05:33 PM EST, 11/19/2025 (MT Newswires) -- Hyster-Yale ( HY ) said late Wednesday it will eliminate about 575 jobs worldwide as part of a restructuring plan aimed at aligning its operations with softer shipping and booking trends.

The cuts will span global manufacturing and corporate staff functions, the company said, adding that the move is intended to bring its operational and overhead structure in line with current demand while positioning the business for improved long-term performance.

The company expects a one-time pre-tax charge of nearly $21 million in Q4 and projects $40 million to $45 million in annual cost savings starting in early 2026.