CLEVELAND, Nov. 13 /PRNewswire-FirstCall/ -- NACCO Industries, Inc. (NYSE: NC) today announced that it has initiated litigation in the Delaware Chancery Court against Applica Incorporated and individuals and entities affiliated with Harbinger Capital. The complaint alleges a number of contract and tort claims against the defendants. NACCO is seeking specific performance of the merger agreement between Applica and a NACCO subsidiary. Alternatively, NACCO is seeking the payment of monetary damages. NACCO has also requested that the court order Harbinger to divest certain shares of Applica.
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, a leading designer, marketer and distributor of small electric household appliances, as well as commercial products for restaurants, bars and hotels, and The Kitchen Collection, Inc., a national specialty retailer of kitchenware and gourmet foods operating under the Kitchen Collection and Le Gourmet Chef store names in outlet and traditional malls throughout the United States. 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. Additional information about NACCO is available at www.nacco.com.
The statements contained in the 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 undertakes 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 uncertainty as to the outcome of the pending litigation, (2) the failure to obtain all or any portion of the relief sought in the litigation, (3) a subsequent determination of the Applica board to terminate the merger agreement it entered into with entities affiliated with Harbinger in order to proceed with the Hamilton Beach merger which could result in a determination by NACCO not to pursue the pending litigation, as well as other risks and uncertainties detailed from time to time in NACCO's Securities and Exchange Commission ("SEC") filings.
SOURCE: NACCO Industries, Inc.
CONTACT: Christina Kmetko, Manager-Finance of NACCO Industries, Inc.
(including Hamilton Beach/Proctor-Silex), +1-440-449-9669
Web site: http://www.nacco.com
