A Hyster-Yale Spin-Off?
Hyster-Yale Materials Handling, Inc. announced that it has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed spin-off by NACCO Industries, Inc. of its materials handling business to NACCO stockholders.
Hyster-Yale Materials Handling, as an independent public company, will own and operate the NACCO Materials Handling Group (NMHG) subsidiary of NACCO Industries. Because no stock will be issued in connection with the spin-off, NACCO Industries will not receive any proceeds from the spin-off, the company said.
As a result of the spin-off, NACCO stockholders will receive shares in Hyster-Yale Materials Handling, Inc., in addition to retaining their shares of NACCO Industries, Inc. common stock. Hyster-Yale Materials Handling's capital structure will have two classes of stock, similar to NACCO Industries' capital structure. No firm timetable for the move was announced.
Hyster-Yale Materials Handling, Inc., is expected to be an independent public company which 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.