Congoleum announces share repurchase plan.MERCERVILLE, N.J.--(BUSINESS WIRE)--May 7, 1996--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 Tuesday that its board of directors has authorized a program to repurchase up to $5 million 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 4,650,000 Class A and 5,350,000 Class B common shares outstanding. Congoleum Corp. is North America's second largest manufacturer of resilient vinyl flooring serving both commercial and residential markets with products in a wide variety of designs and colors. The company's products are used primarily by the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling , replacement, commercial, manufactured home and new residential markets. The Congoleum brand name has been associated with the flooring industry since 1924. Congoleum is a 44% owned subsidiary of American Biltrite Inc. (AMEX AMEX See: American Stock Exchange :ABL). CONTACT: Congoleum Corp., Mercerville Howard N. Feist feist also fice n. Chiefly Southern U.S. A small mongrel dog. [Variant of obsolete fist, short for fisting dog, from Middle English fisting, , Sr. VP/Finance, 609/584-3586 or Dewe Rogerson Inc., New York Debra Wasser or Daniel Gray, 212/688-6840 |
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