...NMHG Holding Co. (##-/Positive/--) has announced that it will phase out its Lenior, N.C., lift truck component facility and restructure its Irvine, Scotland, lift truck and component facility. Standard & Poor's Ratings Services said this announcement has no immediate impact on its ratings or outlook on the company. These manufacturing actions, which are expected to occur over the next 36 months, will lead to estimated pretax restructuring charges of $8.3 million in the fourth quarter of 2002, and $6.3 million in 2003. The restructuring initiatives should have nominal impact on the firm's liquidity and should not materially affect its financial covenants. NMHG estimates that these actions will result in $6.8 million of after-tax benefits beginning in 2006. Standard & Poor's expectations of total debt to EBITDA strengthening toward the 3x area, and funds from operations to total debt improving to the 20% area, in the intermediate term, remain unchanged....
