Drew Directors File to Sell 2 Million Shares
Drew Industries Inc. filed a registration statement for the sale of just over 2 million shares, or 9.8% of its outstanding common stock, by five directors of the White Plains, N.Y.-based company.
The firm, parent to industry suppliers Kinro Inc. and Lippert Components Inc., said that if all of the shares are sold, insider’s holdings of Drew common stock will be reduced from approximately 23% to 14%.
All share amounts reflect the two-for-one stock split of Drew common stock initiated Sept. 7.
Directors involved in the sale include Leigh J. Abrams, Drew president and CEO; David L. Webster, Kinro president and CEO; Edward W. Rose, III, Drew chairman; L. Douglas Lippert, Lippert chairman; and James Gerro, a director for Drew since 1992.
Drew also announced that it will be adjusting previously recorded expenses for the company’s third quarter, following the settlement of a workplace injury lawsuit.
The company agreed to settle for $2.8 million in the litigation involving Lippert. Drew had previously applied a liability of approximately $4.3 million, charged during the fourth quarter of 2004 and first quarter of 2005.