CLEVELAND, Nov. 18,
2024 /PRNewswire/ -- Hyster-Yale, Inc. (NYSE: HY)
announced today that the Board of Directors authorized the
repurchase of up to $50 million or
1.5 million shares, whichever comes first, of the Company's
outstanding Class A Common Stock. "The Board of Directors' approval
of this stock repurchase program reflects confidence in the
Company's balance sheet and business outlook," said Rajiv K. Prasad, President and Chief Executive
Officer of Hyster-Yale, Inc. "This stock repurchase authorization
is well aligned with our capital allocation strategy designed to
support long-term profitable growth and fuel shareholder return as
the business generates free cash flow."
The timing and amount of repurchases will be determined by the
Company's management based on a number of factors. The stock
repurchase program does not require the Company to acquire any
specific number of shares. It may be modified, suspended, extended
or terminated by the Company at any time without prior notice and
will expire no later than November
2027. The Company may repurchase shares in the open market,
through privately negotiated transactions or otherwise. We expect
that the repurchases will generally be executed through open-market
purchases from time to time including pursuant to a Rule 10b5-1
trading plan, which would allow repurchases under pre-set terms at
times when the Company might otherwise be prevented from doing
so.
Hyster-Yale has approximately 17.5 million shares of common
stock outstanding, 14.1 million shares of which are Class A Common
Stock as of November 14, 2024.
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. Factors that may cause actual
results to differ materially from those in the forward-looking
statements include those set forth under the heading "Risk Factors"
in Hyster-Yale's most recent 10-K filed with the Securities and
Exchange Commission.
About Hyster-Yale, Inc.
Hyster-Yale, Inc., headquartered in Cleveland, Ohio, is a globally integrated
company offering a full line of lift trucks and solutions,
including attachments and hydrogen fuel cell power products aimed
at meeting the specific materials handling needs of its customers.
Hyster-Yale's vision is to transform the way the world moves
materials from Port to Home and deliver on its customer
promises of: (1) thoroughly understanding customer applications and
offering optimal solutions that will improve productivity at the
lowest cost of ownership, and (2) providing exceptional customer
care to create increasing value from initial engagement through the
product lifecycle.
The Company's wholly owned operating subsidiary, Hyster-Yale
Materials Handling, 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. Subsidiaries of Hyster-Yale include Bolzoni S.p.A., a
leading worldwide producer of attachments, forks and lift tables
marketed under the Bolzoni®, Auramo® and
Meyer® brand names and Nuvera Fuel Cells, LLC, an
alternative-power technology company focused on fuel cell stacks
and engines. Hyster-Yale also has an unconsolidated joint venture
in Japan (Sumitomo NACCO). For
more information about Hyster-Yale and its subsidiaries, visit the
Company's website at www.hyster-yale.com.
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SOURCE Hyster-Yale, Inc.