Clarcor Chairman and CEO Norm Johnson on Monday sold almost $900,000 worth of shares in the Franklin-based company. The move came on the heels of a larger sale Friday. Combined, the two sets of transactions have trimmed Johnson's direct and indirect stake in Clarcor by about 5 percent.
Clarcor Chairman and CEO Norm Johnson late last week cashed in some of his chips, selling 30,000 shares of the Franklin-based company and grossing him more than $1.3 million. Johnson still controls more than $23 million of Clarcor shares, which have risen fivefold (Ticker: CLC) since he became CEO in March of 2000.
Ethanol Producer has an update on the Iowa bioreactor being built by a joint venture that includes Franklin-based Clarcor. The groundbreaking facility is looking to commercialize the production of algae by converting byproducts from ethanol production, but an end market for those algae hasn't yet materialized.
Therefore, GPRE and others have now taken on the role of product developers as well. Becker said they are currently developing markets to utilize the algae biomass as animal feed, as an ingredient for the pharmaceutical industry and for renewable fuels production. This includes biodiesel and ethanol. He noted that testing is currently under way to determine the viability of sending the algae directly to refineries to produce biofuel and they are also receiving promising results on tests to produce ethanol from the algae.
HT: Matt Largen
Richard Wolfson, general counsel of filtration and packaging company Clarcor, was plenty busy on the option front Wednesday. The 44-year-old, who has been with Franklin-based Clarcor since 2006, bought and sold tens of thousands of options and shares that resulted in a profit of about $240,000 and new share holdings worth another $400,000. Shares of Clarcor (Ticker: CLC) are up 5 percent so far in 2011 and almost 30 percent over the past year.
Looks like J. Marc Adam will get to stick around on Clarcor's board of directors for a little while longer. On Monday the filtration and packaging manufacturer's board unanimously voted to increase the mandatory retirement age for directors from 72 to 74, allowing Adam — who turned 72 prior to the company's annual meeting on Tuesday — to continue in his role through at least the end of the 2012 annual meeting.
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