NACCO INDUSTRIES, INC. (NYSE:NC) Files An 8-K Other EventsItem 8.01. Other Events.
NACCO INDUSTRIES, INC. (NYSE:NC) Files An 8-K Other Events
Southern Company and its subsidiary Mississippi Power issued a press release on June 28, 2017 announcing they are immediately suspending start-up and operations activities involving the coal gasifier portion of the Kemper County energy facility. North American Coal, a wholly-owned subsidiary of NACCO Industries, Inc, through its wholly-owned subsidiary, Liberty Fuels Company, is the sole supplier of coal to fuel the gasifier at the Kemper County energy facility under its contract with Mississippi Power. Liberty Fuels began delivering coal for facility testing and commissioning in July 2016. Production levels at Liberty Fuels were expected to increase gradually and to build to full production of approximately 4.5 million tons of coal annually beginning in 2023. Should the decision to suspend operations of the gasifier become permanent, it will have an adverse effect on North American Coal’s long-term earnings under its contract with Mississippi Power.
About NACCO INDUSTRIES, INC. (NYSE:NC)
NACCO Industries, Inc. is a holding company with principal businesses, including mining, small appliances and specialty retail. The Company operates through three segments: NACoal, HBB and KC. Its subsidiaries include The North American Coal Corporation (NACoal), Hamilton Beach Brands, Inc. (HBB) and Kitchen Collection (KC). Its NACoal segment mines coal for use in power generation and provides mining services for other natural resources companies. NACoal’s mining operations include Mississippi Lignite Mining Company and Centennial Natural Resources. Its HBB segment designs, markets and distributes a range of small electric household and specialty housewares appliances, including blenders, can openers, coffeemakers, food processors, indoor electric grills, irons, mixers, slow cookers, toasters and toaster ovens. Its KC is a national specialty retailer of kitchenware and gourmet foods operating under the Kitchen Collection and Le Gourmet Chef store names in outlets and malls.
NACCO Industries, Inc. is a holding company with principal businesses, including mining, small appliances and specialty retail. The Company operates through three segments: NACoal, HBB and KC. Its subsidiaries include The North American Coal Corporation (NACoal), Hamilton Beach Brands, Inc. (HBB) and Kitchen Collection (KC). Its NACoal segment mines coal for use in power generation and provides mining services for other natural resources companies. NACoal’s mining operations include Mississippi Lignite Mining Company and Centennial Natural Resources. Its HBB segment designs, markets and distributes a range of small electric household and specialty housewares appliances, including blenders, can openers, coffeemakers, food processors, indoor electric grills, irons, mixers, slow cookers, toasters and toaster ovens. Its KC is a national specialty retailer of kitchenware and gourmet foods operating under the Kitchen Collection and Le Gourmet Chef store names in outlets and malls.