BRIEF-Empire Industries announces plan of arrangement for spin-out of Hydrovac business

Wed May 18, 2016 7:20am EDT
 
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May 18 (Reuters) - Empire Industries Ltd

* Announces plan of arrangement for spin-out of Hydrovac business

* Following completion of arrangement, Tornado intends to expand its Hydrovac business into China

* Shares of Empire will be exchanged for one quarter of new Empire share and one eighth of new Tornado share for every share of Empire

* Entered into arrangement agreement with its wholly-owned subsidiaries, Tornado Global Hydrovacs Ltd, Tornado Global Hydrovacs Inc Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)