Post says chairman upbeat
Fleet Aerospace Corporation FLT
Shares issued 214,653,577 Oct 17 close $0.67
Fri 18 Oct 96 In the News
The Financial Post reports in its Friday edition that Fleet Aerospace
chairman and chief executive Murray Edwards told shareholders on Thursday
that he hopes a new name and stock consolidation will help breathe new life
into the company. Reporter Peter Fitzpatrick says that Mr Edwards told a
special meeting in Toronto that Fleet's fortunes hinge on restoring
profitability at its money-losing Fleet Industries plant in Fort Erie,
Ontario, and its Aeronca unit in Middletown, Ohio. Mr Edwards says that
Fleet has some challenges, but at the same time it has some opportunities.
The meeting approved a one-for-five stock consolidation and renaming of the
company to Magellan Aerospace. Fleet shareholders have seen the stock of
the aircraft parts and engine maker rise and dip since Mr Edwards took over
the 51-year-old company last November. Fleet shares soared from $0.18 last
October to $1.17 in May, before falling back, closing unchanged at $0.67 on
Thursday.
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