DUBUQUE, IA - Flexsteel Industries Inc. (NASDAQ: FLXS), a manufacturer and importer of wood and upholstered furniture, has been added to the Russell 3000 Index, a tool used by many investment managers and institutional investors for index funds.
The Russell 3000 is updated annually by Russell Investments. Russell U.S. indexes have $3.9 trillion in assets bench marked to them.
"Many investors and institutions rely on the Russell 3000 Index as part of their investment strategy," said Ronald J. Klosterman, former president and CEO of Flexsteel. "Flexsteel's inclusion acknowledges our strong business fundamentals and potential for future growth."
Klosterman stepped down from his posts of president and CEO, effective July 1, but remains on Flexsteel's Board of Directors. Karel Czanderna was named Klosterman's successor.
Like Flexsteel, Bassett Furniture Ind. is also new to the Russell 3000 this year.
Rich Christianson is Associate Publisher and Editor at Large of Woodworking Network. During his 25+ years covering the wood products industry, Rich has toured hundreds of manufacturing plants throughout North America, Europe and Asia. His reporting has covered everything from the state of the industry and impact of wood imports to technology and environmental issues. In his current capacity he is responsible for editing the daily Woodworking Network Update newsletter and coordinating events including the annual Cabinets & Closets Conference & Expo and Canada’s biennial Woodworking Machinery & Supply Expo.
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