Hyster’s empty handlers for Malta Freeport Terminals
NewsMalta Freeport Terminals (MFT) takes delivery of two new empty handlers from Hyster.
Hyster looking for acquisitions
Hyster-Yale Materials Handling has filed a registration statement with the Securities Exchange Commission requesting that the Hyster group be spun off from NACCO Industries
NACCO owns Hyster together with a chain of kitchen stores, a small appliance brand and a group of US coal mines. Splitting the company up has long been discussed, but NACCO’s chairman and CEO Al Rankin said that now is the right time because the company is in a strong operating position with low net debt ratio and is “a positive cashflow generator.”
Rankin said that the purpose of splitting off Hyster is to give the company “greater flexibility to pursue strategic growth opportunities such as acquisitions and joint ventures,” and to give Hyster-Yale direct access to capital and debt markets to fund these initiatives.
The spin-off also gives Hyster far better investor visibility by creating a “single industry investment option.” In recent years the Hyster product line has been extensively overhauled, the manufacturing footprint has been rationalised and a centralised supply chain system put in place.
Confident that Hyster has its own house in order, management believes it is time to start looking at acquisitions and joint ventures. Rankin will become the president and CEO of Hyster-Yale Materials Handling after the spinoff, which is expected to be completed in the third quarter.
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