Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

NACCO to Spin Off Hamilton Beach/Proctor-Silex
Apr 26, 2007
 Printable format
 Email this Article
 Search

NACCO Industries, Inc. (Cleveland, Ohio, U.S.) said today that its board approved a plan to spin off the Hamilton Beach/Proctor-Silex business to NACCO stockholders. The spin-off will establish this company, which will be known as Hamilton Beach, Inc., as an independent public company in the small electric household and commercial appliance industries. Hamilton Beach, Inc. will apply to list its Class A common stock on the New York Stock Exchange.

Dr. Michael J. Morecroft, Hamilton Beach's current president and CEO, will continue to lead Hamilton Beach as president and CEO following the spin-off. Dr. Morecroft has more than 30 years of experience in the U.S. and European small electric household appliance industry, and he and his team have a proven track record of consistently improving operations and generating significant cash flow.

"The spin-off is strategically compelling in that it is expected to create the opportunity for significant value enhancement for our stockholders and accomplish important business objectives for Hamilton Beach," said Alfred M. Rankin, Jr., NACCO chairman, president and CEO. "We believe NACCO stockholders will benefit from direct ownership in Hamilton Beach, a strong, established company with leading brand names and a proven management team. Further, Hamilton Beach will have greater flexibility to pursue strategic growth opportunities and enhanced access to the equity and debt capital markets."

It is anticipated that in connection with the spin-off, Rankin will become the non-executive chairman of Hamilton Beach's board of directors. The spin-off is expected to be completed by the end of June 2007.
 

Back to Daily News

 

Daily News

...........................................................

Jul 21, 2014: Electrolux Sees Continued Improvement in European, North American Major Appliance Markets

Jul 21, 2014: Briggs and Stratton Plans to Scale Back Snapper Brand and Close Georgia Plant

Jul 18, 2014: Whirlpool to Pay $1 Billion for Indesit

Jul 18, 2014: BSH North America CEO Traub Leaving, Michael Steinle Taking Over

Jul 18, 2014: Report: Indians Spent $150 Million for Water Purifiers

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows