Nacco Industries, Inc. authorized a stock repurchase program for up to a total of US$100 million of shares of the company's Class A Common Stock.
The company may repurchase shares on the open market or in privately negotiated transactions, including block trades. The number of shares to be purchased, and the timing of the purchases, will depend upon market conditions, cash needs in the business, business conditions, and other factors, including alternative investment opportunities, as may be considered in the company's sole discretion.
Nacco has approximately 8.3 million shares of common stock outstanding, 6.7 million shares of which are Class A Common Stock, and plans to finance the repurchase program with available cash. On Nov. 15, 2007, th company's Class A Common Stock closed at $93.84 per share.