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Saturday, September 10, 2005

Edac Technologies (EDAC) misc stuff

Founded 1946 in Hartford. Company remained private until 1985. Reorg in 1996. Acquired Apex Machine Tool (Farmington, Conn) to pick up injection mold and composite mold, also tooling. Kaisen, 6-sigma, etc. (they don't take it religiously, which is good).

Mission Statement:

Our overriding mission is to be the company of choice for our customers, shareholders, employees and community. We will achieve this stature by:

  • Being flexible and easy to work with.
  • Providing our customers with benchmark quality, service and value.
  • Providing shareholders superior return on their investment.
  • Developing a world class working environment for our employees health, safety, security and career growth.
  • Being a good corporate citizen by supporting our local community and charities.
Continuous improvement. Good behavior.
Employment portion of website seems OK. Other areas seem OK.

Joseph Lebel filed a Form 3 on Aug 5, 2005. Owns 131K shares directly. Has options on 10K shares at stike $3.75, vests 10/2/2005, expires 2015.

Proxy Statement:
The Compensation Committee, comprised of Messrs. Moses, Bayne and Raffay, held one meeting during 2004.
5 full board meetings in the year. All directors attended at least 75%. All attended last year's shareholder meeting and are encouranged to attend this one.
Audit committee report looks fine. Auditor selection does not need to be submitted to a vote, but they will anyway.

Compensation committee report is refreshingly good after seeing so many pork troughs.

Google searches all good.

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