CLEVELAND, Aug 27, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- NACCO Industries, Inc. (NYSE: NC) announced today that, in light of recent volatility and uncertainty in the capital markets, its Board of Directors has decided not to pursue the previously announced tax-free spin-off of NACCO's Hamilton Beach/Proctor-Silex business to NACCO stockholders. While the NACCO Board is disappointed the Company will not complete what it believes is a strategically compelling transaction, the NACCO Board concluded that completing the spin-off during this period of extreme market volatility is not conducive to establishing Hamilton Beach as an independent public company and would not be in the best interests of NACCO, its stockholders or Hamilton Beach.
Hamilton Beach will remain a wholly owned subsidiary of NACCO, and will continue to operate as usual. Hamilton Beach is a strong company with experienced management and a sound operating strategy. Management will continue to pursue opportunities for enhanced growth and profitability of the business.
About NACCO
NACCO Industries, Inc. 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(R) and Yale(R) brand names. NACCO Housewares Group consists of Hamilton Beach/Proctor-Silex, Inc., 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(R) and Le Gourmet Chef(R) 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. For more information about NACCO Industries, visit the Company's website at www.nacco.com.
SOURCE NACCO Industries, Inc.
http://www.nacco.com
