PHOENIX -- Shareholders of Dial Corp approved Tuesday the spin- off of the company's financial and insurance operations, which will become GFC Financial Corp.
Dial's management had billed the spin-off, which will give Dial shareholders one share of the new GFC Financial stock for every two shares of Dial they own, as a way of focusing on its consumer products and services.
Trading in GFC Financial will begin Wednesday on the New York Stock Exchange on a 'when issued' basis.
Dial's financial and insurance operations, conducted through Greyhound Financial Corp., Greyhound European Financial Group and Verex Corp., account for about 7 percent of the conglomerate's $3.5 billion in annual revenues.
Dial is also still attempting to sell its transportation- manufacturing and service-parts operations, which account for about 22 percent of its revenues.
Dial, which is headquartered in Phoenix, also said shareholders approved reincorporation of the company in the state of Delaware.
