Bolton, Ontario-based Husky Injection Molding Systems, the publicly traded manufacturer of hot runners, injection molding machinery, and PET preform molds, saw its share price jump more than 20% to a 52-week high after the firm announced it had hired Citigroup Global Markets as a financial adviser to entertain bids for a partial or full sale of the firm. This follows a decision by founder and major (44% stake) shareholder Robert Schad, 77, to consider selling his holding, says Husky. AIM Funds Management, the second-largest shareholder, owns less than 15%.
Last Thursday (March 8) Husky reported that for the three months ended Jan. 31, net earnings were $10.5 million, or $0.09 a share, a drop from $12 million ($0.10/share), in the same period a year earlier. Sales were $260 million, up from $232 million. For the first six months of FY07 (through Jan. 31, 2007), sales increased 11% to $451.5 million from $407.5 million in the prior year. Husky also announced 85 jobs would be cut at its Bolton headquarters.—[email protected]
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