NACCO INDUSTRIES, INC. (NYSE:NC) Files An 8-K Other EventsItem 8.01 Other Events.
NACCO Industries, Inc. ("the Company”) previously disclosed on a Form 8-K filed June 29, 2017 that Southern Company and its subsidiary, Mississippi Power, suspended start-up and operations activities involving the coal gasifier portion of the Kemper County energy facility. North American Coal, a wholly-owned subsidiary of the Company, 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. On February 8, 2018, Mississippi Power sent a notice to Liberty Fuels to permanently cease all mining and delivery of lignite and to commence the fulfillment of Liberty’s post-production obligations until the mine reclamation bond is released. The terms of the contract specify that Mississippi Power is responsible for all mine closure costs and Liberty Fuels is specified as the contractor to complete final mine closure. Mississippi Power’s decision to close the mine does not materially impact NACCO’s outlook for Liberty Fuels during 2018, but it does unfavorably affect 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.