CFI settles lawsuit with former shareholder
Jeff Linville -- Furniture Today, January 18, 2004
SARASOTA, Fla. — Outdoor furniture maker CFI Mfg. has settled litigation with a former shareholder.
CFI, which does business as Carter Grandle, is a family-owned operation founded in 1988 that has grown quickly over the past six years.
Webb G. Carter, chief executive officer, said the company has been involved in litigation for three years with a former minority shareholder. CFI redeemed stock owned by Rebecca Sturdivant, who disagreed with the value of her shares. A court ruled in favor of Sturdivant and CFI appealed, and now the parties have reached an undisclosed settlement that Carter called "mutually satisfactory."
Carter's wife, Ruth Carter, vice president of sales and marketing, said CFI has expanded several times since 1997. It moved into a new 162,000-square-foot plant in 1997, added 100,000 square feet in 1999 to house the welding and machine shop operations and a raw materials storage area, and added another 25,000 square feet in 2001 for new ovens, a new paint system and office space. The manufacturer employs about 300 workers.
Webb Carter said annual sales growth averaged 62% from 1997 through 2002, to more than $30 million. For the latest fiscal year ended Sept. 30, sales were up 20% despite the slow business environment, he said.
"The company's growth, while rapid, has been responsible," he said.
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