Hyster-Yale Materials Handling, Inc. 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 subsidiary of NACCO Industries and will apply to list its Class A common stock on the New York Stock Exchange. Because no stock will be issued in connection with the spin-off, NACCO Industries will not receive any proceeds from the spin-off.
The spin-off is expected to accomplish the following business objectives for Hyster-Yale Materials Handling:
• Create greater flexibility to pursue strategic growth opportunities, such as acquisitions and joint ventures, in the materials handling industry;
• Reinforce management’s focus on serving each of Hyster-Yale Materials Handling’s market segments and customer application needs, and on responding flexibly to changing market conditions and growth markets;
• Provide Hyster-Yale Materials Handling with direct access to equity capital markets and greater access to debt capital markets;
• Strengthen the alignment of senior management incentives with the needs and performance of the Company;
• Provide investors with a more focused investment option than previously.
Because NACCO stockholders will own all of Hyster-Yale Materials Handling’s common stock immediately after the spin-off, substantial continuity in the ownership of Hyster-Yale Materials Handling is expected. In addition, NACCO’s Chairman, President and Chief Executive Officer, Alfred M. Rankin, Jr., will become the Chairman, President and Chief Executive Officer of Hyster-Yale Materials Handling and will remain Chairman, President and Chief Executive Officer of NACCO Industries, Inc.
Nacco's filings with the U.S. Securities and Exchange Commission did not list a date for the completion of the spinoff.