Oglebay norton brady

Other issues cropped up as the s wore into the recessionary early s. A strike at the Eveleth Mines only complicated the situation. Not surprisingly, these financial woes prompted a rash of shareholder uprisings. There was never any real takeover threat: four board members held a cumulative 50 percent share, and U. Oglebay Norton adopted anti-takeover measures nevertheless, including staggered director's terms and a requirement for a 75 percent supermajority to approve a merger.

Having diffused the previous year's investors, Oglebay Norton executives faced a new challenge in , this time from Brent D. Baird's First Carolina Investors Inc. Having increased its stake in the company to more than eight percent by that fall, this large, Buffalo-based family trust began clamoring for representation on the board. Baird had a reputation for investing in depressed stock that were likely to gain in the long term, and he had earned directorships of other companies in which his fund had a substantial stake.

He won a place on Oglebay Norton's board in January after agreeing not to make a takeover attempt or increase his stake to more than 11 percent. Analysts pointed out that many members of the board of directors had held their seats since the s and s, and that Baird brought a fresh perspective to this administrative body. Investor John D. Weil was not quite as welcome at Oglebay Norton. Having increased his stake in the company from about five percent in to more than nine percent in , the Missourian requested a seat on the board of directors.

Unable to negotiate a directorship, Weil threatened to launch a proxy fight in By this time, board members owned just over one-fourth of the stock, so although they had a great deal of influence, they did not have a voting majority.

Weil was nominated and elected to the board shortly thereafter. Thomas Green Jr. Thompson, who had worked at the company since A steady rate of turnover reduced the average age of the top six corporate officers from the mids to the lows. Upon advancing to the presidency, CEO Green surveyed management in preparation of a five-year strategic plan designed to shed noncore interests, increase efficiency, and boost profitability. From to , the company reduced expenses by cutting its work force by about 29 percent, from 1, to 1, Beginning in , the company shed its coal mining and foundry interests and halved its dividend to generate funds for four key businesses: marine transportation, iron ore, refractories and minerals, and industrial sands.

Canada ; Laxare, Inc. James Press, Brady Middle School. I have never been there! And I still don't want to go! And I hope not to go!!!! Teacher Review 5y ago. Check out schools near Oglebay Norton Dr. Gender Identity. Sexual Orientation. Protection from being unfairly evicted, denied housing, or refused the ability to rent or buy housing. On February 11, , HUD announced that it interprets the federal Fair Housing Act to prohibit housing discrimination on the basis of sexual orientation and gender identity.

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