TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Starboard buys 7.7% stake in Calgon Carbon, seeks 3 board seats

CCC $15.92 +$0.10

at close on WEDNESDAY

Daily Photo Galleries

By Thomas Olson
Wednesday, Jan. 23, 2013, 12:30 p.m.
 

An investment partnership in New York has acquired a 7.7 percent stake in Calgon Carbon Corp. and seeks to elect three of its principals to the Robinson Township company's board at its next annual meeting. Starboard Value LP spent $63.9 million to acquire nearly 2.8 million shares through dozens of stock purchases from Nov. 20 through Jan. 18, according to a securities filing. The group said it is in discussions with Calgon Carbon management about its director slate.

“We welcome shareholders who believe in our investment potential, and we are open to ideas that can create shareholder value,” said a statement from Calgon Carbon, which develops and produces air and water purification products. “We have spoken with Starboard and have had a constructive exchange of ideas.”

 

 
 


Show commenting policy

Most-Read Stories

  1. Rossi: Johnston must reach Malkin in Moscow
  2. Steelers are in familiar territory going into training camp in Latrobe
  3. Liriano, Snider lift Pirates to a victory over Dodgers at PNC Park
  4. New Penguins coach to meet with Malkin
  5. Pirates notebook: Recovering Cole exceeds expectations in simulated game
  6. Ex-Milwaukee archbishop told he can’t spend final days at St. Vincent Archabbey
  7. Hookah bar on tap for Greensburg
  8. 3 identified in Route 66 crash near Delmont
  9. Greensburg pawn shop aids in arrest of home repair scam suspect
  10. Truck drivers taken to hospital after Pa. Turnpike crash in Butler County
  11. Blum’s work shines a light on lives of those from Appalachia
Subscribe today! Click here for our subscription offers.