NACCO (NC) Spin Off Article

by Geoff Gannon


You can read a new article over at GuruFocus that I wrote discussing the lignite coal mining business (NACoal) that will be left over once NACCO spins off its Hamilton Beach brand of small appliances.

NACCO: Why NACoal Is Inside My Circle of Competence and Hamilton Beach Is Outside It

"The company is involved in operating lignite (again that’s “brown”) coal mines for a few major customers. These customers are usually power plants of some kind. They sit very, very near (in some cases, basically on top of) the coal deposit that NACoal is working. I was able to confirm this to my satisfaction by going online and getting satellite images of NACoal’s five biggest mines. Using those images, I can see where the customer’s plant is in relation to the surface mining activity.

I’ve never researched a coal miner before. However, I have researched two companies related to coal mining..."

NACCO: Why NACoal Is Inside My Circle of Competence and Hamilton Beach Is Outside It