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Nacco Industries Subsidiary North American Mining Signs Multi-Year Contracts
Nacco Industries subsidiary North American Mining has executed two multi-year contract extensions with established customers in Florida and Arkansas. North American Mining executed a 20-year contract extension with a long-standing central Florida customer, doubling the previous agreement term. The extension continues dragline mining services at two limestone quarries while deploying higher-capacity equipment to improve efficiency and increase production. The quarries are expected to produce approximately 3 million to 4 million tons annually. In southwest Arkansas, North American Mining executed a four-year contract extension with a long-term sand and gravel customer. This operation is expected to produce approximately 800,000 tons annually.
Nacco Industries Board Leadership Transition Announced
Nacco Industries announced a planned transition to its board of directors leadership. Chairman of the board, Alfred Rankin, stepped down from the role, effective May 15. He will continue to serve as a member of the board. The board has appointed John Jumper, a long-standing director who has served on the board since 2012, as the new chairman. In addition, the board has appointed Matthew Rankin, who has served on the board since 2017, as vice chair.
Nacco Industries Announces Quarterly Cash Dividend Increase to 26.25 Cents
Nacco Industries announced that its board of directors declared a regular quarterly cash dividend of 26.25c per share, which represents a 4% increase compared to the prior quarterly dividend rate of 25.25c per share. The dividend is payable on both the Class A and Class B common stock, and will be paid June 15 to stockholders of record at the close of business on June 1. The new dividend is equal to an annual rate of $1.05 per share.
Nacco Industries Announces Dual Listing on NYSE Texas
Nacco Industries announced the dual listing of its Class A common stock on NYSE Texas, the newly launched fully electronic equities exchange, effective December 11. Nacco will maintain its primary listing on the New York Stock Exchange and will trade on NYSE Texas with the same (NC) ticker symbol.
Nacco Industries greenlights $20 million stock buyback initiative
Naccio's Board of Directors approved a stock repurchase program under which NACCO may repurchase up to $20M of the Company's outstanding Class A Common Stock through December 31, 2027. This program replaces the Company's previous repurchase program, which would have expired on December 31. "We completed over $12 million of share repurchases under our previous program and we are pleased to announce the authorization of a new program," said J.C. Butler, President and CEO.
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