Coastcast Announces Stock-Purchase Program.RANCHO ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. DOMINGUEZ, Calif.--(BUSINESS WIRE)--Aug. 26, 1998-- Coastcast Corp. (NYSE NYSE See: New York Stock Exchange :PAR) Wednesday announced that its board of directors has authorized the purchase of 925,400 shares of its common stock from an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . The company has prior approval to purchase an additional 560,000 shares of stock, which it is actively pursuing on the open market. Coastcast, a leading manufacturer of golf-club heads, produces metal woods, irons and putters in a variety of metals, including stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. and titanium. Customers include Callaway, Cleveland, Cobra, Daiwa, Odyssey, Taylor Made, Titleist and Wilson. The company also manufactures a variety of investment-cast orthopedic implants and surgical tools that are made to customers' specifications.
CONTACT: Coastcast Corp., Rancho Dominguez
Dick Mora, 310/638-0595
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