Hyster-Yale Materials Handling, Inc. Completes Acquisition Of Controlling Interest In Zhejiang Maximal Forklift Co., Ltd.

CLEVELAND, June 1, 2018

As previously announced, this transaction is a strategic action that is expected to expand the Company's low-cost, global manufacturing capabilities, develop access to competitive component sourcing, further strengthen Hyster-Yale's utility and standard product portfolio by adding a wider spectrum of products to an already leading global materials handling business, and enhance the Company's presence in the growing global utility and standard market segments, as well as in the China market.  

In its local statutory reports, Maximal reported revenues of RMB 528 million, or approximately $77 million, and generated an approximately 4% operating profit margin on combined domestic and export volume of nearly 7,000 units for the year ended December 31, 2017.  Due to the investments that Hyster-Yale intends to make in the joint venture, the proposed acquisition, while currently profitable, is expected to be dilutive to the Company's earnings over the next year by $5 million to $10 million pre-tax due to additional investments in expense and capital needed to implement the Company's integration plan.  In addition to these expenditures and investments, a one-time incentive-based payment of up to $10 million may become payable by the third anniversary of the closing upon the satisfaction of certain performance conditions.  The acquisition is expected to be accretive to Hyster-Yale's earnings during 2020 under conservative market share and synergy objectives.

Following today's closing, HY Maximal will be structured as a separate legal entity, with its own management team led by Mr. Lu JinHong, and its own Board of Directors led by Colin Wilson, President and Chief Executive Officer of Hyster-Yale Group, as Chairman.  However, HY Maximal will be managed as a division of the Company's JAPIC segment, reporting to JAPIC senior management, and its results will be consolidated within the Lift Truck JAPIC segment financials. 

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.  For more information about Hyster-Yale Materials Handling, Inc. and its subsidiaries visit the Company's websites at www.hyster-yale.com and www.bolzonigroup.com.

About Zhejiang Maximal Forklift Co., Ltd.
Founded in 2006, Zhejiang Maximal Forklift Co., Ltd. is a Chinese OEM for utility and standard lift trucks and specialized material handling equipment involved in the design, manufacture, service and distribution of Class 1 electric and Class 5 internal combustion engine counterbalance utility and standard platforms, and Class 2 and Class 3 electric warehouse products for both the local China and global markets under the Maximal and SAMUK brands. Maximal also designs and produces specialized products in the Port Equipment and Rough Terrain forklift segments.  For more information about Zhejiang Maximal Forklift Co., Ltd. visit the company's website at www.maxforklift.com. 

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