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NACCO Industries, Inc. Announces Acquisition of Assets of Le Gourmet Chef by NACCO's Subsidiary, The Kitchen Collection, Inc.

CLEVELAND, Aug. 24 /PRNewswire-FirstCall/ -- NACCO Industries, Inc. (NYSE: NC) announced today that its subsidiary, The Kitchen Collection, Inc., will acquire the business of Le Gourmet Chef, Inc. Le Gourmet Chef, which filed for Chapter 11 bankruptcy protection on August 8, 2006, operates 77 retail kitchen goods stores across the United States, including 53 stores located in factory outlet malls and 24 stores in traditional malls. The transaction is scheduled to close on or before September 1, 2006.

The Kitchen Collection, Inc. is a national specialty retailer of brand- name kitchenware, small electric appliances and related accessories. Kitchen Collection operates stores throughout the United States under the Kitchen Collection(R) name in outlet malls and under the Kitchen Collection(R) and Gadgets & More(R) names in traditional malls. Kitchen Collection currently operates a total of 200 stores, including 180 stores in outlet malls and 20 stores in traditional malls.

Over the past several years, Kitchen Collection has indicated its intent to develop a new, more upscale store format, complementary to its Kitchen Collection format, for both outlet malls and traditional malls where Kitchen Collection currently has less of a presence. The addition of the Le Gourmet Chef stores, which offer a wide variety of gourmet foods, cookware, bakeware and home entertaining products, will complement Kitchen Collection's format and provide Kitchen Collection with increased flexibility to serve multiple customer segments across a wider range of retail environments, particularly the traditional mall environment.

About NACCO

NACCO is an operating holding company with three principal businesses: lift trucks, housewares and mining. NACCO Materials Handling Group, Inc. designs, engineers, manufactures, sells, services and leases a comprehensive line of lift trucks and aftermarket parts marketed globally under the Hyster and Yale brand names. NACCO Housewares Group consists of Hamilton Beach/Proctor-Silex, Inc., a leading designer, marketer and distributor of small electric kitchen and household appliances, as well as commercial products for restaurants, bars and hotels, and The Kitchen Collection, Inc., a national specialty retailer of brand-name kitchenware, small electric appliances and related accessories. The North American Coal Corporation mines and markets lignite coal primarily as fuel for power generation and provides selected value-added mining services for other natural resources companies. On July 24, NACCO announced plans to spin off its Hamilton Beach/Proctor-Silex business, to be followed by a merger of Applica Incorporated with and into Hamilton Beach/Proctor-Silex. NACCO will retain ownership of The Kitchen Collection, Inc. following consummation of the Hamilton Beach/Proctor-Silex transaction. Additional information about NACCO is available at www.nacco.com.

The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. NACCO and Kitchen Collection undertake no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) the ability to close the proposed transaction on schedule, if at all, (2) the ability of the two businesses to be integrated successfully, (3) customer acceptance of the new stores, (4) changes in the sales prices, product mix or levels of consumer purchases of kitchenware and small electric household appliances, (5) changes in suppliers, (6) increased competition, including consolidation within the industry and (7) gasoline prices, weather conditions or other events that would affect the number of customers visiting Kitchen Collection or Le Gourmet Chef stores.

SOURCE: NACCO Industries, Inc.

CONTACT: Christina Kmetko, Manager-Finance of NACCO Industries, Inc.,
+1-440-449-9669
Web site: www.nacco.com

 

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