Hamilton Beach 2015 Annual Report Download - page 15

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well-positioned to support its individual businesses
in the years ahead. Each subsidiary is benefitting
from programs previously put in place which,
when combined with the initiatives now being
implemented, should improve income and return
on total capital employed at each business over
the next few years. In addition, the Company
expects each business to generate significant cash
flow before financing over time, which it expects
to use mainly to pay dividends, repurchase stock,
when that is an attractive investment for its
shareholders, and reduce debt. Of course, NACoal
and HBB will continue to look for internal and
external opportunities to expand their range of
activities in the long term.
In the fourth quarter of 2015, NACCO
completed its $60 million Class A stock repur-
chase program, which had been announced
in November 2013. In total, NACCO purchased
approximately 1,123,000 shares of its Class A
common stock for an aggregate purchase price
of $60.0 million, including $24.0 million of
stock purchased during 2015. Under a previous
stock repurchase program, which ran from
November 2011 to November 2013, the Company
repurchased approximately 624,000 shares
of Class A common stock for an aggregate
purchase price of $35.6 million.
n n n
We would like to recognize Bob Benson, who
retired from NACoal during 2015 after serving the
Company in an exemplary way for over 39 years.
Bob began his career with NACoal in 1976 as
Senior Mining Engineer responsible for supervising
facility construction and overseeing contract
administration at the Falkirk Mine, which was in
development. He was promoted to Production
Manager of the Falkirk Mine in 1979, and named
Manager of the Indian Head Mine in 1983. Bob
was President of Coteau’s Freedom Mine from
1990 to 1997, when he was asked to lead the
construction and startup of MLMC’s Red Hills Mine
as its first General Manager. Bob assumed the
additional role of VP, Eastern and Southern
Operations in 2001, and became Executive Vice
President and Chief Operating Officer of NACoal
in 2005. Bob served as President and Chief
Executive Officer of NACoal from 2006 to 2015.
Under Bob’s leadership NACoal grew significantly,
with the addition of eight new mining and
services contracts. We appreciate Bob’s many
contributions, and wish him well in retirement.
In closing, we would like to thank all of our
subsidiaries’ customers, retailers and suppliers,
and all of NACCO’s stockholders, for their
continued support. Most importantly, we would
also like to thank all employees of NACCO and its
subsidiary companies for their continued hard
work. We continue to have great confidence in
the management teams leading each of our
subsidiaries and the parent company, and we
are confident these teams can successfully
implement their respective strategic initiatives
to enhance the Company’s sales and profits
over the next few years.
Gregory H. Trepp
President and Chief Executive Officer
Hamilton Beach Brands, Inc.
Chief Executive Officer
The Kitchen Collection, LLC
J.C. Butler, Jr.
President and Chief Executive Officer
The North American Coal Corporation
Alfred M. Rankin, Jr.
Chairman, President and Chief Executive Officer
NACCO Industries, Inc.