Nacco Industries ( NC ) to Spin off Hyster Yale Division to shareholders ..
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CLEVELAND, June 28, 2012 /PRNewswire/ -- Hyster-Yale Materials Handling, Inc. announced today 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. ( NC) 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.
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. In the spin-off, NACCO stockholders will receive one share of Hyster-Yale Materials Handling, Inc. Class A common stock and one share of Hyster-Yale Materials Handling, Inc. Class B common stock for each share of NACCO Industries, Inc. Class A or Class B common stock owned on the record date for the spin-off.
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