News story

Rankin, Brogan retain Hyster-Yale roles after Nacco spin-off

Thursday, 11 October 2012 ( #586 ) - Mayfield Heights, OH, United States
Familiar names head the newly independent Hyster-Yale Materials Handling Inc, and the managers "expect global lift truck market growth to continue to moderate during the remainder of 2012". Nacco Industries Inc spun off Hyster-Yale at the close of business on 28 September. "After the spin-off, our executive officers will be substantially the same as our executive officers immediately before the spin-off," says a securities filing. Alfred M Rankin Jr leads Hyster-Yale as chairman, president and chief executive officer, and he continues in those positions also for Nacco Industries. Michael P Brogan remains in the same roles he has held since 1 July 2006 with Nacco Materials Handling Group Inc (NMHG): president and CEO. NMHG, the principal business unit of publicly traded Hyster-Yale, retains Nacco as part of its name. In a 28 September final prospectus, Hyster-Yale projects that near-term global forklift industry volumes would be "comparable to, or up slightly from, prior periods in the Americas, China and Asia Pacific, and declining moderately in Europe, particularly Western Europe". In its business, Hyster-Yale anticipates "a slight increase in overall shipment levels and parts volume in the remainder of 2012 compared with 2011, primarily as a result of new product introductions and marketing programs". Longer term, Hyster-Yale is "focused on improving margins on new lift truck units, especially in our internal combustion engine business, through the introduction of new products. In addition, we are strategically focused on gaining market share through our new products, which meet a broad range of market applications cost effectively, and through enhancements to our independent dealer network and our marketing activities." As of 30 June, Hyster-Yale had approximately 5,300 employees. In a 4 October securities filing, Nacco Industries projected expending USD3 million to USD4 million for pre-tax financial, legal and advisory costs associated with the spin-off of Hyster-Yale. "Nacco estimates that future cash expenditures for pre-tax costs associated with the spin-off will be immaterial," the company says. In conjunction with the spin-off, Nacco and Hyster-Yale reached ancillary agreements relating to transition services, tax allocation, office services and restrictions on the transfer of Class B common shares. Both Nacco Industries and Hyster-Yale are based in Mayfield Heights, a suburb of Cleveland.