US: DSC redeems shares held by Shermans
David Sherman Corporation (DSC) has redeemed the stock in the company held by the Sherman family. Prior to this redemption, announced earlier this week, the Lux and the Sherman families owned equal interests in the company. This purchase will result in the Lux family owning and controlling 100% of the DSC outstanding stock.
In actions related to the redemption, company president Donn Lux has been elected to the board of directors, and Paul A. Lux has been appointed board chairman.
Following the announcement, Donn Lux said: "I am extremely grateful for David Sherman Jr.'s continuing support and assistance to DSC. David has been an important source of knowledge, and has provided important service and expertise to the liquor industry. Through mutual cooperation, we have brought the company to the point where this transaction was possible and beneficial to both the Lux and the Sherman Families."
David Sherman, Jr. added: "Donn Lux has been an extremely effective and successful president of DSC. I am confident of the company's continued growth and success under Donn's able leadership."
Founded in 1958 by Paul A. Lux and David Sherman, Sr., DSC is an importer, bottler and marketer of national and regional brands of beverage alcohol.
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