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 MT. LAUREL, N.J., Dec. 7 /PRNewswire/ -- SL Industries, Inc. (NYSE, PHLX: SL), announced that according to final, certified results released today by the Inspectors of Election, shareholders overwhelmingly supported management's slate of director-nominees at the Company's Annual Meeting held Friday, Nov. 19, in Cherry Hill, N.J.
 The Company also announced that Warren Lichtenstein, a dissident shareholder who launched a proxy contest for one SL Board seat in opposition to management, did, however, obtain sufficient votes to be elected to the Board under the cumulative voting rules which govern the election of directors at SL.
 According to the results from the Inspectors, shareholders cast votes representing approximately 4,518,000 shares for the management nominees. Shareholders cast votes representing approximately 673,000 shares for Mr. Lichtenstein.
 Owen Farren, President and Chief Executive Officer of SL, commented, "I am gratified that shareholders have recognized the progress the Company has made throughout the past year. As I indicated at the Annual Meeting, our Power and Data Quality products strategy, which led to the successful acquisition of Condor and the rollout of new surge and line interference and UPS products from SL Waber last year, will continue to guide SL as we look forward to 1994."
 With respect to Mr. Lichtenstein's election, Mr. Farren commented, "It is my sincere hope that even though Mr. Lichtenstein was elected by a small minority of SL shareholders, he will, as a Director, represent the interests of all shareholders and work constructively with the rest of our Board to maximize the value of the Company."
 Mr. Lichtenstein replaces director Martin Solomon, who has resigned form the SL Board along with director Wilmer J. Thomas Jr., following the completion of a previously announced stock purchase agreement under which Messrs. Solomon and Thomas combined holdings of 507,361 SL shares was repurchased by the Company at $4 per share (the closing price of SL stock on Nov. 11, 1993, the day the agreement was signed).
 The six continuing management Directors elected were:
 -- Salvatore J. Nuzzo, 62, Chairman of the Board of SL Industries and Chairman of Technautics Corporation;
 -- Owen Farren, 42, President and Chief Executive Officer of SL Industries, Inc.;
 -- J. Dwane Baumgardner, 53, Chairman and Chief Executive Officer of Donnelly Corporation, Inc.;
 -- George R. Hornig, 39, Managing Director of Deutsche Bank Securities Corporation;
 -- Edward A. Gaugler, 74, a co-founder of SL Industries, and former President of the Company;
 -- Robert J. Sanator, 63, Dean of the College of Management, Long Island University.
 At the Annual Meeting, SL shareholders also approved a proposal to adopt a Non-Qualified Stock Option Plan for non-employee directors and ratified the appointment of Arthur Andersen & Co., as independent auditors for the 1994 fiscal year. A proposal to amend the Company's Restated Certificate of Incorporation by deleting the supermajority voting requirement in the case of certain business combinations received the support of approximately 70.7% of SL's 6.5 million outstanding shares and 85.6% of the shares represented at the meeting, but did not pass because it required the favorable vote of shareholders representing 75 percent of the outstanding shares.
 SL Industries, Inc. is comprised of operating subsidiaries focused on the design, manufacture and distribution of a broad range of innovative products. Together, they serve two business segments: Power and Data Quality, and Specialty Products.
 These subsidiaries, which are located throughout North America, possess distinct product development, design, manufacturing and marketing capabilities, and occupy niche positions within the markets they serve.
 -0- 12/7/93
 /CONTACT: Owen Farren, president and CEO of SL Industries, 609-727-1500/

CO: SL Industries, Inc. ST: New Jersey IN: SU: PER

MP -- NY084 -- 1428 12/07/93 16:31 EST
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Publication:PR Newswire
Date:Dec 7, 1993

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