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Farmer Brothers defends its performance ahead of board vote

Nov. 21, 2016 9:51 AM ETFarmer Bros. Co. (FARM) StockBy: Clark Schultz, SA News Editor
  • Farmer Brothers Company (NASDAQ:FARM) sends a letter to shareholders ahead of the company's annual meeting scheduled for December 8.
  • The letter includes a defense of why its board nominees are better options than the slate being put up Waite Group. A few key points on Farmer Brothers' board performance and plans are posted below.
  • "Delivering superior value for all stockholders through a successful turnaround that has driven an increase in the Company's stock price of over 225%.
  • "Executing a thoroughly planned corporate relocation that is expected to rationalize and simplify the Company's supply chain and produce annualized cost savings of approximately $18 million to $20 million."
  • "Enhancing governance and bringing fresh perspectives to the Board under a new independent Chairman appointed in 2015, with five new directors who were added in the past five years."
  • Source: Press Release

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