of all types into forklift trucks,
using its established expertise in product develop-
ment, supply chain, manufacturing and end-product
and aftermarket sales. Production at the Greenville
location is expected to commence during the second
half of 2017.
The combination of the core competencies of
both the Lift Truck and Nuvera businesses allows the
Company to provide a unique, all-in fuel cell solution
to its customers, from the generation of hydrogen, to
conversion of that hydrogen into power that can be
used to refuel the fuel-cell engine in a lift truck. The
Company believes these capabilities will help to drive
adoption of this technology going forward.
There is also growing interest in Nuvera’s fuel-
cell solutions from other industrial equipment manu-
facturers, as well as from major third parties in the
hydrogen supply business. Both are attracted to the
unique combination of strong innovation, technology
development and solutions from Nuvera, combined
Nuvera® power solutions offer fast-fueled power options for Class 1, 2 and 3 electric lift truck fleets to help achieve productivity
improvements, fast fills and reductions in total energy use and greenhouse gas emissions.
Drop-in power alternatives with standard lead-acid battery connections support a variety of electric forklift makes and models and offer
a highly productive alternative to the changing and recharging of lead-acid batteries.
Nuvera’s drop-in power alternatives are shown here, from left to right, in a Class 3 Hyster® B60-80ZHD end-rider warehouse truck,
a Class 1 Yale® ERP50-VM four-wheel, pneumatic-tire, counterbalanced lift truck and a Class 2 Hyster® N35ZR Reach truck.
12
2016 Annual Report
with the global strength of the Hyster-Yale manufac-
turing and supply chain organizations.
Finally, in addition to its existing technology,
Nuvera has continued to invest in its other innovations,
with several new technologies showing significant
progress toward breakthrough improvements in
the use and distribution of hydrogen in industrial
applications, including the capability to use the
technology internationally and in larger lift trucks
once the technology is fully developed for an inte-
grated fuel-cell hybrid engine solution with greater
power density.
Hyster-Yale is committed to achieving its core Lift Truck target operating margin of
7% and believes it can leverage its two other businesses to achieve this target.
Looking Forward
The Company has a long-term focus. Goals have
been established and strategic initiatives are in place
to help achieve the Company’s long-term business
objectives. The Company’s goal is to invest wisely in
the future, with the ability to leverage, but also to
control, the expense structure as it moves forward.
Lift Trucks: Hyster-Yale is committed to achieving
its core Lift Truck target operating margin of 7% and
believes it can achieve this with an annual volume
of 115,000 properly balanced, Hyster-Yale-produced
trucks, and that it can leverage its two other businesses
to achieve this target. With the substantial investments
made in 2016, and additional momentum from the
continued focus on execution of the core strategic
initiatives, the Company believes it is poised to grow
through the rest of this market cycle, irrespective
of industry growth, by focusing on increasing market
share to reach its long-term financial goals. While
the Company’s 2016 Lift Truck business operating
profit margin of 3% was well below its 7% operating
profit margin target, Hyster-Yale believes this gap
can be closed mainly by increasing unit volumes
at target margins through improved market share,
leveraging the technology accelerators and the
business acquisitions that were made, and through
modest market growth. The Company expects operat-
ing margins to increase as it grows volume and controls
its operating expenses.
Attachments, Forks and Lift Tables: The
Company expects to develop its Attachment business
into a larger, long-term business through growth in
lower-share markets, through leverage of Bolzoni’s
manufacturing capacity and through the integration
of attachment sourcing for the Lift Truck business,
allowing Bolzoni to ultimately achieve and exceed
its operating margin target of 7%.
Hydrogen Power: The Company expects its
Hydrogen Power business, over the longer term, to
move from a significant loss position to significant
profitability as it introduces new products, grows
volume, lowers product costs and develops partner
arrangements. Nuvera’s focus on fuel-cell stacks and
engines, while continuing development of its hydro-
gen generation appliance and its electro-chemical
compressor, is expected to allow it to reach its break
even target during 2018 as it ramps up supply to the
Lift Truck business and becomes a trusted supplier to
other customers. The Lift Truck business will focus on
the integration of the engine into its product range
either in a battery box replacement or as an integrated
solution. This is expected to result in increased new unit
market share and profitability over time as customer
demand for this value-added solution grows.
Valuation: Hyster-Yale’s value creation strategy
encompasses all of its business units. However, when
all of the businesses are viewed as one, the valuation
picture is misleading. The Company believes its
13
Hyster-Yale Materials Handling
valuation should be considered differently among
the individual businesses. The Lift Truck and Attachment
businesses, which are in a mature, cyclical industry
with market-leading positions and solid operating
cash generation, are focused on creating value by
increasing unit volume and market share through the
execution of core strategic initiatives. These initiatives
are expected to lead to achieving the Company’s
financial targets and gaining significant aftermarket
parts business over the longer term as a result of the
continued increase in the Company’s installed lift
truck population base.
The picture is much different at the Hydrogen
Power business, where the priority remains on com-
mercializing products that are complementary and
additive to the Lift Truck business. Nuvera is in a
developing technology industry with its own distinct
characteristics. The use of hydrogen as an alternative
and clean energy source is growing and the Company
aims to be a key player in this industry over the long
term. The Company believes this business has sub-
stantial growth potential, which it expects to attain
by leveraging Nuvera’s significant patent portfolio
and a ready market in core Hyster® and Yale® forklift
trucks. Nuvera’s fuel-cell stacks, engines and other
products are also likely to be used across a very broad
spectrum of industries and applications and the
Company intends to enter into partnerships with third
parties as appropriate to leverage these opportunities.
However, because of the early stages of commercial-
ization of Nuvera’s products, the Company believes this
business should be valued more as a venture business.
Dividend and Uses of Cash: The Company increased
its annual dividend 3.5% to $1.18, or $0.295 per share
per quarter, during 2016, and will continue to evaluate
its dividend level in 2017.
Overall, Hyster-Yale expects strong cash genera-
tion in 2017 and beyond. The Company expects to
continue to focus on utilizing its cash to support its
strategic growth initiatives and fund related strategic
acquisitions should opportunities arise, and then, as
appropriate, return capital to its stockholders through
dividends. In the future, the Company will consider
additional share repurchases at prices attractive to
its stockholders.
14
We are a customer-focused and solutions-
oriented business. We have strategies in place to
gain market share in all segments and in all markets of
our business and we have made investments in growth
and game-changing technologies. We believe that our
business strategy, combined with a strong balance
sheet, financial flexibility, a solid cash position and solid
returns on capital employed in our core business, as
well as a commitment to shareholder returns over time,
makes Hyster-Yale a compelling long-term investment
opportunity. By clearly articulating and executing our
core strategies in our various businesses, we believe the
Company can achieve an enhanced market multiple
valuation in the future.
We have great confidence in the ability of our
management team to achieve the Company's market
share and financial objectives in the years ahead as our
many experienced and highly motivated professionals
build on the Company’s 2016 financial results. We
would like to take this opportunity to thank all of the
Company's customers, dealers and suppliers and all
of the Hyster-Yale stockholders for their continued
support. We also want to thank our employees for their
hard work and commitment to achieving our long-
term goals. We have a strategic plan we are excited
about executing and a decades-old business with
strong brands that have earned the trust of our
customers who depend upon the performance of
our products every day. We look forward to building
successfully on this legacy for many years to come.
Alfred M. Rankin, Jr.
Chairman, President and Chief Executive Officer,
Hyster-Yale Materials Handling, Inc. and
Chairman, Hyster-Yale Group, Inc.
Colin Wilson
President and Chief Executive Officer,
Hyster-Yale Group, Inc.
Directors and Officers
Directors and Officers of Hyster-Yale Materials Handling, Inc.
Directors:
Officers:
Alfred M. Rankin, Jr.
Chairman, President and Chief Executive Officer
Colin Wilson
President and Chief Executive Officer,
Hyster-Yale Group, Inc.
Gregory J. Breier
Vice President, Tax
Brian K. Frentzko
Vice President, Treasurer
Amy E. Gerbick
Associate General Counsel, Director of Corporate Compliance
and Assistant Secretary
Jennifer M. Langer
Vice President, Controller
Lauren E. Miller
Senior Vice President, Chief Marketing Officer
Kenneth C. Schilling
Senior Vice President and Chief Financial Officer
Suzanne S. Taylor
Senior Vice President, General Counsel and Secretary
J.C. Butler, Jr.
Senior Vice President-Finance, Treasurer and
Chief Administrative Officer, NACCO Industries, Inc.
President and Chief Executive Officer of
The North American Coal Corporation
Carolyn Corvi
Retired Vice President and General Manager –
Airplane Programs of The Boeing Company
John P. Jumper
Retired Chief of Staff, United States Air Force
Dennis W. LaBarre
Retired Partner, Jones Day
F. Joseph Loughrey
Retired Vice Chairman, President and Chief Operating
Officer of Cummins, Inc.
H. Vincent Poor
Distinguished Professor of Electrical Engineering of
Princeton University
Alfred M. Rankin, Jr.
Chairman, President and Chief Executive Officer of
Hyster-Yale Materials Handling, Inc.
Chairman of Hyster-Yale Group, Inc.
Chairman, President and Chief Executive Officer of
NACCO Industries, Inc.
Claiborne R. Rankin
Manager of NCAF Management, LLC, the managing member
of North Coast Angel Fund, LLC
John M. Stropki
Retired Executive Chairman of Lincoln Electric Holdings Inc.
Britton T. Taplin
Self-employed (personal investments)
Eugene Wong
Professor Emeritus of the University of California at Berkeley
Executives and Officers of Hyster-Yale Group, Inc. and its Subsidiary Companies
Alfred M. Rankin, Jr.
Chairman
Colin Wilson
President and Chief Executive Officer
Gregory J. Breier
Vice President, Tax
Brian K. Frentzko
Vice President, Treasurer
Amy E. Gerbick
Associate General Counsel, Director of Corporate Compliance
and Assistant Secretary
Stephen J. Karas
Vice President, Global Supply Chain
Jennifer M. Langer
Vice President, Controller
Lauren E. Miller
Senior Vice President, Chief Marketing Officer
Charles F. Pascarelli
Senior Vice President, President, Americas
Rajiv K. Prasad
Senior Vice President, Global Product Development,
Manufacturing and Supply Chain Strategy
Anthony J. Salgado
Senior Vice President, Japan, Asia-Pacific, India and China
Harry Sands
Senior Vice President, Managing Director, Europe,
Middle East and Africa
Kenneth C. Schilling
Senior Vice President and Chief Financial Officer
Roberto Scotti
President and Chief Executive Officer of Bolzoni S.p.A.
Gopichand Somayajula
Vice President, Global Product Development
Jon C. Taylor
President and Chief Executive Officer
of Nuvera Fuel Cells, LLC
Suzanne S. Taylor
Senior Vice President, General Counsel and Secretary
Mark H. Trivett
Vice President Finance, Europe, Middle East and Africa
Raymond C. Ulmer
Vice President Finance, Americas
Hyster-Yale maintains leading market share
positions in the Americas and worldwide
Contents
About the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Selected Financial and Operating Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Letter to Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Form 10-K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
Corporate Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Back Cover
Cover Photo Captions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Back Cover
Mission Statement: To be a leading, globally integrated designer, manufacturer
and marketer of a complete range of lift truck solutions by leveraging its high-quality,
application-tailored lift trucks, attachments and power solutions that offer the lowest
cost of ownership and the best overall value.
Corporate Information
Annual Meeting
The Annual Meeting of Stockholders of Hyster-Yale Materials
Handling, Inc. will be held on May 3, 2017, at 3:00 p.m. at
the corporate office located at: 5875 Landerbrook Drive,
Cleveland, Ohio 44124
Form 10-K
Additional copies of the Company’s Form 10-K filed with the
Securities and Exchange Commission are available free of charge
through Hyster-Yale’s website (www.hyster-yale.com) or by
request to:
Investor Relations
Hyster-Yale Materials Handling, Inc.
5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
(440) 229-5168
Stock Transfer Agent and Registrar
Stockholder Correspondence:
Computershare
P.O. Box 30170
College Station, TX 77842-3170
Overnight Correspondence:
Computershare
211 Quality Circle, Suite 210
College Station, TX 77845
(877) 373-6374 (U.S., Canada and Puerto Rico)
(781) 575-2879 (International)
Legal Counsel
Jones Day
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
Independent Registered Public
Accounting Firm
Ernst & Young LLP
950 Main Avenue, Suite 1800
Cleveland, Ohio 44113
Stock Exchange Listing
The New York Stock Exchange
Symbol: HY
Investor Relations Contact
Investor questions may be addressed to:
Investor Relations
Hyster-Yale Materials Handling, Inc.
5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
(440) 229-5168
E-mail: ir@hyster-yale.com
Hyster-Yale Materials Handling, Inc. Website
Additional information on Hyster-Yale
may be found at the corporate website,
www.hyster-yale.com. The Company
considers this website to be one of the
primary sources of information for investors
and other interested parties.
Hyster Global:
www.hyster.com
Yale Global:
www.yale.com
Nuvera Fuel Cells:
www.nuvera.com
Bolzoni S.p.A:
www.bolzonigroup.com
On the Cover (from top, left to right)
n The new European Yale® MS warehouse truck is a highly controllable and agile pedestrian stacker suitable for lift heights ranging from 12 to 20 feet.
n The newly released Hyster® XT 2.0 to 3.0 ton standard pneumatic tire, internal combustion engine lift truck series is available in 4,000 to 6,000 pound load capacities
and is designed to fit into almost any application or industry needing a hard-working forklift.
n The Yale® MPE080-VG end-rider truck with “Driven by Balyo” technology, designed for use in warehouse applications, has a carrying capacity of up to 8,000 pounds
and can transfer loads over long distances or to staging areas without the presence of an operator.
n This Hyster® 350-volt lithium-ion counterbalanced, electric-rider lift truck, has a lifting capacity of 8 to 9 tons and is ideal for applications such as ports, lumber yards
and the paper industry.
n Hyster® ReachStackers with Tier 4i emissions-compliant engines, load containers at a port in Rotterdam, The Netherlands.
n The Hyster® H360-36HD internal combustion engine truck with a Tier 4 Final engine, pictured with a coil-handling attachment. This unit has a lifting capacity of
36,000 pounds at a 36-inch load center and is designed for use in tough industrial applications.
n Hyster’s S120FT Fortis® internal combustion engine cushion-tire “Cool” truck, has a lifting capacity of up to 12,000 pounds and was designed to specifically meet the
needs of customers in the paper industry. This truck is shown with a Bolzoni Auramo paper clamp attachment.
n A Yale® Reach truck powered by a Nuvera fuel-cell engine is designed for use in warehouse applications.
n Yale offers two options of lift truck equipped with “Driven by Balyo” technology. An end rider with a load capacity of up to 8,000 pounds for automating repetitive
picking tasks in warehouses, and a MO70T tow-tractor for stock replenishment and material hauling.
The FSC® Trademark identifies
wood fibers coming from forests
which have been certified in
accordance with the rules of
the Forest Stewardship Council®.
2016 Annual Report
Solutions
THAT DRIVE Productivity
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5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
www.hyster-yale.com
An Equal Opportunity Employer