Edelman Gets Face Time with Chemi-Trol Prez

Publish date:

By Erle Norton
Staff Reporter

Chemi-Trol Chemical

(CTRL) - Get Report

meets its new investor Thursday.

And this isn't just any investor. It's 1980s raider Asher Edelman who, as was reported in an

April 3 story in

The Street

, has accumulated a 5.4% stake in the Gibsonburg, Ohio, company. Chemi-Trol makes steel pressure tanks and pavement making and vegetation control materials. (That's a mouthful!)

In an interview Wednesday with

The Street

, Robert Woolf, Chemi-Trol's president and chief operating officer, said he looks forward to meeting someone of Edelman's "esteem."

Edelman said in his filing that he will "closely monitor developments at the company, especially concerning methods for maximizing shareholder value. The reporting persons intend to meet with management and other shareholders to recommend possible actions for the company to initiate in order to improve shareholder value."

Woolf says he "would welcome" Edelman's suggestions, but added that Chemi-Trol already is making moves toward building shareholder value. For instance, it has sold its

Cory Orchard & Turf

products unit for $4.8 million and is considering selling its

Cal-Van Tools

unit, which makes specialty hand tools for automotive repair.

However, other investors so far don't seem to care about Chemi-Trol's moves or Edelman's investment. Chemi-Trol's stock, which is off nearly 20% since late October, hasn't traded since Monday and is unchanged at 10 1/4 since Edelman's stake was disclosed.

Stay tuned.