Virginia soon will have another publicly traded company.
Cleveland-based NACCO Industries Inc. said Monday that its board of directors has approved the spinoff of Glen Allen-based Hamilton Beach Brands Holding Co. The new publicly traded company will remain based in Henrico County.
Hamilton Beach is a holding company for Hamilton Beach Brands Inc., a manufacturer of home appliances and commercial restaurant equipment, and The Kitchen Collection LLC, a kitchenware retailer.
Hamilton Beach Holding said it intends to apply for a listing on the New York Stock Exchange under the symbol HBB. It expects the transaction to be completed during the third quarter of 2017 and to be tax-free to both NACCO and its stockholders.
