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This move was NACCO's second attempt in a year to spin off the Hamilton Beach business.
In addition, NACCO's board authorised a stock buy back programme for up to USD25m of the company's outstanding class A common stock till 31 December 2019.
Of NACCO's national accounts with fleets of 50 or more, nearly 95% lease, says Goodwin.
While the spin-offsets Hamilton Beach as a freestanding concern with upward of $550 million in annual sales, it is by no means the monster move originally planned by NACCO. In July of last year, the parent company announced that it would acquire Applica Inc., merge it with Hamilton Beach and then spin off that operation.
4 $1.8 billion 4 NACCO Industries 5 $1.8 billion 6 Mitsubishi Caterpillar Forklift 6 $1.2 billion 7 Komatsu Utility Co.
In spinning off Hamilton Beach, NACCO is accomplishing what it had planned for the business last July, when the company announced its proposal to acquire Applica, merge it with Hamilton Beach and then spin off the combined entity.
Also, NACCO and its predecessor company, the North American Coal Corporation have consistently paid dividends since 1956.
United States-based NACCO Industries Inc (NYSE: NC) has reported its financial results for the third quarter of 2013.
In addition to the emissions, space savings and continuous power benefits of fuel cells, they also offer enhanced safety, says Jonathan Dawley vice president of marketing for NACCO Materials Handling Group (252-931-5100, www.nacco.com), the manufacturer of Hyster and Yale lift truck brands.
The combined sales of both companies would push it past NACCO, which made several attempts to acquire Applica last year.
The board of directors of NACCO Industries Inc (NYSE:NC) Monday declared a dividend of Hamilton Beach Brands Holding stock.
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- Nacchio's law
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- NACCRRA Resource Exchange