Procter-Silex, Hamilton Beach Plan to Combine
CLEVELAND (AP) _ NACCO Industries Inc. said Monday it plans to combine its Procter-Silex Inc. subsidiary with Hamilton Beach, an appliance-making subsidiary of Glen Dimplex of the Republic of Ireland.
NACCO Industries, based in Cleveland, would own 65 percent of the new company and Glen Dimplex would own 35 percent, NACCO said in a statement.
The combined sales of Procter-Silex and Hamilton Beach would be about $350 million annually, company officials said.
The agreement is subject to approval of government agencies and the NACCO board of directors.
″This is an excellent business combination,″ said Ward Smith, chairman and chief executive officer of NACCO Industries. ″Our product lines are compatible and complementary. Furthermore, the much broader product line will enhance our position in a highly competitive market.″
Smith said that because of brand-name recognition of certain appliances, the new business would not change brand names of products.
Hamilton Beach was acquired by Glen Dimplex in 1985 and makes small electric appliances such as blenders, food processors and mixers.
It has plants in Clinton, N.C., and Washington, N.C., its headquarters.
NAACO’s Procter-Silex subsidiary, based in Richmond, Va., produces small electric appliances such as toasters, irons and coffeemakers. It has two North Carolina plants, in Southern Pines and Mt. Airy, and a plant in Juarez, Mexico.
NACCO Industries, a holding company, has two other major subsidiaries. They are Hyster-Yale Materials Handling Inc., which designs, manufactures and markets forklift trucks and related parts, and the North American Coal Corp., which mines and markets coal for electric utilities.