The following segment was excerpted from this fund letter.
At recent prices of $135/share, Vulcan (VULC) has an equity capitalisation of around US$123 million. Its name comes from the small loss making $4 million revenue "core business" of rubber, plastics and foam manufacturing company based in Clarksville, Tennessee. Until March 2004, it also used to make bowling pins.
That's obviously not the attraction. As these old-style activities suggest, this is an old-style company: It's effectively an asset hoarder, controlled by the Gettler family descendants of the former CEO, Benjamin Gettler, an ex-Chair of the