Congoleum Announces Share Repurchase Plan.MERCERVILLE, N.J.--(BUSINESS WIRE)--Nov. 18, 1998--Congoleum Corp. (NYSE NYSE See: New York Stock Exchange :CGM (1) (Computer Graphics Metafile) An ISO/IEC standard format for 2D graphics images introduced in 1987. Primarily a vector graphics format for technical illustrations and geophysical visualizations, CGM also supports raster graphics and text. ) announced Wednesday that its Board of Directors has authorized a program to repurchase up to $5,000,000 of its outstanding Class A Common Stock, either in the open market or in privately negotiated transactions, depending on market conditions and other factors. Roger S. Marcus, Chairman of the Board, said, "We are optimistic about the future outlook for Congoleum, and believe that our shares are an excellent value at recent price levels." Congoleum has 4,282,800 Class A and 4,755,000 Class B Common shares outstanding. Congoleum Corp. is a leading manufacturer of resilient flooring, serving both residential and commercial markets. Its sheet, tile and plank products are available in a wide variety of designs and colors, and are used in remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling , manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected , new construction and commercial applications. The Congoleum brand name is recognized and trusted by consumers as representing a company that has been supplying attractive and durable flooring products for over a century. Congoleum is a 49% owned subsidiary of American Biltrite Inc. (AMEX AMEX See: American Stock Exchange :ABL). |
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