There is big news related to plastic pallet maker Greystone Logistics (OTCQB:GLGI).
(Note: My previous articles on GLGI consisted of a fundamental bullish case and a dissection of the Q3 earnings. They are now available exclusively to Seeking Alpha Pro subscribers.)
In April, GLGI CEO Warren Kruger's family holding company bought major plastic pallet producer TriEnda (aka Lexington Logistics) out of bankruptcy for $13.6M. TriEnda's annual revenues are on the order of $70M. Greystone's current revenues are $23M and its market cap is $13.0M, so you can see the significance of this acquisition. Just to be clear, GLGI was not the acquirer; it was Kruger's private holding company which did the acquisition. Kruger's son, David, was installed...
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