Price Pfister Collects $14 Million in Stock Sale
Price Pfister, a major producer of brass faucets and other home plumbing fixtures, sold its first stock to the public with an offering of 2 million shares, or 18% of its common stock outstanding.
The stock, priced at $15 a share, included 1 million shares sold by the company and 1 million sold by Price Pfister executives and other insiders, who own the remaining 82% of the Pacoima company’s stock.
Net proceeds to the company, after deducting underwriting commissions, totaled $14 million. The money will be used mostly to repay bank debt, according to Price Pfister’s prospectus. Price Pfister, with about 1,360 employees, earned $6.7 million last year on sales of $98.7 million.
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