American Biltrite authorizes Congoleum share purchase

WELLESLEY HILLS, Mass. – The board of directors of American Biltrite Inc. has authorized the purchase, from time-to-time, of as much as $5 million of the outstanding Class A common shares of Congoleum Corp. The stock would be purchased either in the open market or in privately negotiated transactions, depending on market conditions and other factors.

American Biltrite currently owns 4,395,605 Class B and 44,100 Class A common shares of Congoleum which, on a combined basis, represent a 54% economic interest and a 69% voting interest.