Cleveland, Ohio-based Hyster-Yale, an iconic manufacturer of forklift and materials handling equipment, has announced a restructuring and cost-cutting initiative that will include a significant reduction in force in response to challenging market conditions and a mismatch between recent shipping and booking rates.
Approximately 575 employees across the company will be impacted.
According to the company, "The goal of the move is to further reduce lead times, lower total costs for the customer, increase margins, maintain the highest level of quality, and better position the company for future growth. The reductions will better position it to return to profitability when sales volumes recover, which is expected to happen by the middle of next year."
Change is constant, and it's coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, nor promises of a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, at any time, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?