Canadian leather producer to buy back shares
Canada’s largest leather producer, The Tanbridge Corporation, has said it proposes to buy approximately 130,000 (5%) of common shares in the company on the Toronto Stock Exchange for cancellation.
The announcement follows on the issuing of the company’s first quarter results, in which it declared a loss for the first quarter ended March 31 of $1,368,465 (52 cents per share). This compares with a profit of $256,340 (10 cents per share) in Q1 FY 2000. Sales volume for the first quarter of 2001 was $19 million, compared with $23 million a year earlier.
The Tanbridge Corporation is Canada's largest leather producer, with plants located in Winnipeg, Edmonton and Pennsylvania, as well as a freeze-dry processor of food and other biological products, with plants located in Ontario and New York. Its common shares are traded on the Toronto and Winnipeg stock exchanges under the symbol.
