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NACCO Industries, Inc. is an American publicly traded
NACCO Industries originated in 1913 with the incorporation of the Cleveland and Western Coal Company. The name was changed to The North American Coal Corporation (NACCO) in 1925, and the company operated exclusively in the coal industry until the acquisition of
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
, headquartered in Cleveland
Cleveland ( ), officially the City of Cleveland, is a city in the United States, U.S. U.S. state, state of Ohio and the county seat of Cuyahoga County, Ohio, Cuyahoga County. Located in the northeastern part of the state, it is situated along ...
, Ohio
Ohio () is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Of the List of states and territories of the United States, fifty U.S. states, it is the List of U.S. states and territories by area, 34th-l ...
. Through a portfolio of mining and natural resources businesses, the company operates under three business segments: Coal Mining
Coal mining is the process of extracting coal from the ground. Coal is valued for its energy content and since the 1880s has been widely used to generate electricity. Steel and cement industries use coal as a fuel for extraction of iron from ...
, North American Mining, and Minerals Management. The Coal Mining segment operates surface coal mines under long-term contracts with power generation companies and an activated carbon producer pursuant to a service-based business model. The North American Mining segment provides value-added contract mining and other services for producers of aggregates, lithium
Lithium (from el, λίθος, lithos, lit=stone) is a chemical element with the symbol Li and atomic number 3. It is a soft, silvery-white alkali metal. Under standard conditions, it is the least dense metal and the least dense soli ...
, and other minerals. The Minerals Management segment promotes the development of the Company’s oil, gas, and coal reserves, generating income primarily from royalty-based lease payments from third parties. In addition, the Company has a business providing stream and wetland mitigation solutions.
History
NACCO Industries originated in 1913 with the incorporation of the Cleveland and Western Coal Company. The name was changed to The North American Coal Corporation (NACCO) in 1925, and the company operated exclusively in the coal industry until the acquisition of Yale Materials Handling Corporation
Yale Materials Handling Corporation is an American corporation that produces forklift trucks and other material handling equipment. The company was started as a lock manufacturer by Linus Yale Jr. in 1840. Yale produced its first forklift tru ...
in 1985. This was followed in 1986 by creation of the holding company under the name NACCO Industries, Inc. NACCO Industries expanded into housewares with the purchase of Proctor Silex in 1988 and Hamilton Beach in 1990, and expanded its presence in the materials handling industry by adding the Hyster Company
Hyster is an American manufacturing company specializing in forklifts and other materials-handling equipment. Hyster was founded in 1929 as the Willamette-Ersted Company in Portland, Oregon. The company was purchased in 1989 by NACCO Industries ...
in 1989. Yale Materials Handling Corporation and the Hyster Company were combined to form Hyster-Yale Materials Handling
Hyster-Yale Materials Handling, Inc., through its wholly owned operating subsidiary, Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primaril ...
, which was spun off in 2012. In 2017, NACCO spun off Hamilton Beach Brands and Kitchen Collections.
References
External links
* {{Authority control Holding companies of the United States Companies listed on the New York Stock Exchange Holding companies established in 1913 Coal companies of the United States Forklift truck manufacturers Retail companies of the United States Companies based in Cleveland Conglomerate companies of the United States 1913 establishments in Ohio Non-renewable resource companies established in 1913 Home appliance manufacturers of the United States American companies established in 1913