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.