Hyster-Yale Materials Handling, Inc.

2020 ANNUAL REPORT 
About The Company

Selected Financial Highlights 

Letter To Our Stockholders 

Form 10-K

Transforming  
Hyster-Yale
An Industry Approach

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Mission Statement: To be a leading, globally integrated designer, manufacturer and marketer of  
a complete range of lift truck solutions, offering the lowest cost of ownership and the best overall value 
by leveraging our high-quality, application-tailored lift trucks, attachments and power solutions. 

A number of Yale® warehouse solutions working hard in an EMEA distribution environment.

2020 ANNUAL REPORT 
About The Company

Selected Financial Highlights 

Letter To Our Stockholders 

Form 10-K

Transforming  
Hyster-Yale
An Industry Approach

On the cover 
Hyster-Yale is solving its customers’ toughest application 
challenges by focusing on 10 core industry verticals, 8 of 
which are featured on the cover.

See the inside back cover for further information 
about cover photos.

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Contents
About the Company  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 1

Selected Financial and Operating Data  .  .  .  .  .  .  .  .  .  .  .  .  . 2 

Letter to Stockholders   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4 

Form 10-K  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 23

Directors and Officers  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 108

Corporate Information  .  .  .  .  .  .  .  .  .  .  . .

Inside Back Cover

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2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLING“Our purpose is to help  customers solve the toughest  challenges in their materials  handling applications.”Rajiv K. Prasad,  President, Hyster-Yale Materials Handling 
 
 
 
 
About 
The Company
Hyster-Yale Materials Handling, Inc ., headquartered 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, including attachments and hydrogen fuel cell power 
products, telematics, automation and fleet management services, as well as a variety 
of other power options for its lift trucks . 

Lift Trucks: Hyster® and Yale®
The Company’s operating subsidiary, Hyster-Yale Group, Inc ., designs, engineers, 
manufactures, sells and services a comprehensive line of lift trucks, attachments and 
aftermarket parts marketed globally, primarily under the Hyster® and Yale® brand 
names . The Company manufactures lift trucks and component parts in the United 
States, China, Northern Ireland, Mexico, the Netherlands, the Philippines, Japan, Italy, 
Brazil and Vietnam . 

Lift truck unit volumes drive the Company’s economic engine, and its worldwide 
distribution strength drives volume, market share, economies of scale and installed 
truck population . Hyster-Yale had an estimated installed population base of over 
941,000 lift trucks in operation in more than 770 industries worldwide at the end 
of 2020 . This population, in turn, generates highly profitable aftermarket parts and 
ancillary services revenue for both Hyster-Yale and its dealers .  

Attachments, Forks and Lift Tables: Bolzoni®,  
Auramo® and Meyer®
Bolzoni S .p .A . is a leading worldwide designer, producer and distributor of a wide 
range of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and 
Meyer® brand names . Bolzoni attachments meet the handling needs of customers in 
a broad array of industries, including paper, beverage, automotive and white goods . 
Bolzoni products are manufactured in the United States, Italy, China, Germany and 
Finland . 

Hydrogen Power: Nuvera®
The Company’s hydrogen power business, Nuvera Fuel Cells, LLC . is an alternative-
power, clean-energy technology company focused on the design, manufacture and 
sale of hydrogen fuel cell stacks and engines . Nuvera supplies fuel cell engines to 
Hyster-Yale Group for use in battery box replacements and for integrated lift truck 
engines . It also supplies fuel cell stacks and engines to external customers, integrators 
and partners who use them to develop clean-energy power solutions . 

* See page 3 for the calculation of Adjusted EBITDA, the discussion of non-GAAP items and the related reconciliations to 
 U.S. GAAP measures.

Core Strategic Initiatives
The Company’s objective is to provide a wide range of 
transformative  solutions  to  its  customers  to  generate 
profitable  growth  through  increasing  volumes .  These 
increasing  volumes  are  expected  to  generate  market 
share gains and drive improved margins . The Company 
is working to accomplish these objectives through the 
implementation of a number of key programs underlying 
its core strategic initiatives:

•  Be the leader in the delivery of industry- and 

customer-focused solutions

•  Provide the lowest cost of ownership, while 

enhancing productivity for customers

•  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

Total Revenues
(in billions)

$2.6

$2.9

$3.2

$3.3

$2.8

16 

 17  

18 

 19 

 20

Adjusted EBITDA*
(in millions)

$3.5

$0

$200

$82.1

$152.5

$94.2

$109.2

$97.4

$0

$(50)

16 

 17  

18 

 19 

 20

■  Nuvera    ■  Bolzoni    ■  Lift Truck                Consolidated

1

2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLING 
 
Selected  
Financial & Operating Data

2020 

Year Ended December 31
2017(1) 
2018 
(In millions, except per share and employee data)

2019 

2016

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  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$  2,812.1
49.9
$  
38.5
$  

 (1.4)
37.1

$  

$  

2.21

$  

2.21

$  3,291 .8
53 .9
$  
36 .6
$  

$ 
$  
$  

 3,179 .1
38 .8
34 .3

$  2,885 .2
74 .1
$  
48 .9
$  

$  2,569 .7
32 .9
$  
42 .3
$  

 (0 .8)
35 .8

2 .15

2 .14

$  

$  

$  

0 .4
34 .7

2 .10

2 .09

$  

$  

$  

(0 .3)
48 .6

2 .95

2 .94

$  

$  

$  

0 .5
42 .8

2 .61

2 .61

$  

$  

$  

Balance Sheet Data at December 31:
Cash  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Total assets  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Long-term debt  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Stockholders’ equity  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$   151.4
$  1,859.5
$   206.1
$   616.9

$  
64 .6
$   1,847 .2
204 .7
$  
544 .3
$  

$  
83 .7
$   1,742 .1
210 .1
$  
527 .4
$  

$  
220 .1
$   1,647 .9
216 .2
$  
565 .5
$  

$  
43 .2
$   1,287 .1
82 .2
$  
463 .8
$  

Cash Flow Data:
Provided by (used for) operating activities  .  .  .  .  .
Used for investing activities  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Cash flow before financing activities(2)  .  .  .  .  .  .  .

$   166.9
$ 
(43.7)
$  123.2

$  
$ 
$ 

76 .7
(42 .0)
34 .7

$  
$ 
$ 

67 .6
(110 .9)
(43 .3)

Provided by (used for) financing activities  .  .  .  .  .  .

$ 

(40.6)

$ 

(51 .6)

$ 

(87 .6)

$  
$ 
$ 

$  

164 .7
(47 .3)
117 .4

$ 
$ 
$ 

(48 .9)
(145 .1)
(194 .0)

53 .1

$  

77 .9

Per Share Data:
Cash dividends   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
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(3)  .  .  .  .  .  .  .  .  .  .  .  .  .

$  1.2700
$   59.55
$ 
 36.71
  16.805
  16.775
  16.799
7,600

$  1 .2625
58 .96
$  
 32 .66
$ 
16 .667
16 .645
16 .726
7,900

$  1 .2325
61 .96
$  
 31 .85
$ 
16 .561
16 .540
16 .602
7,700

$  1 .2025
85 .16
$  
 34 .35
$ 
16 .462
16 .447
16 .514
6,800

$  1 .1700
63 .77
$  
 28 .30
$ 
16 .391
16 .376
16 .427
6,500

(1)  During 2017, Hyster-Yale recognized $19 .8 million of equity income from its financing joint venture and $38 .2 million of income tax expense as a result of the new U .S . tax 

reform legislation enacted in December 2017 .

(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) Excludes temporary employees .

2

2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLING 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020 

2019 

Year Ended December 31
2018 
(In millions)

2017 (1) 

2016

Calculation of Adjusted EBITDA(4)
Net income attributable to stockholders  .  .  .  .  .  .  .
Nuvera asset impairment  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Noncontrolling interest income (loss)  .  .  .  .  .  .  .  .  .  .
Income tax provision (benefit)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  
Interest expense  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Interest income  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Depreciation and amortization expense  .  .  .  .  .  .  .
Adjusted EBITDA(4)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

$  

$  

37.1
–
1.4
3.7
13.7
(1.4)
42.9
97.4

$  

$  

35 .8
–
0 .8)
11 .3
19 .8
(1 .8)
43 .3
109 .2

$  

$  

34 .7
–
(0 .4)
2 .3
16 .0
(2 .4)
44 .0
94 .2

$  

$  

48 .6
4 .9
0 .3
44 .9
14 .6
(3 .6)
42 .8
152 .5

$  

$  

42 .8
–
(0 .5)
(4 .0)
6 .7
(2 .0)
39 .1
82 .1

Calculation of Return on Total
  Capital Employed 

Average stockholders’ equity  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Average debt   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Average cash  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Average capital employed  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

Net income (loss) attributable to 
  stockholders, as reported  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Plus: Interest expense, net, as reported  .  .  .  .  .  .  .  .
Less: Income taxes on interest expense, 
  net of tax***  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Actual return on capital employed = 
  actual net income (loss) before interest 
  expense, net, after tax  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Actual return on capital employed 
  percentage(5)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

Actual return on equity percentage(6)  .  .  .  .  .  .  .  .

Year Ended December 31
2020* 

(In millions, except percentage data)

2019**

Lift Truck(7)(8)

Nuvera(8)

Bolzoni(8)

Consolidated

Consolidated

$ 

$ 

$ 

674 .3 
271 .6
(372 .1)
573.8 

62 .9 
11 .8 

(3 .1)

$ 

$ 

$ 

33 .8 
(0 .8)
(0 .3)
32.7 

(25 .6) 
– 

–

$ 

$ 

$ 

163 .6 
29 .3
(17 .9)
175.0 

0 .2 
0 .5 

(0 .1)

$ 

$ 

$ 

554 .5 
310 .3
(83 .4)
781.4 

37 .1 
12 .3 

(3 .2)

$ 

$ 

$ 

527 .8 
324 .0
(63 .4)
788.4 

35 .8 
18 .0 

(4 .7)

$ 

71.6 

$ 

(25.6) 

$ 

0.6 

$ 

46.2 

$ 

49.1 

12.5%

9.3%

n/m

n/m

0.3%

0.1%

5.9%

6.7%

6.2%

6.8%

(4)  Adjusted EBITDA in this Annual Report is provided solely as a supplemental disclosure with respect to operating results . Adjusted 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 Adjusted 
EBITDA as income before asset impairment charges, income taxes and noncontrolling interest income (loss) plus net interest expense and depreciation and amortization 
expense . Adjusted EBITDA is not a measurement under U .S . GAAP and is not necessarily comparable with similarly titled measures of other companies .

(5)  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 .

(6) Return on equity is defined as net income divided by average stockholders’ equity .
(7)  Lift Truck return on capital employed excludes continuing average investments of $141 .5 million for Bolzoni and $165 .4 million for Nuvera . Investment numbers are based 

on a 5-point average . 

(8)  These entities are presented on a stand-alone basis, and as such, do not sum to the Consolidated financial information .

* **2020 Average stockholders’ equity, debt and cash are calculated using 12/31/19 and each of 2020’s quarter ends .
 ***2019 Average stockholders’ equity, debt and cash are calculated using 12/31/18 and each of 2019’s quarter ends .
*** Tax rate of 26% in both 2020 and 2019 represents the Company’s target U .S . marginal tax rate compared with the effective income tax rates of 8 .8%  

and 23 .6% in 2020 and 2019, respectively .

3

2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLING  
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HYSTER-YALE MATERIALS HANDLING

2020 ANNUAL REPORT

To Our

Stockholders

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Hyster-Yale Materials Handling, Inc . experienced 

a very challenging 2020, as did many companies 
in  the  United  States  and  around  the  world . 
Customary business challenges early in the first quarter 
quickly  turned  into  unique  challenges  by  the  end  of 
that quarter . By March we were in the midst of a global 
pandemic that affected the global economy significantly 
but  to  varying  degrees  over  the  course  of  the  rest  of 
the year . These extraordinary challenges led to rapid 
transformations  in  daily  routines  for  our  businesses 
and our employees .

Well before the COVID-19 pandemic, Hyster-Yale had 
already marked out a path for its transformation . Several 
years ago, the Company adopted core strategic initiatives 
to  achieve  our  vision  of  being  a  leading,  globally 
integrated designer, manufacturer and marketer of a 
complete range of lift truck solutions with ambitious 
financial objectives . This vision is predicated on offering 
transformative  end-use  customer  solutions  with  the 
lowest cost of ownership and the best overall value by 
leveraging  our  high-quality,  application-tailored  lift 
trucks, attachments and power options .

In recent years, our global teams have been working 
diligently  to  accomplish  these  objectives  through 
the  implementation  of  key  projects  supporting  the 
Company’s  core  strategic  initiatives,  which  were 
designed to transform the Company’s competitiveness, 
market position and economic performance . In 2018 
and  2019,  substantial  progress  was  made,  despite 

Left to right
Hyster-Yale is also focused on the Rental  
and  Light  Logistics  industries.  Here  a 
Hyster®  Fortens  9.0  is  preparing  to  lift 
product in a rental application, while a 
Yale® Reach Truck is being aligned to grab 
and move a pallet of lighter materials in a 
3PL environment.  

4

implementation  challenges .  However,  by  the  end  of 
2019 and the beginning of 2020, most of the difficult 
challenges had been overcome, the Company’s projects 
were taking hold and gaining momentum, and we were 
very  optimistic  that  2020  would  be  a  breakout  year . 
Then, the pandemic hit . 

The Company quickly turned its focus to navigating the 
many  challenges  arising  from  maintaining  business 
operations  in  an  unprecedented  environment .  A 
Coronavirus  Global  Task  Force  was  established  with 
senior leaders from across the global team to monitor 
critical functions and establish policies, while regional 
teams  effectively  implemented  local  responses .  First 
on management’s list of priorities was the safety and 
welfare of all employees . Extensive plans and actions 
were  implemented  to  ensure  that  employees  were 
kept as safe as possible . At the same time, dedicated 
work  groups  supporting  the  task  force  focused  on 
implementing economic and operational measures to 
mitigate the very substantial impact on the Company of 
the economic downturn resulting from the COVID-19 
pandemic  and  from  the  broad  measures  taken  by 
governments, businesses and others across the globe to 
limit the spread of the virus .

The resulting significant decline in economic activity 
reduced the demand for the Company’s products and 
limited  the  availability  of  components  from  certain 
suppliers .  Production  was  significantly  reduced  or 
suspended at the Company’s Chinese, European, and 
to a lesser extent Americas, facilities periodically during 
March and the second quarter of 2020 . Ultimately, these 
factors led to a 14 .8% decrease in 2020 shipments to 
85,500 units, and a resulting 14 .6% decrease in 2020 
consolidated revenues to $2 .8 billion, compared with 
$3 .3 billion in 2019 .

To mitigate the financial impact of declining markets, 
bookings  and  revenues,  the  Company  initiated 
several  cost  reduction  measures  designed  to  lower 
costs and enhance liquidity . These measures included 

 
HYSTER-YALE MATERIALS HANDLING

discretionary  spending  and  travel  restrictions, 
significant  reductions  in  temporary  personnel, 
furloughs, suspension of incentive compensation and 
profit  sharing,  and  benefit  and  salary  reductions . 
By  the  end  of  the  year,  conditions  had  improved 
sufficiently that, effective January 1, 2021, the Company 
reinstated pre-pandemic salaries, benefits and incentive 
compensation  programs,  although  the  other  cost 
containment actions are continuing . 

Once the initial responses to the pandemic were complete 
and  plans  were  solidified  for  managing  through  the 
downturn, management turned its focus to the future 
and  began  to  plan  for  a  reimagined  and  reformed 
business based on lessons learned during the pandemic . 
In preparation for a return to more normal pre-pandemic 
operations, the Company performed an in-depth global 
review  to  help  establish  a  reduced  long-term  cost 
structure that would still optimize global commercial 

A Hyster® RS 46-33 ReachStacker, with 
a lifting capacity of up to 46 tons, is 
stacking containers at a port application. 

Management is focused on the future  
and planning for a reimagined and reformed 
business based on lessons learned  
during the pandemic.

5

HYSTER-YALE MATERIALS HANDLING

2020 ANNUAL REPORT

operations .  This  review  resulted  in  the  Company 
recognizing  a  restructuring  charge  of  approximately 
$4 .4 million in 2020, with estimated benefits from this 
restructuring  program  expected  to  be  approximately 
$10 .4 million annually beginning in 2022 . Additional 
projects designed to further enhance the Company’s cost 
structure remain under development .

Throughout the year, the Company adjusted production 
levels at its manufacturing plants to align them closely 
with market demand and expected bookings levels and 
worked closely with suppliers to help ensure current 
requirements were met while also ensuring continuity 
of supply as the market improved . Following significant 
reductions in the second quarter, Hyster-Yale increased 
production levels moderately during the third and fourth 
quarters, as market demand improved . The approach to 
increasing production rates to meet accelerating market 
demand included an initial focus on building backlog to 

ensure a stable base for future production . As a result of 
improving bookings, including a significant increase in 
fourth quarter bookings, the Company ended the year 
with a strong backlog that was close to pre-pandemic 
levels . 

Maintaining  liquidity  was  also  a  significant  priority 
in  2020 .  As  a  result  of  reduced  working  capital  and 
deferring  some  capital  expenditures,  the  Company 
ended the year with a significant increase in cash flow 
before financing and net debt levels well below the peak 
experienced earlier in the year . 

After beginning the year with great optimism, having 
an  unprecedented  event  severely  dampen  those 
expectations  was  disappointing .  However,  given  the 
actions taken by the Company and a faster than initially 
anticipated market recovery, the 2020 financial results 
were substantially better than projected at the start of the 
pandemic . As a result of the Company’s cost containment 

A  family  of  Yale®  trucks,  including  a 
moving-mast Reach Truck, a seated tow 
tractor and a European platform-pallet 
truck, as well as other Yale warehouse 
products, are shown working hard on-
site at Stelrad’s Mexborough warehouse 
in EMEA.

6

HYSTER-YALE MATERIALS HANDLING

actions, the 7 .4% decrease in 2020 consolidated operating 
profit to $49 .9 million from $53 .9 million in 2019 was 
much lower than would otherwise have been expected 
from the revenue decline, and consolidated net income(1) 
actually increased modestly to $37 .1 million, up from 
$35 .8 million in 2019 due to lower interest expense and 
favorable tax rates .

Core Strategic Initiatives 
Despite the past volatility of economic activity and the 
potential for further near-term economic volatility, the 
Company has continued to execute its long-term strategy 
by making progress on its core strategic initiatives . To 
accomplish Hyster-Yale’s objective of providing a wide 
range  of  transformative,  high-value  solutions  aimed 
at helping customers solve the toughest challenges in 
their materials handling applications, the Company – 
which has three highly interrelated, but independently 
managed, businesses – has six initiatives that interact 
together .  These  initiatives  are  aimed  at  creating  a 
unique  and  sustainable  competitive  advantage .  Four 
of the Company’s initiatives – (i) be the leader in the 
delivery of industry- and customer-focused solutions; (ii) 
provide the lowest cost of ownership while enhancing 
productivity  for  customers;  (iii)  be  the  leader  in 
independent  distribution;  and  (iv)  grow  in  emerging 
markets – are concentrated around the Company’s core 
Lift Truck business, Hyster-Yale Group . The remaining 
two initiatives – (v) be the leader in the attachments 
business  and  (vi)  be  a  leader  in  fuel  cells  and  their 
applications – are specific to the Bolzoni and Nuvera 
businesses . All of these initiatives ultimately are expected 
to increase market share and generate profitable growth 
through  increasing  volumes  and  improve  operating 
margins on a sustained basis . 

The Company’s strategic initiatives 
are expected to increase share 
and generate profitable growth 
through increasing volumes  
and improve operating margins  
on a sustained basis.

While  these  strategic  initiatives  are  the  foundation 
designed to drive the Company’s economic engine, it 
is the projects undertaken to execute those initiatives 
that are anticipated to have a collective transformational 
impact  on  the  Company’s  competitiveness,  market 
position  and  economic  performance .  Over  the  last 
several  years,  the  Company  has  initiated  over  100 
key  projects  to  implement  this  transformation  in 
the  context  of  prevailing  industry  trends  involving 
globalization, digitization, automation, electrification 
and mass customization . As the Company entered the 
COVID-19 crisis, it was in the midst of implementing 
this  set  of  projects,  the  largest  in  its  history .  While 
essentially all of the projects continue to move forward, 
in the context of the COVID-19 pandemic some have 
been reimagined and the pace of certain projects has 
been  given  greater  emphasis  than  others  to  reduce 
expenditures . In addition, certain projects with high 
emphasis  have  experienced  delays  as  a  result  of  the 
impact of pandemic-related challenges . 

Left to right 
A  Hyster®  E60XN  cushion-tire  truck, 
equipped with a Nuvera® hydrogen fuel 
cell and a lifting capacity of 6,000 lbs., is 
shown working at a loading dock.  

The new Yale® Reach Truck, with a fore-
aft stance cab, is shown moving product 
from a harsh freezer environment.

A Hyster® 360HD2 Big Truck, with a basic 
lifting  capacity  of  up  to  36,000  lbs., 
is  shown  moving  lumber  in  a  U.S.  
lumber yard.

An MPE080VG Yale® Robotic End-Rider 
truck is autonomously transporting two 
pallets through a warehouse. 

(1) For purposes of this annual report, discussions about net income refer to net income attributable to stockholders. 

7

Over its long history, the 
Company has developed a 
deep knowledge of the forklift 
market and key industry and 
customer trends.

88

2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLING2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLINGOur Core Business

Lift Trucks
The Company’s core business is its Lift Truck business, Hyster-Yale Group, a mature 

business  with  two  legacy  brands,  Hyster®  and  Yale® .  The  Hyster®  brand  has  been  in 
existence for over 90 years . Its focus is on being a strong, reliable partner that provides 
tough trucks and optimal solutions for heavy applications . The Yale® brand, committed to 
providing solutions to the toughest challenges in warehousing, celebrated its 100th anniversary 
in 2020 . Over this long history, the Company has developed a deep knowledge of the forklift 
market and key industry and customer trends . While the lift truck industry is a mature market 
that experiences periods of cyclicality, this market has shown a steady growth trend over the 
years . Currently, changes in industry requirements are providing opportunities for industry 
leadership . Hyster-Yale has been responding expeditiously to these changes, many of which are 
growing directly out of the COVID-19 pandemic .

In 2020, despite the impact of the pandemic, the global lift truck market grew 8 .3% to 1 .6 million 
units, up from 1 .5 million units in 2019 because of a 36 .6% increase in the Chinese market size . 
Excluding China, the global lift truck market decreased 5 .3% primarily due to a significant 
drop in units during the second quarter . This decrease was, however, much lower than initially 
anticipated at the start of the pandemic because lift truck markets grew faster than expected 
late in the third quarter and in the fourth quarter . Further, excluding China, all product classes 
experienced year-over-year declines except the lower-value Class 3 segment, which grew 1 .0% . 
This increase in Class 3 trucks reflects a trend toward increased use of small, motorized electric 
trucks instead of manually operated hand-pallet trucks . 

Given the increased market activity in the fourth quarter, the Company expects markets to 
continue to improve in 2021 over pre-pandemic levels . Nevertheless, the sustainability of this 
growth is still uncertain since the COVID-19 outlook is still unclear . The Company, accordingly, 
will manage production levels and expenses carefully in 2021 .

Looking forward, the Company remains committed to its target of achieving an operating profit 
margin of 7% and return on total capital employed (“ROTCE”) of 20% within the Lift Truck 
business . However, given the pandemic-related uncertainty in the market, the timing for achieving 
these objectives can not be forecast with certainty . Achieving these objectives would generate a 
significant increase over 2020 . In 2020, ROTCE was 12 .5% . The Lift Truck business’ operating 
profit was $85 .6 million in both 2020 and 2019, while the operating profit margin improved to 

3 .2% from 2 .7% . Net income increased to $62 .9 
million in 2020 from $58 .3 million in 2019 . 
While the 2020 results are encouraging given 
the pandemic-related challenges the Company 
experienced, the improvement over the prior 
year was the result of lower expenses due to the 
cost containment actions put in place early in 
2020, and profitability is still well below target 
levels . The Company believes the key to closing 
the gap in both of its financial objectives lies in 
the focused execution of several projects that 
are critical to executing the Company’s core 
strategic initiatives . Specifically for 2021, these 
will include:
(i)  Expanding  product  lines  by  (a)  starting 
production and launching the first products in 
the new modular and scalable product lines; 
(b) expanding low-intensity-use product line 
volumes  of  Class  3  warehouse  and  Classes 
1  and  5  electric  and  internal-combustion 
engine (“ICE”) counterbalanced products; (c) 
expanding the Big Truck line, including the 
introduction of an electrified Big Truck and 
low-intensity  models;  and  (d)  introducing 
special  truck  engineering  for  electric  truck 
and fuel cell models .

(ii)  Enhancing  sales  by  increasing  direct 
engagement with larger customers using an 
industry approach; and 

(iii)  Enhancing  remote  selling  capabilities 
through technology and IT enhancements .  

Opposite page 
A Yale® NTA030 Turret truck is used in very narrow aisle retail warehouse applications.

Left to right 
A Hyster® S50 cushion-tire truck, with a 5,000 lb. basic lifting capacity, is shown working in a U.S. light 
manufacturing application. 

The Yale® GPO50VX internal-combustion engine, pneumatic-tire truck, with a basic lifting capacity of 
5,000 lbs., is shown transporting pallets of beverages at a U.S. beverage facility.

9

2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLING2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLINGHYSTER-YALE MATERIALS HANDLING

2020 ANNUAL REPORT

Expanding

Product Lines

Industry  trends  involving  globalization, 

digitization,  automation,  electrification 
and  mass  customization  are  leading  to 
new solutions which are changing customer 
requirements .  The  Company  believes  these 
changes  can  be  catalysts  for  creating  new 
value-adding  opportunities  for  growth 
and  margin  expansion .  Several  of  the 
Company’s projects are focused on providing 
transformational  solutions  to  meet  these 
new  requirements  based  on  five  key  value 
proposition factors: safety, labor and energy 
costs,  space  optimization  and  total  cost  of 
ownership .

With these trends as a backdrop, the Company 
is continuing to develop solutions tailored to 
deliver the lowest cost of ownership to meet 
customers’ needs and help enhance customer 
productivity . While Hyster-Yale’s current core 
product portfolio spans all five major product 
classes, the Company continues to invest in 
broadening  its  product  range  by  designing 
and developing low-intensity, standard and 
premium  products  for  its  electric-rider, 
warehouse, ICE and Big Truck product lines 
for essentially all market segments, including 
some that are newly emerging . The Company 
currently  has  over  500  different  forklift 
models,  including  Hyster-Yale  Maximal 
models, in its range, with a full line of power 
options,  including  several  battery-powered 
and  fuel  cell  engine  power  options  for  its 
electric  trucks,  and  several  ICE-powered 
options, including new Stage V engines . The 
Company currently sells a high percentage of 
its trucks with customized features in order 
to meet, in detail, the individual application 
needs  of  its  customers .  Having  the  right 
product at the right price for each application 
allows the Company to provide products and 
solutions that consistently meet the specific 

needs of different  customers at appropriate 
margins, and gives its customers the ability 
to  move  goods  more  efficiently  and  cost-
effectively at a lower life-cycle cost . Using this 
approach, the Company has and will continue 
to develop new products that are expected to 
support its customers’ value propositions and 
increase the Company’s market share . 

At the core of these projects is a transformative 
set  of  new  modular  and  scalable  product 
families  covering  both  ICE  and  electric 
trucks . These families are designed to provide 
enhanced flexibility for meeting customers’ 
specific  application  needs  in  detail  while 
lowering customers’ total cost of ownership . 
Although  certain  product  introductions 
were  delayed  as  a  result  of  the  pandemic, 
the  Company  has  focused  during  this  time 
on  maintaining,  to  the  degree  possible, 
the  timing  of  the  introduction  of  the  first 
of  these  products .  The  standard  version  of 
the 2- to 3-ton ICE lift truck for the EMEA 
market  is  expected  to  be  launched  in  the 
second  quarter  of  2021 .  The  launch  of  this 
new  range  of  2-  to  3-ton  counterbalanced 
trucks  is  expected  to  continue  throughout 
2021  and  the  early  part  of  2022 .  These 
families will be expanded in future years to 
include larger counterbalanced capacities, Big 
Trucks and warehouse trucks . These projects 
are  expected  to  require  significant  product 
development  and  capital  expenditures  in 
2021 and in the next few years . They are also 
expected  to  lead  to  significant  changes  in 
supply chain sourcing and in the Company’s 
manufacturing facility processes around the 
world as certain products are moved between 
plants .  Consolidated  component  volume 
sourced  globally  from  reliable  partners  is 
expected  to  reduce  long-term  costs  and 
improve  quality  as  these  new  products  are 

A Yale® Reach Truck, with a side-stance cab, is shown 
here moving product in a food warehouse.

10

HYSTER-YALE MATERIALS HANDLING

The Yale® version of the Company’s new modular and scalable 2- to 3-ton internal-combustion engine truck, currently in development, is performing a test run outside an EMEA development center.

At the core of the Company’s product development 
projects is a transformative set of new  
modular and scalable product families covering  
both ICE and electric trucks.

brought to market . Hyster-Yale Group’s largest 
manufacturing facilities, its Berea, Craigavon 
and Fuyang plants, are undergoing significant 
changes to accommodate these new products 
and significant investments are being made 
to  expand  the  Berea  and  Craigavon  plants . 
Further, the Company has accelerated plans to 
move certain production locations to provide 
permanent  structural  changes  designed  to 
reduce costs and optimize its manufacturing 
footprint .

A second major product development project 
involves  the  introduction  of  low-intensity-

use  trucks  manufactured  by  Hyster-Yale 
Maximal in China . These trucks complement 
the current global offering of standard and 
premium  trucks  produced  by  Hyster-Yale 
outside of China . In addition, the acquisition 
of HY Maximal has added a wider offering 
of  lower-cost,  China-produced  standard 
products, which have increased the Company’s 
participation in emerging markets . 

The Company believes that the market for low-
intensity-use products is large and represents 
a  significant  growth  opportunity .  A  new 
line  of  trucks  from  HY  Maximal  has  been 

designed to provide high-quality and reliable 
lower-intensity-use trucks for global markets 
and standard trucks for the Chinese market . 
These trucks were launched globally in 2020 
under the Hyster® UT and Yale® UX brands . 
This family of trucks is expected to expand 
over  the  course  of  2021  to  include  electric 
counterbalanced trucks . 

The Company also plans to expand its low-
intensity Class 3 warehouse truck family to 
meet the needs of the relatively fast-growing 
Class 3 market . This growth is being driven 
partially by the shift from manually operated 

1111

HYSTER-YALE MATERIALS HANDLING

2020 ANNUAL REPORT

forklift trucks to low-cost, low-intensity Class 
3 products produced in China . The Company’s 
growing range of Class 3 warehouse trucks are 
branded UT/UX and are expected to be made 
available globally over time . 

Much of the Hyster® and Yale® low-intensity 
product  development  work  is  being  done 
by  Hyster-Yale  Group’s  Emerging  Market 

the Company intends to develop additional 
electric and higher-capacity counterbalanced 
low-intensity-use products .

The  Company  expanded  its  Big  Truck  line 
in  2020 .  In  addition  to  developing  higher-
capacity,  low-intensity  trucks  in  China,  the 
Company has a partnership with a company 
in  India  for  the  production  of  its  large 

Hyster-Yale  believes  electrification  will  be  a 
sustained and transformational trend since it 
provides more environmentally friendly and 
generally  lower  cost-of-operation  solutions . 
This trend is contributing to a long-term secular 
shift  away  from  ICE  trucks  toward  electric 
trucks . In addition, using significant advances 
in  electric  technology,  high-productivity 
trucks using electric truck components  and 

The hydrogen fuel cell radiator is clearly on display on the new 52-ton capacity Hyster® laden container handling electric truck currently located at the Company’s testing facility in Weeze, Germany.   
This truck, powered by a hybrid system that utilizes both a lithium-ion battery and fuel-cell engine, is awaiting shipment to the Port of Los Angeles to begin its testing phase.  

Development  Center  (“EMDC”),  which  is  
co-located with the HY Maximal facility . The 
EMDC has engineers mainly in China, with 
some in India . The EMDC is a key element 
of  a  broad  strategy  focused  on  developing 
a  core  competency  in  China  in  the  design 
of  products  for  low-intensity  applications, 
particularly in emerging markets, but also in 
developed markets . EMDC activities for the 
low-intensity-use market are also a catalyst 
for developing additional options for sources 
of both components and complete products 
to  enhance  the  Company’s  cost-effective 
global  capabilities .  As  part  of  the  project, 

ReachStacker product for that market . In 2020, 
this partner also increased local production of 
larger low-intensity-use lift trucks and plans to 
expand that product line further in 2021 . 

In  2020,  the  Company  introduced  a  new 
7-  to  9-ton,  lithium-ion  battery  electric 
counterbalanced truck with both economy and 
premium performance models for the global 
market .  This  truck  complements  the  lower-
capacity  2-  to  3 .5-ton  lithium-ion  version, 
which was also launched in 2020 . Other small 
truck lithium-ion battery models are expected 
to be launched later in 2021 . 

power  solutions,  including  hydrogen  fuel 
cells and lithium-ion batteries depending on 
the application, may now be designed more 
ergonomically .  As  part  of  this  project,  the 
Company is in the process of electrifying a 
52-ton laden container handler for use at the 
Port  of  Los  Angeles  using  a  hybrid  system 
that utilizes both lithium-ion batteries and 
fuel-cell  engines .  This  truck  is  expected  to 
begin  testing  at  the  Port  of  Los  Angeles  in 
2021 . The Company is also electrifying a 16-
ton  truck  with  lithium-ion  batteries  and  a 
high-voltage electric powertrain for the Port 
of  Los  Angeles .  In  addition,  the  Company 

12

HYSTER-YALE MATERIALS HANDLING

is  designing  an  electrified  ReachStacker, 
utilizing both lithium-ion batteries and fuel-
cell engines, for the Port of Valencia in Spain . 
Hyster-Yale  Group  has  also  announced  a 
partnership with Capacity Trucks to address 
jointly growing demand for environmentally 
friendly  terminal  tractor  solutions  in  port, 
terminal and distribution center applications . 
The two companies plan to co-develop electric 

Given  the  growth  of  online  retail  and, 
consequently,  of  distribution  centers,  the 
Company  continues  to  introduce  new 
warehouse  products .  In  2020,  the  Company 
launched a new Reach Truck for the Americas 
market, and plans to introduce a new 2- to 3-ton 
platform-pallet  truck  for  the  EMEA  market 
in 2021 . To further enhance productivity for 
its customers, the Company is continuing to 

A Hyster® ReachStacker 46-33, shown here with the new enhanced ergonomic cab, is sturdy enough to  
move and stack heavy containers weighing up to 46,000 lbs. in port applications.

and  hydrogen-powered  terminal  tractors 
with  automation-ready  capabilities .  Initial 
prototypes are targeted to be available in 2021 
for market testing .

The  Company  will  also  be  expanding  its 
integrated fuel cell engines to Classes 1, 2 and 
3  forklift  trucks  over  the  next  few  years  in 
addition to introducing a new generation of fuel 
cell battery box replacements (“BBRs”) with 
the launch of a new Class 1 BBR anticipated in 
the 2021 second quarter . These products are 
expected to move the Hyster-Yale fuel cell BBR 
business to break-even over time .

develop automation solutions for warehouse 
trucks, initially in combination with industry 
partners .  While  some  of  these  products  are 
already  in  the  market  today,  new  solutions 
are  expected  to  be  developed  progressively 
over  the  next  several  years .  The  Company 
also  continues  to  expand  sales  of  telemetry 
products, with new generations of lift trucks 
offering a fully integrated telematics solution . 
These new products and solutions, as well as 
a number of other new products launched in 
2020,  are  expected  to  contribute  to  market 
share  gains  and  improved  revenue  and  to 
enhance operating profit margins over time . 

New products from the recently introduced low-intensity  
UT/UX  lift  truck  series  manufactured  in  the  Company’s 
Hyster-Yale Maximal facility from top to bottom:

A Hyster® 3.0 UT low-intensity, internal-combustion engine 
pneumatic-tire lift truck, with a lifting capacity up to 3.0 tons, 
is transporting tires at a U.S. facility. 

A Yale® ERP20UX counterbalance, four-wheel electric truck 
is picking product in the Netherlands.

A Yale® MP15UX walkie pallet truck is shown moving product 
in a warehouse.

13

HYSTER-YALE MATERIALS HANDLING

2020 ANNUAL REPORT

Industry

Approach For Commercialization

Trends 

in  automation,  connectivity  and 
technological  capability  have  led  to  more 
empowered customers, with buyers more likely 
to use the Internet as part of the purchasing process . As 
a result, customers are increasingly more knowledgeable 
about  their  own  application  requirements,  and  they 

Detailed attention to 
understanding customer needs 
is a key way to gain a sustainable 
and profitable leading position  
in the marketplace. 

Left to right 
A  Hyster®  H7.0FT  internal-combustion 
engine,  pneumatic-tire  truck,  with  a 
basic lifting capacity of 7 tons, is shown 
handling  gas  bottles  at  a  gas  plant  
in EMEA. 

Yale® NTA030SB Turret trucks shown are 
for use in very narrow aisle warehouse 
applications.

expect  their  suppliers  to  be  as  well .  The  Company 
believes  that  detailed  attention  to  customer  needs 
is  a  key  way  to  gain  a  sustainable  and  profitable 
leading position in the marketplace . The Company is 
committed  to  understanding  industry  and  customer 
pain  points  and  delivering  high-value  solutions  that 
provide  performance  and  reliability  at  a  reasonable 
cost to address these customer needs . As a result, the 
Company’s commercial operations continue to evolve 

in  order  to  enhance  market  share  growth  through  a 
professional, standardized, and intentional targeting 
of customer accounts and locations . This is done with a 
high degree of focus on specialization by industry needs 
to meet each customer’s toughest challenges by drawing 
from the Company’s full set of lift truck products and by 
developing individually tailored solutions . 

To  ensure  that  the  impact  from  these  many  product 
development  projects  is  fully  realized,  the  Company 
has made substantial expense investments in its sales 
and marketing organizations over the past few years to 
enhance customer coverage using industry strategies 
through  teams  aligned  with  industry  groupings .  To 
support  the  broad  application  of  the  Company’s  22 
industry strategies, Hyster-Yale Group has invested in 
industry-focused sales people to enhance its success with 
accounts that are too small to be handled as National 
accounts,  but  that  are  too  big  for  most  dealers  to 
compete for effectively . This industry-focused structure, 
and the related HY Impact selling system supporting 
it, has been highly successful in the Americas National 
Account direct sales program and is now being deployed 
at these other large accounts .

This  commercial  transformation  is  part  of  a  journey 
which is customer-centric and deploys both human and 

14

HYSTER-YALE MATERIALS HANDLING

digital connectivity to facilitate and enhance the entire 
customer life-cycle experience . As part of this project, 
the  Company  is  increasing  its  participation  in  the 
commercial process by supporting and augmenting its 
independent distribution network to deliver an “AsOne” 
experience that ensures the most comprehensive value 
for  customers  of  all  industries,  sizes,  purchasing  and 
after  service  requirements .  The  Company’s  enhanced 
commercial  leadership  role  helps  ensure  that  it  can 
execute and accelerate the deployment of an exceptional 
commercial management system, and at the same time 
also ensure a superior and consistent level of customer 
experience globally to meet the various requirements of its 
customers . The customer benefits which can be delivered 
through this evolving project include many initiatives 
which are bringing about significant changes in how the 
Company’s commercial operations are managed . These 
changes reflect the Company’s plan to deliver a targeted, 
consistent, and superior experience to evolving customer 
needs in a dynamic market and technology environment . 
These commercial initiatives, which are in various stages 
of maturity, are highly process- and activity-focused, and 
are showing early signs of success . The Company believes 

that the investments being made will put it in a position 
to be a leader in the delivery of industry- and customer-
focused solutions worldwide .

Enhancing Remote Selling Capabilities
Given  the  trend  of  technological  advances  and 
digitization,  the  Company  has  been  working  to 
integrate e-commerce, digital marketing, digital sales 
and  digital  aftermarket  activities  in  a  way  that  will 
engage with customers seamlessly . In 2020, given the 
COVID-19  environment,  the  Company  accelerated 
its  focus  on  boosting  its  remote  selling  capabilities 
through  technology  improvements  and  invested 
in  enhanced  digital  customer  experience  systems . 
Beginning in North America, with an expectation of 
global implementation in 2021, the Company has been 
implementing  improvements  to  its  web  and  digital 
marketing presence, which are focused on generating 
high-quality sales leads . The Company has also been 
working on implementing e-commerce into its parts 
aftermarket  business  and  integrating  its  industry 
solutions into its sales systems to support the HY Impact 
selling  system .  In  the  future,  the  Company  plans  to 
expand its digital capabilities further . 

Enhancing

Distribution Network Performance

The Company believes that independent 

dealers  committed  to  investments 
in  technology,  service  optimization, 
personnel  development,  facilities  and 
equipment  will  provide  superior  customer 
satisfaction  and  a  distinct  competitive 
advantage through their local knowledge and 
entrepreneurial  activities .  A  core  objective 
is  to  have  dealers  that  are  fully  capable  of 
maximizing the potential of the Hyster® and 
Yale® brands, and of leveraging Nuvera® and 
all  Bolzoni  products  in  their  territories .  To 
reach  this  objective,  the  Company  expects 
to complete, over time, the transition of its 
independent dealer network to dual Hyster/
Yale brand ownership by its dealers .

The Company is committed to collaborating 
with its dealer partners to enhance performance 
in  all  areas  of  their  businesses .  To  assist  in 
this, the Company has regional headquarters 
around  the  world  which  can  actively  serve 
and support its dealer network . During 2020, 
these commercial regions were further broken 
down into smaller clusters to improve overall 
sales and marketing management performance 
and accountability, expand customer coverage 
and enhance dealer performance in individual 
local  markets .  This  cluster  structure  also 
enables management to adjust the Company’s 
commercial industry approach to more closely 
focus on individual markets and the customer 
base within those markets .

To  improve  the  effectiveness  of  dealer 
salespeople,  the  Company  has  enhanced 
its  remote  sales  training  and  development 
capabilities .  To  ensure  continued  success 
in  exceeding  the  after-sale  expectations  of 
customers,  the  Company  is  also  working 
with various educational institutions to create 
awareness of career opportunities at Hyster-
Yale  Group  and  within  its  dealer  network . 
Taken together, these projects should help the 
Company enhance its already strong dealer 
network around the world . 

15

HYSTER-YALE MATERIALS HANDLING

Top to bottom
A Bolzoni Auramo® Bale Clamp on a Hyster® 4.5t Fortens truck, is shown moving recycled corrugated materials in Weeze, Germany.

A Bolzoni® Carton Clamp, attached to a Yale® 4-wheel counter-balanced electric lift truck, is shown handling white goods in an appliance warehouse in EMEA.

16

HYSTER-YALE MATERIALS HANDLING

2020 ANNUAL REPORT

Bolzoni

Our Attachment Business

The  Company  expects  Bolzoni,  a  stand-alone 

company  within  Hyster-Yale,  to  build  its 
leadership position in the attachments business 
significantly . Bolzoni is highly complementary to the 
Company since it enhances the Company’s ability to 
offer tailored customer solutions . Bolzoni is committed 
to meeting the attachment material-handling needs of 
a  broad  range  of  lift  truck  end-use  customers,  many 
of which are leading global lift truck manufacturers, 
including Hyster-Yale Group . The attachment purchase 
is  a  key  aspect  of  a  lift  truck  purchase  for  end-use 
customers because the attachment is directly handling 
their  products .  Bolzoni  focuses  on  ensuring  that  its 
attachments  have  the  cost-effective  capabilities  to 
move  end-use  customer  products  undamaged  and 
with maximum efficiency . Bolzoni expects to achieve 
enhanced industry leadership by improving productivity 
and reducing costs for end-use customers through the 
design, production and distribution of its wide range of 
attachment products .

Bolzoni ended 2020 with full-year revenues of $283 .7 
million  and  net  income  of  $0 .2  million,  down  from 
revenues  of  $345 .4  million  and  net  income  of  $2 .8 
million  in  2019 .  These  decreases  were  primarily  the 
result of the pandemic-related shutdowns in the first 
half  of  2020  and  the  subsequent  decline  in  global 
economic activity . 

Bolzoni is aggressively pursuing several key projects 
designed to improve its sales and profit margins and 
to expand its global market position . An overarching 
project is expected to transform the business globally 
with  a  “One  Company  –  3  brands”  organizational 
concept . This approach includes global centralization 
of several support functions and giving its EMEA, North 
America  and  JAPIC  commercial  operations  broader 
leadership roles . 

A  second  key  project  is  strengthening  its  Americas 
growth  plan .  The  North  America  market,  in  which 
Hyster-Yale Group has a strong presence but Bolzoni is 

still limited, provides a large opportunity for growth . 
To  help  capture  this,  Bolzoni  is  strengthening  its 
ability to serve customers in the North America market 
by  introducing  a  broader  range  of  locally  produced 
attachments with shorter lead times for all attachment-
industry products . In addition, it is continuing to build 
its cylinder business and sell a variety of other machined 
components currently produced in its Sulligent, Alabama 
plant . Bolzoni is also increasing its sales, marketing and 
product support capabilities both in North America and 
Europe  using  an  industry-specific  approach,  with  its 
immediate focus on the paper, beverage, appliance, 3PL 
and automotive industries . 

An overarching project is expected 
to transform the business globally 
with a “One Company - 3 brands” 
organizational concept.

In  addition,  Bolzoni  has  developed  a  China-sourced 
standard  product  line,  the  Silverline,  to  supplement 
its premium line . It is continuing to expand this line, 
including through expanded production in EMEA . In the 
growing automation market, Bolzoni is also designing 
and manufacturing highly engineered attachments that 
can be used on automated guided vehicles . These high-
technology attachments are expected to significantly 
enhance the capabilities of the current range of products . 
Bolzoni’s current premium line of products coupled with 
its standard products and its industry-focused support 
activities  are  expected  to  give  Bolzoni  the  ability  to 
increase its sales significantly in the JAPIC, EMEA and 
especially the Americas regions . The increased volume is 
then in turn expected to significantly enhance Bolzoni’s 
profitability .  As  its  projects  mature,  the  Company 
anticipates Bolzoni will achieve its 7% operating profit 
margin target . 

17

Nuvera

Our Hydrogen Power Business

As  environmental  concerns  and  regulations 

requiring  cleaner  power  alternatives  mount, 
the  demand  for  alternative  power  sources  is 
increasing . The Company views its ownership of Nuvera 
Fuel  Cells  as  a  transformational  opportunity  to  be  a 
global  leader  in  a  key  emerging  technology  that  can 
provide enhanced productivity for heavy-duty energy 
applications and for certain forklift truck applications . 
The  Company’s  objective  is  to  have  Nuvera  be  the 
preferred provider of heavy-duty fuel cell engines for 
zero-emissions  mobility  customers .  Robust,  global 
interest  in  clean  energy  opportunities,  as  well  as 
strong interest in Nuvera® products by third parties in 
other industries, particularly in China, is increasingly 
supporting  achieving  this  objective,  which  Nuvera 
believes can lead to a significant and profitable growth 
opportunity . 

In 2020, Nuvera had revenues of $3 .9 million, down from 
$10 .1 million in 2019, and comparable operating and net 
losses of $36 .1 million and $25 .6 million, respectively . 

The Nuvera® 45kW fuel cell engine that 
is being used in heavy-duty applications 
such as buses and in the electrified Big 
Truck for use in the Port of Los Angeles. 

The same Nuvera® 45kW engine in use 
in a Xiamen Golden Dragon Bus Co., Ltd. 
bus in China. The engine has met local 
certification requirements. 

With  the  onset  of  the  COVID-19  pandemic,  certain 
Nuvera projects were delayed, including finalizing its 
certifications for its first 45kW engine in China, and 
the introduction of a next generation stack for BBRs 
produced by Hyster-Yale Group . Both of these delays 
contributed  to  the  lower  revenues  and  comparable 
operating loss results . 

Nuvera continues to improve the quality and cost of 
its fuel cell engines . To improve its cost base, Nuvera 
is  standardizing  its  components,  developing  a  high-
quality,  cost-effective  supply  chain  and  automating 
various  elements  of  stack  production,  with  the  first 
robotic stack assembly line brought online late in 2019 . 

With the completion and release for sale during 2020 
of its 45kW engine and more recently, its 60kW engine, 
Nuvera is at the point where it is moving from being a 
venture business focusing on commercializing leading 
technology to a product-based company serving heavy-
duty applications such as buses, trucks and automobiles 
with  an  expanding  line  of  products .  As  a  result  of 
reaching these milestones, Nuvera has accelerated its 
45kW and 60kW engine sales and marketing activities 
for  the  global  market  in  expectation  of  ramping  up 
bookings of these products in 2021 . Pilot production 
of the 45kW engines has begun, and Nuvera expects 
to start production of the 60kW engines by the end of 
the 2021 first quarter . Sales of these products for heavy-
duty  vehicle  applications  are  expected  to  bring  the 
volumes needed to help Nuvera enhance its economies 
of scale and, as a result, reduce its costs significantly . 
Nuvera  also  continues  to  work  closely  with  Hyster-
Yale Group to implement the next generation of fuel  
cell  stack  technology  in  the  new  fuel  cell  BBRs  that 
Hyster-Yale  is  planning  to  introduce,  as  well  as  in 
trucks with integrated fuel cell engines, which are now 
in development .

Opposite Page
Nuvera® has recently expanded its hydrogen fuel cell engine testing capabilities with 
the addition of a large-scale, automated, durability test facility in Osio, Italy. The module 
can simultaneously test up to eight fuel cell engines. 

18

2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLINGWhile commercialization of these products has taken 
longer  than  anticipated,  the  Company  is  pleased 
with the competitiveness of the innovative design in 
Nuvera’s  core  technologies,  which  it  expects  to  lead 
to  enhanced  customer  partnership  opportunities . 
Nuvera and Hyster-Yale Group are collaborating with 
the Center for Transportation and the Environment, in 
conjunction with the California Air Resources Board, 
on a project for the Port of Los Angeles . This project 
involves demonstrating the operation of a Hyster® 1150-
CH Top-Loader Big Truck using an electrified power 
train and Nuvera’s Orion®-based 45kW fuel cell engine . 
This is an important demonstration of Nuvera’s easily 
integrated, high-power fuel cell engines for use in OEM 
products . This truck is expected to be shipped to the 
Port  of  Los  Angeles  for  testing  during  2021 .  Nuvera 
and  Hyster-Yale  Group  were  also  selected  to  partner 
with the Port of Valencia to build a hydrogen-powered 
ReachStacker . Finally, during 2020, it was announced 
that Nuvera’s technology and products would be integral 
elements in the partnership between Hyster-Yale Group 
and Capacity Trucks to develop electric and hydrogen-
powered terminal tractors .

As it ramps up production of fuel cell stacks and engines 
and leverages its customer partnership opportunities, 

Nuvera’s  objective  is  to  generate  sales  which  will 
first  reduce  its  losses  and  then  achieve  break-even . 
In the longer term, Nuvera is expected to contribute 
substantially  to  the  Company’s  overall  earnings . 
Some evidence of progress in this respect was a recent 
transaction involving technology that was created by 

The Company views its  
ownership of Nuvera as  
a transformational opportunity 
to be a global leader in a key 
emerging technology.

Nuvera . In 2018, Nuvera sold its hydrogen-generation 
appliance to OneH2 for an interest in OneH2’s hydrogen-
distribution business . In January 2021, the Company 
sold part of its ownership interest in OneH2 for $15 .7 
million,  and  recognized  a  gain  of  $4 .6  million .  The 
remaining interest is expected to be sold later in the 
2021 first quarter . 

19

2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLINGHYSTER-YALE MATERIALS HANDLING

2020 ANNUAL REPORT

Looking  
Forward
The  Company  is  undergoing  a  significant 

transformation through the execution of projects 
supporting its six core strategic initiatives . We 
believe  the  Company  is  now  at  an  inflection  point 
in  its  business  as  a  result  of  the  momentum  toward 
maturation of these projects . While not as significant as 
originally expected before the pandemic, results in 2020 
still reflected continued investment in the Company’s 
core strategic initiatives and progress on their execution . 
The  Company  is  hopeful  the  maturation  of  many  of 

The Company is optimistic  
about its future and believes  
it offers a compelling  
investment opportunity.

these investments will begin to come together in the 
form of enhanced market position and profitability in 
2021 .  However,  definitive  time  frames  for  achieving 
returns on these investments are still uncertain due to 
both the timing of the full impact of those projects and 
the timing of the moderating financial impact of the 
pandemic . The Company continues to operate on the 
assumption that the economic and market environment 
will  remain  difficult  in  2021  until  COVID-19 
vaccinations and alternative therapies are more widely 
available and cases decrease to substantially lower levels . 
In addition, anticipated pandemic-related global supply 
chain  constraints,  component  shortages,  shipping 
container availability and higher freight costs, as well as 
anticipated significant material cost inflation resulting 
from  the  increasing  pace  of  the  expected  economic 
recovery and the likelihood of the non-renewal of tariff 
exclusions, are expected to present significant challenges 
for the Company in 2021 . 

20

While  these  factors  and  the  cost  of  implementing 
key  initiatives  may  reduce  the  Company’s  near-term 
financial  results,  these  initiatives  are  expected  to 
position Hyster-Yale increasingly with enhanced market 
position as market conditions return to more normal 
levels . Nevertheless, since it recognizes that the timing 
and shape of the market recovery remains uncertain, 
the Company will maintain its focus on responding to 
changing conditions with agility based on contingency 
plans which are designed to respond appropriately to 
changing  conditions .  Once  the  COVID-19  pandemic 
has abated and markets have returned to normal, the 
Company  believes  the  full  impact  of  these  projects 
will  lead  to  significant  volume  and  profitability 
improvements for a number of years to come at each 
of its businesses . 

Lift Trucks 
To achieve its financial objectives, Hyster-Yale Group 
needs to produce 140,000 units in its factories, including 
Hyster-Yale Maximal . With improving markets and the 
increasing momentum and maturity of its initiatives, the 
Company believes it can attain these required volumes 
over the next few years . Although Hyster-Yale Group’s 
2020  operating  profit  margin  was  well  below  its  7% 
target, the path to achieving that target is clear, even 
though, in this pandemic environment, the timing for 
achieving it is not . The Company expects operating profit 
margins to improve toward target as it increases volume 
and leverages its fixed costs and operating expenses . 

Attachments, Forks and  
Lift Tables 
The  Company  believes  that  Bolzoni  has  significant 
upside sales and profit potential as a result of its new 
product  and  industry-support  plans,  particularly  in 
the Americas market . Bolzoni is focused on achieving a  
7%  operating  profit  margin  target  by  implementing 
these plans . 

HYSTER-YALE MATERIALS HANDLING

Hydrogen Power 
Nuvera is still incurring significant losses, but it has a clear 
path forward to profit improvement and eventual break-
even through sales of its newly commercialized products .

Valuation 
Hyster-Yale’s objective is to create shareholder value in 
all of its business units . The Company is optimistic about 
its future and believes it offers a compelling investment 
opportunity because of the strategic initiatives it has 
in  place  and  its  expectations  for  the  execution  of  its 
key projects over the next few years . However, if all of 
the businesses are viewed as one, traditional valuation 
metrics can be misleading . The Company believes its 
valuation is better thought of as the sum of the separately 
assessed values of each of its businesses . 

Hyster-Yale Group and Bolzoni are mature businesses 
focused  on  creating  value  by  increasing  unit  volume 
and  market  share  through  the  execution  of  core 
strategic initiatives . Nuvera, on the other hand, is a new 
technology business focused on commercializing and 
selling products that are complementary and additive to 
the Lift Truck business and have other industry product 

applications, as well . The use of hydrogen as an alternative 
clean energy source is growing . The Company’s objective 
is to be a key player in this industry . As a result, given 
the stage of the market for fuel cell products and of the 
commercialization of Nuvera’s products, the Company 
believes  this  business  should  continue  to  be  valued 
independently as a venture business .

The  Company  is  optimistic  that  the  stock  market  is 
currently beginning to better understand this sum-of-
the-parts methodology .

Dividend and Uses of Cash
In 2020, despite the pandemic, the Company maintained 
its annual dividend of $1 .27, or 31 .75 cents per share 
on a quarterly basis . In the future, the Company may 
consider additional dividend increases as well as share 
repurchases at prices attractive to its stockholders .

We  believe  that  a  strong  balance  sheet,  financial 
flexibility and a strong cash position, in combination 
with  our  business  strategy,  makes  Hyster-Yale  a 
compelling  long-term  investment  opportunity  and 
reinforces  our  commitment  to  stockholder  returns 

Embracing economic, social, environmental and  
health and safety objectives throughout the organization 
will serve the long-term best interests of the  
Company’s stockholders.

Corporate

Responsibility
The Company believes that embracing 

operates . Hyster-Yale has established specific 
cost-effective  corporate  targets  through  its 
2026  Vision  program  that  will  reduce  the 
Company’s  impact  on  the  environment 
and  conserve  natural  resources .  All  of  this 
is  being  carried  out  in  the  environmental 
context  of  its  leadership  in  electric  forklift 

economic, social, environmental and 
health and safety objectives throughout 
its organization will serve the long-term best 
interests  of  the  Company’s  stockholders, 
while contributing benefits to the Company’s 
customers and the communities in which it 

and fuel cell markets . Hyster-Yale’s Corporate 
Responsibility  report  is  available  at  hyster-
yale .com  and  describes  the  Company’s 
commitment to promote a responsible culture 
throughout the business and its product value 
chain as it moves toward its 2026 Vision . 

21

over  time .  By  clearly  articulating  and  executing  our 
core strategic initiatives in each of our businesses, we 
believe an enhanced market multiple valuation could 
be reasonable over time for our mature businesses and 
that Nuvera has significant value creation opportunity 
ahead of it .

We would like to thank all of 
our employees for their shared 
sacrifices, resiliency, passion 
and commitment to meeting the 
unique challenges of 2020.

We have an outstanding group of leaders and employees 
who have effectively managed production and supply 
chain disruptions and kept the Company on a positive 
path in the period since the pandemic began and who 
recognize that the pandemic is still with us and that we 
must remain vigilant . Given the strength and resilience 
of  our  global  team,  we  have  great  confidence  in  the 
Company’s ability to deliver solid sales and earnings 
performance,  and  achieve  our  financial  objectives, 
in the years ahead . The Company’s senior leadership 
also  remains  strong  as  is  indicated  by  the  recent 
announcement that Rajiv Prasad has been appointed 
President of Hyster-Yale Materials Handling, effective 
February 17, 2021 to reflect not only his role as President 
and Chief Executive Officer of Hyster-Yale Group but 
also his oversight responsibility for Bolzoni and Nuvera . 
We believe we have emerged from this unprecedented 
year stronger and more nimble . We hope that during 
2021, with the development of vaccines, life as we knew 
it pre-pandemic will return . 

u

We would also like to take this opportunity to thank 
all of our customers, dealers, suppliers and Hyster-Yale 
stockholders  for  their  continued  support .  While  no 
one could have predicted at the beginning of 2020 how 
challenging the year would become, we ended the year 
on a good path for 2021 . That could not have been done 
without the support of these groups . 

Importantly,  we  would  also  like  to  thank  all  of  our 
employees for their shared sacrifices, resiliency, passion 
and commitment to meeting the challenges of 2020 . 
We  faced  these  challenges  as  a  single  united  global 
team, and our team did a superior job in managing 
through this unusual year . Everyone’s hard work and 
disciplined execution during this unprecedented period 
of time enabled our Company to continue to support 
our  dealers  and  customers  successfully,  while  also 
maintaining the health and safety of the Company’s 
global workforce and continuing the Company’s focus 
on achieving its long-term goals by effectively executing 
transformative projects . 

Through  many  years  of  service,  we  believe  we  have 
earned the trust of our customers who depend upon the 
performance of our products and solutions every day . 
Despite the unique challenges of 2020, we are proud that 
we could continue to deliver on our commitments . We 
look forward to an improving 2021 and building on the 
lessons learned from this transformative year to achieve 
greater success in future years . 

Alfred M. Rankin, Jr.
Chairman and Chief Executive Officer,
Hyster-Yale Materials Handling, Inc . and
Chairman, Hyster-Yale Group, Inc .

In closing, we would like to welcome Edward Eliopoulos, 
who joined our Board of Directors in May 2020 . We are 
privileged to have him as a Director . 

Rajiv K. Prasad
President, Hyster-Yale Materials Handling, Inc .
President and Chief Executive Officer,
Hyster-Yale Group, Inc .

This annual report to stockholders contains forward-looking statements. For a discussion of the factors that may cause the Company’s actual results to differ from these forward- 
looking statements, please see page 27 in the attached Form 10-K.

22

2020 ANNUAL REPORTHYSTER-YALE MATERIALS HANDLINGHYSTER-YALE MATERIALS HANDLING

HYSTER-YALE MATERIALS HANDLING

2020 ANNUAL REPORT

Directors  
& Officers

Directors & Officers of Hyster-Yale Materials Handling, Inc. 

Directors:
James B. Bemowski 
Retired Vice Chairman of Doosan Group

J.C. Butler, Jr. 
President and Chief Executive Officer,  
NACCO Industries, Inc. and The North 
American Coal Corporation

Carolyn Corvi 
Retired Vice President and General Manager 
–Airplane Programs of The Boeing Company

Edward. T. Eliopoulos 
Retired Partner, Ernst & Young

John P. Jumper 
Retired Chief of Staff, United States Air Force

Dennis W. LaBarre 
Retired Partner, Jones Day

H. Vincent Poor 
Michael Henry Strater University Professor of 
Electrical Engineering of Princeton University

Alfred M. Rankin, Jr. 
Chairman and Chief Executive Officer  
of Hyster-Yale Materials Handling, Inc. 
Chairman of Hyster-Yale Group, Inc.
Non-Executive Chairman of NACCO  
Industries, Inc.
Non-Executive Chairman of Hamilton Beach 
Brands Holding Company

Claiborne R. Rankin 
Manager of NCAF Management, LLC, the 
managing member of North Coast Angel 
Fund, LLC

Britton T. Taplin 
Self-employed (personal investments)

David B.H. Williams 
Partner, Williams, Bax & Saltzman, P.C.

Eugene Wong 
Professor Emeritus of the University of  
California at Berkeley

Officers:
Alfred M. Rankin, Jr.
Chairman and Chief Executive Officer

Rajiv K. Prasad
President

Gregory J. Breier
Vice President, Tax

Brian K. Frentzko
Vice President, Treasurer

Jennifer M. Langer
Vice President, Controller

David M. LeBlanc 
Vice President, Strategy, Planning and  
Business Development

Anthony J. Salgado
Chief Operating Officer,  
Hyster-Yale Group, Inc.

Kenneth C. Schilling
Senior Vice President and  
Chief Financial Officer

Suzanne S. Taylor
Senior Vice President, General Counsel  
and Secretary

Executives and Officers of Hyster-Yale Group, Inc. and its Subsidiary Companies

Alfred M. Rankin, Jr. 
Chairman

Rajiv K. Prasad 
President and Chief Executive Officer

Gregory J. Breier 
Vice President, Tax

Brian K. Frentzko 
Vice President, Treasurer

Patrice G. Groisiller 
Vice President, Product Platforms

Tracy S. Hixson 
Vice President, Global Supply Chain

Stephen J. Karas 
Senior Vice President, President APIC

Jennifer M. Langer 
Vice President, Controller

David M. LeBlanc 
Vice President, Strategy, Planning and  
Business Development

Stewart D. Murdoch 
Senior Vice President and Managing Director, 
Europe, Middle East and Africa

Charles F. Pascarelli 
Senior Vice President, President, Americas

Lucien M.J. Robroek 
Chief Executive Officer of  
Nuvera Fuel Cells, LLC

Anthony J. Salgado 
Chief Operating Officer

Kenneth C. Schilling 
Senior Vice President and  
Chief Financial Officer

Patric Schroeter 
Vice President Finance, APIC

Roberto Scotti 
President and Chief Executive Officer of 
Bolzoni S.p.A.

Gopichand Somayajula 
Vice President, Global Product Development

Jon C. Taylor 
Vice President Finance, Lift Trucks

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

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 Global:

www.hyster.com

Yale Global:

www.yale.com

Nuvera Fuel Cells:

www.nuvera.com

Bolzoni:

www.bolzonigroup.com

Hyster-Yale maintains leading market share  

positions in the Americas and worldwide

Corporate Information

The Annual Meeting of Stockholders of Hyster-Yale 

Materials Handling, Inc. will be held on May 9, 2018,  

at 9:00 a.m. at the corporate office located at:  

5875 Landerbrook Drive, Cleveland, Ohio 44124

Form 10-K

Annual Meeting

Independent Registered Public Accounting Firm

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:

HYSTER-YALE MATERIALS HANDLING
Investor Relations
Hyster-Yale Materials Handling, Inc.
5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
(440) 229-5168

2020 ANNUAL REPORT

Stock Transfer Agent and Registrar

Stockholder Correspondence:
Computershare
P.O. Box 505000
Louisville, KY 40233-5000

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.

(877) 373-6374 (U.S., Canada and Puerto Rico)
(781) 575-2879 (International)

Overnight Correspondence:
Computershare
462 South 4th St., Suite 1600
Hyster-Yale Materials Handling, 
Louisville, KY 40202
Inc. Website 
Additional information on Hyster-Yale  
may be found at the corporate website,  
hyster-yale.com. The Company considers  
this website to be one of the primary  
sources of information for investors and  
other interested parties.

Legal Counsel
Jones Day
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114

Hyster Global: 
hyster.com

Yale Global: 
yale.com

Nuvera Fuel Cells: 
nuvera.com

On the Cover:
Top Right: Hyster's H90FT Fortis® internal combustion engine, pneumatic-tire lift truck has a basic lifting capacity of up to 9,000 pounds and is  
equipped with a Bolzoni® paper roll attachment.
Top Left: A Yale® NR040 Reach Truck for use in warehouse applications is available in basic lifting capacities between 3,500 and 4,000 pounds.
Bottom Right: A Yale® ERC50VG four-wheel, cushion-tire, electric counterbalanced lift truck powered by a Nuvera® fuel cell battery box replacement.
Bottom Left: A Hyster® H115OHD-CH Dedicated Container Handler, equipped with a wide axle and capable of stacking containers six high, is shown 
positioning a container at a port operation in California.

Bolzoni: 
bolzonigroup.com

Hyster-Yale Maximal: 
maxforklift.com

Corporate  
Information

Annual Meeting 
The Annual Meeting of Stockholders of 
Hyster-Yale Materials Handling, Inc. will 
be held on May 12, 2021, at 9:00 a.m. at the 
corporate office located at: 5875 Landerbrook 
Drive, Cleveland, Ohio 44124

The Hyster® Jumbo Truck production line in Nijmegen, The Netherlands.

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  
(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

Contents

About the Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Selected Financial and Operating Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 

Letter to Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 

Stock Transfer Agent and  
Registrar 
Stockholder Correspondence: 
Computershare 
P.O. Box 505000 
Louisville, KY 40233-5000

Form 10-K  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114

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 to offer the lowest cost of ownership and the best overall value. 

Overnight Correspondence: 
Computershare 
462 South 4th St., Suite 1600 
Louisville, KY 40202

(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

On the cover top to bottom: 
Food: The recently launched Yale® Reach Truck is shown working in a harsh cold-food environment.
Beverage: A Yale® European GP35VX internal-combustion engine, pneumatic-tire lift truck is using a Bolzoni Meyer®-branded double-pallet handling fork attachment to move bottles in a beverage application.
Heavy Logistics: Hyster® ReachStackers are built for demanding applications with heavy loads, including moving and stacking containers in port applications.
Manufacturing: A Hyster® 3.0 Fortens truck featuring a Bolzoni® rotator, and showcasing the Company’s newly introduced capability to factory install these rotators, is shown working in a manufacturing location.
Natural Resources: A Hyster® H16XM-12 16-ton Big Truck, specifically engineered for foundry/smelter applications, is shown hard at work in a foundry near Dortmund, Germany. 
Materials: A Hyster® 155 Fortis, with a basic lifting capacity of 15,500 lbs., equipped with a Bolzoni tissue paper clamp, is transporting a 6’ x 7’ parent roll of tissue paper through a warehouse.
Retail & E-commerce: A Yale® OS030BF second-level order selector allows access to an increased number of SKUs in distribution applications.
Durable Goods: The Hyster® end-rider pallet truck, equipped with ergonomic and productivity enhancing features, has a 6,000-8,000 lb. capacity.

5875 Landerbrook Drive, Suite 300  |  Cleveland, Ohio 44124  | hyster-yale.com
An Equal Opportunity Employer