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. (NYSE: 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.
Robert W. Baird & Co. is serving as financial advisor in connection with the spin-off.
A registration statement under the Securities Act of 1933 relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Subject to the effectiveness of such a registration statement, it is expected that the spin-off will be completed during the third quarter of 2012 and is expected to be tax-free to both NACCO Industries and its stockholders.This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the shares of Class A common stock or Class B common stock of Hyster-Yale Materials Handling, Inc. nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. A copy of the prospectus, when available, may be obtained from the offices of Hyster-Yale Materials Handling, Inc. Attention: Investor Relations, 5875 Landerbrook Dr., Suite 300, Cleveland, Ohio 44124.