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Coal production at Walter's core

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By RUSSELL RAY

rray@tampatrib.com

Published: April 25, 2009

TAMPA - Shareholders of Walter Industries on Thursday gave the company a new identity to better reflect its core business: coal production.

A new name, Walter Energy Inc., was approved by shareholders at the company's annual meeting.

The name change is designed "to better communicate the space in which we operate," Walter Energy Chairman Michael T. Tokarz said. "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.walter energy.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.

The merger of Walter's financing business, Walter Investment Management, with Hanover Capital Mortgage was finalized last week. 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 homebuilding business.

Reporter Russell Ray can be reached at (813) 259-7870.

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