Shareholders of Walter Industries today approved a spinoff of the company's financing business, allowing the Tampa-based company to focus solely on coal production.
Executives marked the change by giving the company a new name - Walter Energy Inc.
The name change is designed "to better communicate the space in which we operate," said Walter Energy Chairman Michael T. Tokarz. "We are now squarely focused in the energy resources sector, led by our metallurgical coal business."
The publicly held company also launched a new Web site, www.walterenergy.com. Shares of Walter will continue to be traded on the New York Stock Exchange under the symbol WLT.
Walter is one of the nation's leading producers of metallurgical coal, which is used to produce steel, with several coal mines in Alabama.
Shareholders also approved the merger of Walter's financing business, Walter Investment Management LLC, with Hanover Capital Mortgage. Shares of the new company, Walter Investment Management Corp., will be traded on the New York Stock Exchange under the symbol WAC.
In January, Walter Industries shut down its longtime home-building business after years of losses.
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