CLEVELAND, OH — The board of Directors of Hyster-Yale Materials Handling, Inc. announced Feb. 18 that Rajiv Prasad, President and chief executive officer of the Company's wholly-owned operating subsidiary, Hyster-Yale Group, Inc., has been appointed President of Hyster-Yale Materials Handling effective immediately. He will hold this new position along with his current position at Hyster-Yale Group. The Board of Directors indicated that this new title better reflects Prasad's broad role within Hyster-Yale Materials Handling, which includes oversight responsibilities for all of the Company's subsidiaries, including its forklift truck business, Hyster-Yale Group, Inc., the Company's attachment business, Bolzoni, S.p.A., and the Company's fuel cell business, Nuvera Fuel Cells, LLC.
Alfred M. Rankin, Jr. will remain Chairman and Chief Executive Officer of Hyster-Yale Materials Handling.
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).