NACCO Industries, Inc. has announced that its wholly owned subsidiary, Hamilton Beach Brands Holding Company, has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed spin-off by NACCO of its housewares-related businesses to its stockholders.
Hamilton Beach Brands Holding Company, as an independent public company, would own and operate the Hamilton Beach Brands, Inc. and The Kitchen Collection, LLC subsidiaries of NACCO Industries.
NACCO also said that upon the expected completion of the proposed spin-off during the third quarter of 2017, Alfred Rankin, Jr. will retire as president and CEO of NACCO while continuing to serve as non-executive chairman of the NACCO board of directors. Rankin will become executive chairman of Hamilton Beach Brands Holding Company following the spin-off, according to the company.
Gregory Trepp is slated to become president and CEO of Hamilton Beach Brands Holding Company and join its board of directors upon completion of the spin-off. Trepp has served as president and CEO of Hamilton Beach Brands, Inc. and CEO of The Kitchen Collection since 2010.
As a result of the spin-off, NACCO stockholders will receive shares in Hamilton Beach Brands Holding Company, in addition to retaining their shares of NACCO common stock. Hamilton Beach Brands Holding Company will have two classes of stock, similar to NACCO. In the spin-off, NACCO stockholders will receive one share of Hamilton Beach Brands Holding Company Class A common stock and one share of Hamilton Beach Brands Holding Company Class B common stock for each share of NACCO Industries Class A or Class B common stock owned on the record date for the spin-off. NACCO Industries will not receive any proceeds from the spin-off.
Rankin has provided more than 45 years of service to NACCO and its subsidiary companies, beginning as a member of North American Coal’s board in 1972, and then joining NACCO as its president and COO in 1989. He became president and CEO in 1991 and assumed the chairman role in 1994. Under Rankin’s leadership, NACCO grew from a company with $616 million in revenues in 1988 to $3.3 billion in 2011, just prior to the spin-off of NACCO’s materials handling business in 2012.
J.C. Butler, Jr. will become president and CEO of NACCO, and he will join the NACCO board of directors upon Rankin’s retirement. Butler will continue to serve as the president and CEO of North American Coal, a role he has held since 2015.
