Hyster-Yale, Inc. (NYSE: HY)

Hyster-Yale, Inc. designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, parts, fleet management services, technology and energy solutions. The company markets its products primarily under the Hyster®, Yale® and Nuvera® brand names through independent dealers and a direct sales program. Its Bolzoni subsidiary produces precision-engineered lift truck attachments, forks, masts and lift tables sold under the Bolzoni®, Auramo® and Meyer® brands. Headquartered in Cleveland, Ohio, the company operates as a globally integrated business with manufacturing and assembly facilities in the United States, Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam. The company also designs warehouse equipment tailored to regional practices, with development centers in Greenville, North Carolina for the Americas market and in Masate, Italy for the European market.

Revenue is generated from the sale of lift trucks, parts, service and rental offerings, and Bolzoni attachment products. In 2025, lift trucks accounted for approximately 71% of total revenue, parts for 16%, service rental and other for 8%, and Bolzoni for 5%. Within lift truck sales, internal combustion engine models represented about 40% and electric models about 31% of revenue. The company also earns income from fleet management services, technology solutions and energy products such as those from its Nuvera fuel cell business. Additionally, the company provides parts under the HYSource™ and UNISOURCE™ brands to dealers for Hyster® and Yale® lift trucks and for servicing competitor equipment. Aftermarket parts and service revenue supports the large installed base of lift trucks currently in operation across various industries.

The company operates through the following segments.

• Bolzoni: Bolzoni designs, manufactures and markets precision-engineered lift truck attachments, forks, masts and lift tables for handling delicate and specialized loads, sold under the Bolzoni®, Auramo® and Meyer® brands and the Silver Line product portfolio, and also supplies components to lift truck manufacturers from facilities in Italy, the United States, China, Germany, Finland and Brazil, maintaining a strong presence in the global lift truck attachments market.

Hyster-Yale, Inc. ranks among the leading lift truck manufacturers globally, holding significant market share in the Americas and worldwide. The company competes with other major lift truck producers on factors such as dealer strength, brand loyalty, product quality, innovation and total cost of ownership. Its Bolzoni subsidiary holds a leading position in the lift truck attachment market, competing with a few global attachment manufacturers and numerous niche players. Competitive advantages include a broad product portfolio, strong dealer network, integrated service offerings and a diversified geographic manufacturing footprint that helps mitigate tariffs and freight costs. The company also faces competition from alternative power sources such as lithium ion batteries and hydrogen fuel cells, which are emerging in the lift truck market.

The company sells its lift trucks and attachments primarily through a network of independent dealers located in 111 countries and through a direct sales program serving major customers with centralized purchasing. In 2025, the direct sales program accounted for 28% of new lift truck revenues. Its end user base spans diverse sectors including retail, durable goods, food and beverage, industrial and logistics operations.