Fedders to close $3.5 million stock offering with chairman

By Sheri Kasprzak

New York, Oct. 23 - Fedders Corp. said it has entered into an agreement with its executive chairman for a $3.5 million stock offering.

Executive chairman Sal Giordano Jr. agreed to buy $3.5 million in stock through his Supplemental Retirement Plan I.

The offering is expected to be funded in full by Jan. 26, 2007.

The purchase price of the stock will be based upon the closing price of Fedders' stock the day before the closing date of each investment.

Based in Liberty Corner, N.J., Fedders produces air purifiers and humidifiers used by residential and commercial customers.

On Friday, when the agreement was entered, the company's stock lost 7 cents to close at $1.11 (NYSE: FJC).

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