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NACCO Industries spins off of Hyster-Yale Materials Handling

September 2012

Client(s) NACCO Industries, Inc.

Jones Day advised NACCO Industries, Inc. in its spin-off of Hyster-Yale Materials Handling, Inc. Hyster-Yale Materials Handling, as an independent public company, will own and operate the NACCO Materials Handling Group (NMHG) subsidiary of NACCO Industries.

As a result of the spin-off, NACCO stockholders received 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 now has two classes of stock, similar to NACCO Industries' capital structure. In the spin-off, NACCO stockholders received 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.

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