(NAMC) Later Tuesday afternoon NACCO Industries, Inc. (NYSE:NC) made an announcement that they have officially terminated its tender offer for the common stock of Applica Incorporated (NYSE:APN) .

NACCO did state that they felt that a breach of their agreement with Applica occured and they will continue to pursue claims against the company.

The following are the comments made by NACCO CEO Alfred Rankin:

"We pursued the Applica transaction because we believed that there was a good brand fit and high synergy value with our Hamilton Beach/Proctor-Silex business. The original transaction approved by the Boards of Applica and NACCO provided for a spin- off of Hamilton Beach/Proctor-Silex and merger of Applica into Hamilton Beach/Proctor-Silex. We felt then and continue to believe that this was a strategically and financially compelling transaction that carried opportunity for significant value enhancement for shareholders of both Applica and NACCO. Following Harbinger's cash offer of $6.00 per share and Applica's decision that it represented a superior offer, we followed a disciplined and focused bidding process in order to acquire the business at the lowest possible reasonable price, despite the fact that, we believe, our original merger agreement was breached by Applica. However, the increase in the break-up fee payable to affiliates of Harbinger to which Applica agreed last week had a negative effect on the bidding process and we determined that further increases by us would not be in our shareholders' best interests."

"Hamilton Beach/Procter-Silex is a very strong company with leading market positions, excellent financial performance, experienced management and good opportunities for continued growth. We will continue to develop and evaluate potential initiatives for Hamilton Beach/Proctor-Silex based on the long-term best interests of the business and NACCO shareholders," Mr. Rankin stated.

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