CLEVELAND, April 3
NACCO Industries, Inc. (NYSE: NC) announced today that Reginald R. Eklund, President and Chief Executive Officer of NACCO’s wholly owned subsidiary, NACCO Materials Handling Group, Inc., will retire on June 30, 2006.
Mr. Eklund, 65, began his career in the materials handling business in 1966 as a market analyst in Eaton Corporation’s materials handling group, rising to President and Chief Executive Officer of Eaton’s Yale Materials Handling Corporation, which was subsequently acquired by NACCO Industries. NACCO acquired Hyster Company in 1989, and in 1992 Mr. Eklund was appointed President and Chief Executive Officer of the combined Hyster-Yale Materials Handling, Inc., which was subsequently re-named NACCO Materials Handling Group, Inc. Under Mr. Eklund’s leadership, NMHG has grown to be one of the world’s leading lift truck producers with $2.4 billion in sales, three operating divisions — Americas, Europe and Africa, and Asia-Pacific — fourteen production plants in eight countries, four product development centers and 7,500 employees.
Upon Mr. Eklund’s retirement, Michael Brogan, 56, currently Executive Vice President Operations of NMHG, will become President and Chief Executive Officer. Mr. Brogan, who joined the Company in 1983, currently has responsibility for global operations and product development. Mr. Brogan has held positions of leadership in international operations, product development, engineering, manufacturing, product strategy and procurement, and brings extensive experience and knowledge of the Company and the industry to his new position.
NACCO Materials Handling Group, Inc., headquartered in Portland, Oregon, designs, engineers, manufactures, sells, services and leases a comprehensive line of lift trucks and aftermarket parts marketed globally under the Hyster and Yale brand names.
NACCO Industries, Inc. is an operating holding company with three principal businesses: lift trucks, housewares and mining. NACCO Housewares Group consists of Hamilton Beach/Proctor-Silex, Inc., a leading designer, manufacturer, importer and marketer of small electric kitchen and household appliances, as well as commercial products for restaurants, bars and hotels, and The Kitchen Collection, Inc., a national specialty retailer of brand-name kitchenware, small electric appliances and related accessories. The North American Coal Corporation mines and markets lignite coal primarily as fuel for power generation and provides selected value-added mining services for other natural resources companies. For more information about NACCO Industries, visit the Company’s website at www.nacco.com.
SOURCE: NACCO Industries, Inc.
CLEVELAND, April 3