Gibraltar Industries Announces Adoption of Pre-Arranged Trading Plan by Executive Chairman Brian J. Lipke
By Business Wire News
By Business Wire News
Gibraltar Industries (NASDAQ: ROCK) today announced that a trust that holds shares of the Company’s common stock for the benefit of Brian J. Lipke, the Company’s Executive Chairman, has entered into a pre-arranged trading plan to sell a portion of those shares. The trading plan is designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and with the Company’s insider trading policy. Mr. Lipke has authorized the entry into the trading plan in connection with his personal estate planning and a related long-term asset diversification program, which were developed in conjunction with his previously announced intention to retire from his position as Executive Chairman on June 1, 2015.
Under the trading plan, Mr. Lipke will have no control over the timing of sales of the Company’s stock held by the trust and, subject to minimum price thresholds, sales of the Company’s common stock will be made at prevailing market prices by the broker designated to carry the terms of the trading plan into effect. The trading plan permits the trust to sell up to approximately 20% of the total number of shares of the Company’s common stock owned directly and indirectly by Mr. Lipke. The trading plan will expire March 15, 2016.
Gibraltar Industries is a leading manufacturer and distributor of building products, focused on residential and low-rise commercial building markets, as well as industrial and transportation infrastructure markets. The Company generates more than 80% of its sales from products that hold leading positions in their markets, and serves customers across North America and Europe. Gibraltar’s strategy is to grow organically by expanding its product portfolio and penetration of existing customer accounts, while broadening its market and geographic coverage through the acquisition of companies with leadership positions in adjacent product categories. Comprehensive information about Gibraltar can be found on its website at http://www.gibraltar1.com.
Kenneth Smith, 716-826-6500 ext. 3217
Chief Financial Officer