Hyster-Yale Materials Handling, Inc. Announces Plan To Move Production Of Bolzoni Attachments From Homewood, Illinois Facility To Sulligent, Alabama Facility
CLEVELAND, Dec. 3, 2018 /PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY) announced today that, as part of a plan to expand Bolzoni's capabilities in the U.S., it will move Bolzoni's North America attachment manufacturing into the Company's significantly larger Sulligent, Alabama manufacturing facility over the course of 2019. As a result, effective January 1, 2019, the Sulligent facility will become a Bolzoni facility and Bolzoni will assume control of the current manufacturing of products. The experienced and professional team of employees in Sulligent will become Bolzoni employees on this date, and report to Bolzoni leadership.
The Company is evaluating a number of options to make space in its Sulligent facility to allow Bolzoni to expand its product range and degree of vertical integration, as well as to reconfigure Sulligent's manufacturing competencies toward more profitable and value-added work. The manufacturing of attachments will be progressively introduced in Sulligent starting during the first quarter of 2019, and Bolzoni will phase out production at its Homewood, Illinois facility during 2019. The Homewood manufacturing facility employs approximately 70 people. It is the intention to maintain a Bolzoni distribution center at Homewood or in the Homewood area, housing OEM and Aftermarket attachments and forks, in addition to housing an onsite customer support team.
Bolzoni intends to grow rapidly in the North American market through an industry-specific marketing focus supported by an expanded range of highly cost competitive products, locally produced, with reduced lead times. This investment in enhanced manufacturing capabilities provides the operational platform for this expansion.
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Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, (2) delays in delivery or increases in costs, including transportation costs or the imposition of tariffs, of raw materials or sourced products and labor or changes in or unavailability of quality suppliers, (3) the successful commercialization of Nuvera's technology, (4) customer acceptance of pricing, (5) the political and economic uncertainties in the countries where the Company does business, (6) the ability of dealers, suppliers and end-users to obtain financing at reasonable rates, or at all, as a result of current economic and market conditions, (7) exchange rate fluctuations and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (8) delays in manufacturing and delivery schedules, (9) bankruptcy of or loss of major dealers, retail customers or suppliers, (10) customer acceptance of, changes in the costs of, or delays in the development of new products, (11) introduction of new products by, or more favorable product pricing offered by, competitors, (12) product liability or other litigation, warranty claims or returns of products, (13) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives, (14) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (15) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation, the United Kingdom's exit from the European Union, the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, (16) Hyster-Yale may not be able to successfully integrate Maximal's operations and employees, and (17) delays in or increased costs of moving the attachment manufacturing from Homewood to Sulligent.
About Hyster-Yale Materials Handling, Inc.
Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, offers a broad array of solutions to meet the specific materials handling needs of customers' applications. The Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Subsidiaries of Hyster-Yale Group include Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines, and Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Hyster-Yale Group also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal). For more information about Hyster-Yale Materials Handling, Inc. and its subsidiaries, visit the Company's website at www.hyster-yale.com.
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SOURCE Hyster-Yale Materials Handling, Inc.
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