Nacco spinning off materials handling business

News Story
- 5 Jul 2012 ( #572 ) - Mayfield Heights, OH, United States
2 min read
Nacco Industries Inc intends to spin off its materials handling business which, at USD2.54 billion, accounted for more than 76% of Nacco's 2011 sales.

As disclosed in a 28 June securities filing, Nacco expects to launch an independent public company, identified as Hyster-Yale Materials Handling Inc. The entity will own and operate the Nacco Materials Handling Group (NMHG) subsidiary of Nacco Industries. No stock will be issued in connection with the spin-off, and, as a result, Nacco Industries will not receive any proceeds from the move.

Other Nacco subsidiaries include the North American Coal Corp mining service, Hamilton Beach Brands Inc small appliance and Kitchen Collection LLC specialty retail businesses.

None of the Nacco filings listed a date for the completion of the spin-off.

NMHG designs, engineers, manufactures, sells and services lines of forklifts and aftermarket parts marketed globally primarily under the Hyster and Yale brand names, mainly to independent retail dealerships.

Nacco stockholders will receive shares in Hyster-Yale Materials Handling, while retaining their shares of Nacco Industries common stock. As with Nacco Industries' capital structure, Hyster-Yale Materials Handling will have two classes of stock. In the spin-off, Nacco stockholders will receive one share of Hyster-Yale Materials Handling Class A common stock and one share of Hyster-Yale Materials Handling Class B common stock for each share of Nacco Industries Class A or Class B common stock owned on the record date for the spin-off.

Financial services firm Robert W Baird & Co of Milwaukee, Wisconsin is advising Mayfield Heights-based Nacco in connection with the transaction.

NMHG accounted for USD2.54 billion of Nacco Industries' sales of USD3.33 billion for the year ended 31 December. On a geographic basis, USD1.57 billion of NMHG's sales were in the Americas, USD751.7 million in Europe and USD218.4 million elsewhere.

As of 31 December in the Americas, Hyster had 43 independent dealers and Yale had 66. In Europe, Hyster had 55 independent dealers and Yale had 98.
Rankin, Brogan retain Hyster-Yale roles after Nacco spin-off 11 Oct 2012 - Mayfield Heights, OH, United States - 2 min read
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Manufactures world class 4-way Handling Solutions

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

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Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

It’s the year 2000. You’re in front of a boxy beige desktop waiting for the screeching ramblings of your dial-up to reach its finale. You go to Yahoo!, MSN, or maybe AOL, and start the mind-numbing process of finding your very specific needle in the digital haystack. And with web pages loading one image at a time, patience isn’t just a virtue – it’s a requirement!

As clumsy as this early iteration seems now, this technology was the great enabler that allowed Forkliftaction to connect to the industry across the globe.  

To everyone who has connected with Forkliftaction in the past 25 years, thank you for your contribution to our success! We feel deeply touched by your words of encouragement.

What has Forkliftaction meant to you? Drop us a line.