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The New York-based hedge fund, which owns 5.05 percent of Xerium,
nominated two directors to sit on the company's eight member
board. It named Jared Landaw, the firm's chief operating officer
and general counsel, and Michelle Applebaum, a former steel
market industry analyst, on March 13.
On March 19, six days after Barington nominated its candidates,
the company said it will explore strategic alternatives. One day
after making that announcement, Xerium's chairman, James Wilson,
met with Barington representatives.
Barington is urging the company, which makes products used
primarily in the production of paper, to consider selling itself
or find a way to refinance its $480 million of 9.5 percent
senior notes.
The hedge fund currently has representatives on the boards of
three industrial companies; A. Schulman, Inc., OMNOVA Solutions,
Inc. and The Eastern Company.
James Mitarotonda, who runs Barington, tends to invest in
industrial companies or retail companies. Barington, along with
Shah Capital and NuOrion Partners, has been pushing Avon
Products to sell itself and last month reached an agreement to
put Mitarotonda on the board.
(Reporting by Svea Herbst-Bayliss)
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