Financial Times FT.com

Hedge funds

Steel Partners presses Noritz to improve

By Michiyo Nakamoto in Tokyo

Published: December 13 2007 22:23 | Last updated: December 13 2007 22:23

Steel Partners has called on Noritz, a Japanese maker of gas water heaters, to improve its performance by pulling out of unprofitable operations and focus on its core businesses.

Warren Lichtenstein’s activist hedge fund, which is Noritz’s largest shareholder with a 19.9 per cent stake, also said on Thursday that Noritz should strengthen overseas businesses through mergers and acquisitions and improve its capital structure.

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