Hyster 120

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GREENWICH, Conn.--(BUSINESS WIRE)--Cetus Capital VI, L.P., (together with its affiliates, “Cetus” or “we”), a shareholder of Hyster-Yale Materials Handling, Inc. (NYSE: HY), today issued a letter to the Company’s Board of Directors. The full text of the letter is included below.

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March 16, 2021

The Board of Directors
Hyster-Yale Materials Handling, Inc.
5875 Landerbrook Drive
Suite 300
Cleveland, OH 44124-4069
Attn: Members of the Board:

Dear Hyster-Yale Board of Directors:

I am writing to you on behalf of Cetus Capital VI, L.P., (together with its affiliates, “Cetus” or “we”), which collectively beneficially holds more than 1.0% of the Class A common stock of Hyster-Yale Materials Handling, Inc. (“Hyster-Yale”) (NYSE: HY).

We urge the Company and its Board of Directors to evaluate strategic alternatives for Nuvera Fuel Cells, LLC (“Nuvera”) immediately, including a sale or divestiture, for the following reasons:

1. Nuvera is a crown-jewel asset that could be worth billions of dollars, based on the valuations of publicly traded fuel cell peers.

Publicly traded fuel cell companies with similar or inferior technology to Nuvera are trading at enterprise values of billions of dollars. Plug Power, Inc., Nuvera’s closest competitor, currently has a $23 billion valuation with only ~$300 million of billings on a latest twelve months basis. Virtually all public fuel cell companies trade at enterprise values of at least $1.7 billion despite having minimal revenue (Exhibit 1).

With the boom of SPACs and growing interest in fuel cell technology broadly, investors are yearning to properly finance a lucrative technology such as Nuvera.

Nuvera possesses technologies and capabilities that are arguably stronger than its publicly traded peers. In particular, Nuvera offers the following:

• Unique open flow field technology that provides superior power density;
• Proprietary uncoated metal plate design that yields superior shock and vibration resistance; and
• Valuable control systems that mitigate stress on the fuel cell stack and deliver efficient long-term performance.

Based on Nuvera’s leading technologies and capabilities, we believe Nuvera would garner at least a similar or premium valuation to its peers as an independent company.

Exhibit 1: Select Fuel Cell Companies (as of 3/12/21):

Source: Bloomberg, public filings.

Further, we believe that the current enterprise value of Hyster-Yale is ascribing very little value to Nuvera.

Hyster-Yale’s core lift truck and Bolzoni businesses have historically generated combined EBITDA between approximately $120 million to over $180 million annually since 2015. When compared to Hyster-Yale’s current total enterprise value of $1.8 billion, we believe the market is ascribing very little value to Nuvera, as we believe Nuvera is neglected, under-invested and mismanaged.

By not properly evaluating a spin-off of Nuvera, Hyster-Yale’s Board is foregoing the opportunity for significant immediate returns to shareholders.

2. Nuvera does not fit inside of Hyster-Yale.

Hyster-Yale’s core lift truck and attachment businesses are mature industry cycle companies, while Nuvera is a venture business. The initial acquisition strategy for Nuvera was to enable Hyster-Yale to fully deploy fuel cell motive power and on-site hydrogen generation and supply solutions to lift truck customers in North America. However, after six years of not achieving any meaningful commercial success, despite being “vertically integrated,” Hyster-Yale has now shifted its focus to the small and medium-sized engine market with applications primarily for buses and commercial vehicles in China. Further, Hyster-Yale has continued to divest assets related to on-site hydrogen generation and supply.

The strategy and valuation approaches for the lift truck and attachment businesses and Nuvera are drastically different. Hyster-Yale’s core market is the lift truck business, whereas Nuvera is a fuel cell technology company that must focus on non-lift truck applications for growth. While Hyster-Yale management is well-versed in commercializing lift truck technology, we do not believe this expertise is transferable to a completely different industry (from a manufacturing operations and business development perspective).

Hyster-Yale has its hands full with executing the strategic initiatives associated with its core truck lift and attachments businesses (e.g., providing the lowest cost of ownership, being the leader in delivery of industry and customer-focused solutions, being the leader in independent distribution, growing in emerging markets, etc.), which we believe have strong growth prospects, as evidenced by its bookings in Q4 2020, and has demonstrated an ability to consistently generate good earnings and cash flow. Accordingly, we believe Hyster-Yale should focus on driving the lift truck and attachments businesses forward while allowing Nuvera to thrive as an independent company.

3. Nuvera is being mismanaged under the Hyster-Yale umbrella.

Hyster-Yale management is too focused on Nuvera not losing money and further impacting its industrial value. Hyster-Yale has shown little regard to the top-line growth that Nuvera needs to achieve to scale. As a company with groundbreaking technology and a very large total addressable market, “break-even” cannot be the main priority for Nuvera.

Prior to joining Nuvera, neither its CEO nor CFO had any fuel cell or power background. Nuvera would greatly benefit from operating outside the Hyster-Yale umbrella led by a management team who has significant industry experience and technological expertise that could focus on commercialization efforts to properly scale the business.

For a business with such tremendous value and growth prospects, Nuvera should be a top priority for capital allocation. However, Nuvera is currently third in linefor capital allocation from Hyster-Yale, demonstrating a clear lack of focus on this business (Exhibit 2). At this stage of development, Nuvera needs more growth capital to build the top-line and commercialize its technology instead of being starved by Hyster-Yale.

Exhibit 2: Hyster-Yale Capital Allocation Priorities

See Image

Source: Hyster-Yale, Q3 2020 Investor Presentation

4. Hyster-Yale could still enjoy the benefits of Nuvera’s technology.

We do not believe Hyster-Yale would be materially disadvantaged by spinning out or selling Nuvera. For example, Nuvera could preserve its collaboration with Hyster-Yale in port equipment through a joint venture, while allowing Nuvera to focus on building relationships with OEMs in relatively untapped segments such as passenger and commercial vehicles to accelerate top-line growth.

5. Nuvera deserves appropriate leadership and investor base.

We believe Nuvera will fare much better as a company with a distinct investor base and management team who know how to better manage its technology roadmap and drive market penetration. Hyster-Yale has not shown dedication to top-line growth or developing hydrogen infrastructure necessary for a large-scale rollout, and in fact has been divesting hydrogen infrastructure assets. Nuvera needs new management that (a) is experienced in scaling early stage companies, (b) can properly grow Nuvera, and (c) is able to unlock the value of the Nuvera’s technology. We believe a growth-oriented investor base and a new management team would be better suited to support future technological investments and provide a level of focus and industry acumen of which Hyster-Yale is currently incapable.

For these reasons, we urge management and the Board of Directors to evaluate strategic alternatives immediately.

Sincerely,

Cetus Capital VI, L.P.

While some companies can get away with just occasionally renting a forklift, many need to have one on hand and use it regularly. Depending on your business, you may even need more than one Hyster forklift, potentially including multiple styles.

Forklifts do wonders at saving time and manpower, letting you easily move items around without fear. Hyster is among the leaders in forklifts, having begun making this type of equipment during the 1920s.

Today, the Hyster lineup includes multiple styles of forklifts, each with several models. As such, pricing for Hyster forklifts can vary greatly. Unfortunately, Hyster does not list its pricing on its website, instead of requiring you to contact the company directly or one of its authorized dealers.

Luckily for you, we understand the frustration of not knowing how much something costs and have discovered some key Hyster forklift prices for you.

Hyster Forklift Types and Models

Before getting into pricing, keep in mind that there are multiple types of Hyster forklifts. There are more than 130 models to choose from, including those for all types of fuel and with capacities between 2,000 and 115,000 pounds.

Hyster divides its products into the following categories:

• Internal Combustion Pneumatic Tire Trucks
• Internal Combustion Cushion Tire Trucks
• Container Handlers
• High Capacity Forklift Trucks
• High Capacity Tire Forklift Trucks
• Pallet Trucks
• 3-Wheel Electric Trucks
• 4-Wheel Electric Trucks
• Tow Tractors
• Pallet Stackers
• Order Pickers
• Reach Trucks
• Very Narrow Aisle Trucks

All of these categories are technically forklifts, and each has its own price ranges.

Sample Hyster Forklift Price Ranges by Model

For a better idea of the Hyster forklift pricing, explore the average price for some of the more common models.

Older Used Models – Under $10,000

The E80XL Hyster Forklift from 1998 shows that this heavy equipment is made to last, as it still costs $7,000 to $8,000, with its 7,000 to 9,000 load capacity.

The slightly newer H50XM Hyster Diesel forklift from 2002 with a load capacity of 5,000 pounds and diesel power is just a little more expensive, typically $8,000 to $10,000.

If you stick to around this year or earlier, you can easily find more Hyster forklifts for under $10,000.

More Recent Used Models – Up to $400,000

At the higher end of the price range, consider a 2008 Hyster Pneumatic Tire Forklift with a capacity of 105,000 pounds, for $395,000. This is among the most expensive listings you will see for a used Hyster forklift, and it is largely due to the low use and high capacity, combined with the pneumatic tires and other features. Prices this high are rare.

A more realistic high end of the price range is around $200,000 to $250,000. At this point, you may find:

• A 2017 model with 236 hours and a 36,000-pound capacity
• A 2016 model with 942 hours and a 36,000-pound capacity
• A 2008 model with 3,735 hours and a 55,000-pound capacity
• A 1990 model with 7,900 hours and an 88,000-pound capacity

Hyster 120 Forklift Specs

What Affects Hyster Forklift Pricing?

As with any other type of heavy machinery, multiple factors will affect the Hyster forklift pricing.

Your Location

Where in the country you live has a significant impact on the pricing. Some special offers and deals may only be regional, in the case of new forklifts. In the case of used models, the local market will dictate the price based on supply and demand.

Condition – New vs. Approved Used vs. Used

As with other similar equipment, you can save thousands on your Hyster forklift by choosing a used model instead of a new one. Hyster also offers a middle ground for those who want a compromise via the Approved Use Programme.

All forklifts in this program have been maintained as well as serviced by the European dealership network of Hyster. This helps ensure they are in top condition. There are also three grades of refurbished forklifts available, making it easy to balance price with age in the way that you prefer.

Lift Height

You will notice that Hyster forklifts have a range of lift heights. The taller this lift height is, the more you should expect to pay for your forklift.

Lift Capacity

Hyster S120xm Specs

As mentioned, Hyster forklifts can handle anywhere from 2,000 to 115,000 pounds, depending on the model you choose. The forklifts with higher capacities will cost more than those with lower capacities, as they allow you to get more work done and are sturdier.

Engine Type

Generally, you will pay more up front for a Hyster forklift that is electric than one with a traditional internal combustion engine. This is due to the increase in up-front costs for things such as the batteries, battery-charging equipment, battery-charging space, and more.

These electric forklifts, however, make up for the high initial cost by costing your company less in the long run.

Tire Type

As you look at the Hyster forklift lineup, you will notice that most forklifts with pneumatic tires cost more than those with cushion tires. This is due to the increased traction and improved smoothness of the ride.

Attachments

Of course, you can increase the price of any Hyster forklift via attachments and options. Consider popular attachments such as side shifters, layer pickers, and single-doubles.

Hyster 120 Forklift

Ready to Buy a Hyster Forklift?

Once you are sure that your company is ready for a Hyster forklift, you will want to take a few minutes to choose the model and even the style of the forklift. You should also confirm that it would not be in your best interest to rent a forklift instead.

Remember that you can easily get a Hyster forklift for less than $10,000 if you opt for a model that is a decade and a half or two decades old. On the other end of the spectrum, you can get a fairly new high-capacity Hyster forklift for $200,000 or spend even more on a new one.