Nacco Industries completes Hyster-Yale spinoff
CLEVELAND (AP) — Nacco Industries has completed the spinoff of its materials handling business.
The company said Friday that after the market closes, each of its shareholders will receive a dividend of one Hyster-Yale Materials Handling Inc. class A share, and one class B share, for each Nacco "A'' and "B'' share they hold.
Hyster-Yale's class A shares will start trading on the New York Stock Exchange on Monday under the "HY" ticker symbol.
Hyster-Yale makes, sells and services lift trucks and aftermarket parts, mostly under the Hyster and Yale brands. Nacco Industries Inc. is a holding company with subsidiaries in industries such as mining, small appliances and specialty retail. Its consumer brands include Hamilton Beach, the Kitchen Collection and Le Gourmet Chef.
Both companies are based in Cleveland.
Shares of Nacco Industries added $3.88, or 3.3 percent, to $122.86 in afternoon trading.