The Urgent Need for Change and The Superior Path Forward
CEO CRAIG BRAM HAS UNEQUIVOCALLY FAILED TO
DELIVER ON HIS STATED LONG-TERM STRATEGY
$ in millions
In a public letter, Mr. Bram discussed his strategy for Synalloy upon his appointment
as President and CEO in January 2011
$500
PRIVET
FUND
Goal January 2011
Revenue
UPG
STRONGER TOGETHER
$305
12/31/2019
10 Years Later... Complete Failure
"We determined that at a minimum, Synalloy should set a goal
of $500 million in annual revenue and $60 million in EBITDA.
We believed that by achieving this goal, our market cap could
exceed $400 million"
$60
EBITDA
Goal January 2011
$13
12/31/2019
1. Source: January 2015 letter to Eastern Corp, filed in 8-K on January 9, 2015
01.
$400
02. 03. 04. 05.
Meaningful Change is
Required at Synalloy
Goal January 2011
Market Cap
$117
12/31/2019
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