Nacco Industries Inc. announced that it will not spinoff its Hamilton Beach/Proctor-Silex small-appliance division as a separate publicly traded company. NACCO had invested more than US$1.5 million and took six to eight months preparing to launch the subsidiary as a free-standing company with its own listing on the New York Stock Exchange.
Spokeswoman Christina Kmetko said the board decided there was too much "recent volatility and uncertainty in the equity and debt markets" to continue with the plan Nacco unveiled months ago. She acknowledged that just in the past three to four weeks, Nacco stock ricocheted up and down daily on the NYSE, especially down.
Instead, the brand will continue in the foreseeable future as a division of Nacco.