Ohio-headquartered materials handling equipment and attachment manufacturer Hyster-Yale, has announced it will lay off approximately 575 employees as part of a cost reduction process under what it describes as “challenging market conditions”.

The news follows an earlier announcement this month from the business that it would lower production rates reflecting softer demand on the back of a Q3 revenue drop of 4%.

“Current economic and industry dynamics provide a catalyst to further optimise the business' cost structures, reducing its break-even point to better align with current low industry volumes, particularly in the industrial segment,” the company says in a statement. 

“This action better positions the company for enhanced profitability when industry volumes recover, likely in mid-2026.”

The jobs to be cut are spread across global manufacturing and staff functions and should help to, according to Hyster-Yale, “address the current mismatch in recent shipping and booking rates”.

The manufacturer says the action will cost it around USD21 million in Q4 2025, while generating USD40 to 45 million in annualised cost savings from Q1 2026.

“The Hyster-Yale executive team understands that while these are difficult decisions, they are necessary to ensure that the company remains on its well-defined strategic path which is outlined in the investor presentation on its website,” the business states.