Hyster-Yale Materials expects annualized cost reductions of $15M-$20M

On April 30 the Company announced a strategic realignment of its Nuvera fuel cell business designed both to increase near term profits and to create an integrated energy solutions program at its Billerica, Massachusetts facility, which will be part of the Lift Truck business. This strategic realignment is expected to achieve direct annualized cost reductions of $15M-$20M starting in the second half of 2025. The Company also expects an additional $10M-$15M of Nuvera’s costs to be absorbed by the Lift Truck business, largely to staff open positions, with the goal of accelerating development of batteries and related services and mobile charging products. As result of these actions, approximately $15M-$18M of employee severance and impairment costs are expected in Q2. Additional charges or expenditures are possible as the program progresses.”