Hamilton Beach Brands to go public
Virginia soon will have another publicly traded company.
Cleveland-based NACCO Industries Inc. said Monday that its board of directors has approved the spinoff of Glen Allen-based Hamilton Beach Brands Holding Co. The new publicly traded company will remain based in Henrico County.
Hamilton Beach is a holding company for Hamilton Beach Brands Inc., a manufacturer of home appliances and commercial restaurant equipment, and The Kitchen Collection LLC, a kitchenware retailer.
Hamilton Beach Holding said it intends to apply for a listing on the New York Stock Exchange under the symbol HBB. It expects the transaction to be completed during the third quarter of 2017 and to be tax-free to both NACCO and its stockholders.
The spinoff, once complete, will bring a number of executive changes. Gregory H. Trepp will become the president and CEO of Hamilton Beach Brands Holding Co. and join its board of directors. He has served as president and CEO of Hamilton Beach Brands Inc. and CEO of The Kitchen Collection LLC since 2010.
NACCO President and CEO Alfred M. Rankin Jr. will retire from his current post upon the completion of the spinoff. He will continue to serve as non-executive chairman of the NACCO board of directors and become executive chairman of Hamilton Beach Brands Holding Co. J.C. Butler Jr. will take on the role of president and CEO of NACCO and will join its board of directors. Butler also will continue to serve as president and CEO of North American Coal, a NACCO subsidiary.
NACCO Industries will not receive any proceeds from the spin-off.
As a result of the deal, NACCO stockholders will receive shares in Hamilton Beach Brands Holding Co., in addition to retaining their shares of NACCO common stock.
Hamilton Beach Brands Holding Co. will have two classes of stock, similar to NACCO, which trades on the NYSE. In the spin-off, NACCO stockholders will receive one share of Hamilton Beach Brands Holding Co. Class A common stock and one share of Hamilton Beach Brands Holding Co. Class B common stock for each share of NACCO Industries Inc. Class A or Class B common stock owned on the record date for the spin-off.