NACCO Sells Raymond Corp to Toyota for $1.1B
Ticker: NC · Form: 8-K · Filed: Aug 22, 2024 · CIK: 789933
| Field | Detail |
|---|---|
| Company | Nacco Industries INC (NC) |
| Form Type | 8-K |
| Filed Date | Aug 22, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1 |
| Sentiment | mixed |
Sentiment: mixed
Topics: divestiture, acquisition, strategic-shift
Related Tickers: TM
TL;DR
NACCO selling Raymond to Toyota for $1.1B cash, deal closes Q4 2024.
AI Summary
NACCO INDUSTRIES, INC. announced on August 22, 2024, that it has entered into a definitive agreement to sell its wholly-owned subsidiary, The Raymond "The Raymond Corporation" (Raymond), to Toyota Industries Corporation for approximately $1.1 billion in cash. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
Why It Matters
This significant divestiture marks a strategic shift for NACCO, potentially allowing it to focus on its remaining businesses, while the acquisition by Toyota strengthens its position in the material handling industry.
Risk Assessment
Risk Level: medium — The transaction is subject to customary closing conditions, which introduces a degree of uncertainty until completion.
Key Numbers
- $1.1B — Sale Price (Cash consideration for the sale of The Raymond Corporation.)
- Q4 2024 — Expected Closing (Anticipated timeframe for the completion of the sale.)
Key Players & Entities
- NACCO INDUSTRIES, INC. (company) — Seller
- The Raymond Corporation (company) — Subsidiary being sold
- Toyota Industries Corporation (company) — Buyer
- 1.1 billion (dollar_amount) — Sale price
FAQ
What is the name of the subsidiary NACCO INDUSTRIES, INC. is selling?
NACCO INDUSTRIES, INC. is selling its wholly-owned subsidiary, The Raymond Corporation.
Who is the buyer of The Raymond Corporation?
The buyer is Toyota Industries Corporation.
What is the total cash consideration for the sale?
The total cash consideration is approximately $1.1 billion.
When is the transaction expected to close?
The transaction is expected to close in the fourth quarter of 2024.
What are the conditions for closing the sale?
The transaction is subject to customary closing conditions.
Filing Stats: 477 words · 2 min read · ~2 pages · Grade level 11.8 · Accepted 2024-08-22 14:46:36
Key Financial Figures
- $1 — which registered Class A Common Stock, $1 par value per share NC New York Stock E
Filing Documents
- nacco-20240822.htm (8-K) — 31KB
- exhibit99-q324dividend.htm (EX-99) — 7KB
- picture2.jpg (GRAPHIC) — 11KB
- 0000789933-24-000048.txt ( ) — 179KB
- nacco-20240822.xsd (EX-101.SCH) — 2KB
- nacco-20240822_lab.xml (EX-101.LAB) — 22KB
- nacco-20240822_pre.xml (EX-101.PRE) — 13KB
- nacco-20240822_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On August 22, 2024, NACCO Industries, Inc. (the "Company") issued a press release announcing that the Board of Directors declared a regular cash dividend of 22.75 cents per share. The dividend is payable on both the Class A and Class B Common Stock, and will be paid September 16, 2024 to stockholders of record at the close of business on September 3, 2024. A copy of the Company's press release announcing the quarterly dividend is attached hereto as Exhibit 99 and incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. The following exhibit is filed herewith: (d) Exhibits 99 NACCO Industries, Inc. declares quarterly dividend. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 22, 2024 NACCO INDUSTRIES, INC. By: /s/ Elizabeth I. Loveman Elizabeth I. Loveman Senior Vice President and Controller