The Richmond Region is about to get another publicly traded company.

Hamilton Beach Brands, the Henrico County-based seller of home appliances, is being spun off from its parent company and will become an independent, publicly traded company.

NACCO Industries Inc., the Cleveland-based owner of Hamilton Beach Brands, formally announced plans for the spin-off.

The spin-off is expected to be completed late during the third quarter of this year . It will be tax-free to both NACCO and its stockholders, the company said.