Texas Industries seeks re-election of two directors Oct. 21

By Lisa Kerner

Charlotte, N.C., Oct. 14 - Texas Industries, Inc. urged its shareholders to re-elect directors Sam Coats and Thomas R. Ransdell at the company's annual meeting Oct. 21, according to a schedule 14A filed with the Securities and Exchange Commission.

Shareholder NNS Holding had asked the company's shareholders to withhold their votes for Coates and Ransdell in a prior SEC filing.

NNS said its 14.9% stake in the company makes it Texas Industries' largest shareholder, according to the filing.

Texas Industries told its shareholders that NNS director Nassef Sawiris had asked the board of directors to allow him to purchase up to 25% of the outstanding shares and to select two directors.

Sawiris said in his filing that Texas Industries' net income was down 40% from the same period last year and that the company is currently trading near its 52-week low of $26.26.

Both Texas Industries and Sawiris agree in the Dallas-based cement company's potential for growth.

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