SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event
reported) February 8, 1995
NACCO Industries, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-9172 34-1505819
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
5875 Landerbrook Drive, Mayfield Heights, Ohio 44124
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number,
including area code (216) 449-9600
(former name or former address, if changed since last report)
Page 1 of 3 Pages
Item 5. Other Events
On February 8, 1995, Hamilton Beach/Proctor-Silex, Inc.
(Hamilton Beach/Proctor-Silex), a subsidiary of NACCO,
announced that George C. Nebel resigned from the position of
President and Chief Executive Officer of Hamilton Beach/Proctor-
Silex effective February 28, 1995 to accept the position of
President of Gemini Industries as detailed in the attached news
release of February 8, 1995.
On March 1, 1995, NACCO Materials Handling Group, Inc.
("NMHG"), a subsidiary of NACCO Industries, Inc. ("NACCO" or the
"Company"), announced that it finalized a new $350 million five
year revolving credit facility. In addition, NACCO announced that
it would record an extraordinary charge of $3.4 million, or $0.38
per share in the first quarter of 1995 to write-off unamortized
debt issuance costs and estimated premiums relating to the
anticipated call later in 1995 of the remaining $78.5 million
outstanding Hyster-Yale 12 3/8% subordinated debentures. The
attached news release of March 1, 1995 details these items.
Page 2 of 3 Pages
Signature
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
NACCO Industries, Inc.
(Registrant)
Date: March 13, 1995 By: Frank B. O'Brien
Name: Frank B. O'Brien
Title: Senior Vice President - Corporate
Development and Chief
Financial Officer
Page 3 of 3 Pages
NEWS RELEASE
For More Information, Contact: For Immediate Release
Christopher Shumaker
Manager, Corporate Communications
(804) 527-7336
NEBEL MOVES ON AFTER LEAVING HAMILTON BEACH/PROCTOR-SILEX WITH
SOLID FOUNDATION FOR GROWTH
Richmond, Virginia February 8, 1995 -- George C. Nebel today
announced his resignation from the position of President and Chief
Executive Officer of Hamilton Beach/Proctor-Silex, Inc. effective
February 28, 1995. Nebel has accepted the position of President
of Gemini Industries, headquartered in Clifton, New Jersey, a
leading supplier of cellular, computer and electronic accessories.
Nebel joined Hamilton Beach/Proctor-Silex, an 80 percent owned
subsidiary of Cleveland-based NACCO Industries, Inc. (NC-NYSE),
in January 1991 following the October 1990 merger of Hamilton
Beach, Inc. and Proctor-Silex, Inc. Over the past four years,
Nebel has overseen the successful merger of the two companies, and
has helped to build a strong, customer-driven organization making
high quality products with market leadership positions in several
major product categories.
"George's contributions are obvious when you look at the quality
of Hamilton Beach/Proctor-Silex operations and the bottom line of
the business," states Alfred M. Rankin, Jr., Chairman, President
and Chief Executive Officer of NACCO Industries, Inc.. " Thanks
in no small measure to George's efforts, Hamilton Beach/Proctor-
Silex is well on its way to achieving its goal of becoming the
vendor of choice in the small appliance industry."
While a search for Mr. Nebel's replacement is underway, Hamilton
Beach/Proctor-Silex will be managed by Mr. Rankin as nonexecutive
chairman of the Hamilton Beach/Proctor-Silex Board of Directors,
with daily operations being overseen by an executive committee
comprised of key Hamilton Beach/Proctor-Silex executives from
various disciplines.
Hamilton Beach/Proctor-Silex, Inc. is a leading U.S. manufacturer
of small appliances based in Richmond, Virginia.
###
NEWS RELEASE
For Immediate Release
Wednesday, March 1, 1995
NACCO Materials Handling Group
Announces New Revolving Credit Facility
Mayfield Heights, Ohio, March 1, 1995: NACCO Materials Handling
Group, Inc. ("NMHG"), a subsidiary of NACCO Industries, Inc.
("NACCO") (NC-NYSE) today announced that it finalized a new $350
million five year revolving credit facility. The new facility,
arranged by J.P. Morgan, with Bank of America and Citicorp as co-
arrangers, will be used to refinance substantially all of NMHG's
existing indebtedness. The new, unsecured facility contains
extension options, performance based pricing incentives and a
covenant package better suited to NMHG's operating performance.
The revolving credit facility will also allow for the call of the
remaining $78.5 million outstanding Hyster-Yale 12 3/8%
subordinated debentures later in 1995, at a price of 102.5. In
anticipation of the call, NACCO also announced that it will record
an extraordinary charge of $3.4 million, or $0.38 per share in
the first quarter of 1995 to write-off unamortized debt issuance
costs and anticipated premiums.
NACCO Industries, Inc. is a holding company with four operating
subsidiaries. The North American Coal Corporation mines and
markets lignite primarily as fuel for power generation by electric
utilities. NACCO Materials Handling Group, Inc. is a world leader
in the design and manufacture of forklift trucks, marketed under
the Hyster and Yale brand names. Hamilton Beach/Proctor-Silex,
Inc. is a leading manufacturer of small electric appliances. The
Kitchen Collection, Inc. is a national specialty retailer of
kitchenware and small electric appliances.
# # #
FOR FURTHER INFORMATION, CONTACT:
NACCO Industries, Inc.
Brian S. Kenyon
Manager of External Reporting
216/449-9676
