Walter Industries completes spinoff, merger of financing business

By Lisa Kerner

Charlotte, N.C., April 17 - Walter Industries, Inc. said it completed the separation of its financing business, Walter Investment Management LLC, and the subsequent merger of the business with Hanover Capital Mortgage Holdings, Inc.

The newly combined company will operate as Walter Investment Management Corp., a fully independent, publicly traded real estate investment trust, according to a Walter Industries news release.

As previously reported, the company is expected to begin regular-way trading on the NYSE Amex on Monday.

"The separation of Walter Investment Management Corp. marks the completion of a six-year transformation strategy," Walter Industries chairman Michael T. Tokarz said in a company news release.

Walter Industries said it will unveil a new corporate identity at its annual meeting on Thursday to reflect the company's focus on its core natural resources and energy businesses.

Hanover is an Edison, N.J.-based real estate investment trust.

Walter Industries, based in Tampa, Fla., produces and exports metallurgical coal for the global steel industry and produces steam coal, coal bed methane gas, furnace and foundry coke and other related products.

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