CLEVELAND - Hyster-Yale Materials Handling, Inc. (NYSE: NYSE:HY), a global company specializing in lift trucks and materials handling solutions, has announced a corporate rebranding initiative that includes a change of its name to Hyster-Yale, Inc.
This change is set to take place at the end of business on May 31, 2024. The company's main operating subsidiary, currently known as Hyster-Yale Group, Inc., will adopt the name Hyster-Yale Materials Handling, Inc., to better reflect its focus on the lift truck business.
The restructuring aims to better represent the company's evolution since its 2012 spinoff from NACCO Industries. Hyster-Yale has grown into three separate but interconnected business segments: Lift Trucks, Bolzoni, and Nuvera. The new corporate naming scheme is intended to provide a clearer identity for these segments under the overarching Hyster-Yale brand.
Rajiv Prasad, President and CEO of Hyster-Yale Materials Handling and Hyster-Yale Group, emphasized that while the company's names are changing, their commitment to quality and innovation remains steadfast across all brands, which include Hyster®, Yale®, Maximal®, Bolzoni®, Auramo®, Meyer®, and Nuvera®.
Hyster-Yale Materials Handling, headquartered in Cleveland, Ohio, offers a comprehensive range of lift trucks and solutions, including attachments and hydrogen fuel cell power products. The company is focused on delivering material handling solutions that enhance productivity and provide value throughout the product lifecycle.
Subsidiaries under Hyster-Yale include Bolzoni S.p.A., a producer of attachments, forks, and lift tables, and Nuvera Fuel Cells, LLC, a company specializing in fuel cell stacks and engines. The group also maintains an unconsolidated joint venture in Japan with Sumitomo NACCO.
This article is based on a press release statement from the company.
InvestingPro Insights
As Hyster-Yale Materials Handling, Inc. (NYSE: HY) embarks on its rebranding journey, the company's financial health and market performance offer key insights into its future prospects. With a market capitalization of $1.11 billion, Hyster-Yale is positioning itself for further growth. The company's P/E ratio stands at a competitive 8.6, suggesting that its stock could be undervalued relative to earnings. This is further supported by an adjusted P/E ratio for the last twelve months as of Q4 2023, which is only slightly higher at 8.85.
Investors may also find the company's commitment to shareholder returns reassuring. Hyster-Yale has a track record of raising its dividend for 10 consecutive years and has maintained dividend payments for 13 consecutive years. This demonstrates the company's ability to generate consistent cash flow and its dedication to returning value to its shareholders. The dividend yield as of the latest data stands at 2.05%, which could be attractive for income-focused investors.
With a significant price increase over the last six months, amounting to a 46.09% total return, Hyster-Yale's stock performance reflects investor confidence and market momentum. For those seeking more insights and tips, InvestingPro offers additional guidance on HY's stock performance and future potential. Subscribers can access more InvestingPro Tips by visiting https://www.investing.com/pro/HY, and for a limited time, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 5 more InvestingPro Tips available that can help investors make more informed decisions.
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