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Activist investor fund Starboard Value has written a letter to Calgon Carbon management urging the firm to continue its cost reduction efforts. Starboard, which now owns a nearly 10% stake in the firm, is also encouraging Calgon to buy back more shares and change the firm over to a master limited partnership (MLP) structure. Speaking at a company investor day earlier this month, CEO Randall S. Dearth said the firm has already made progress on cost improvements and may initiate a share buyback program. A year ago, the firm rejected an MLP structure, which would cut corporate income taxes and increase dividends to investors. MLPs are mostly used for energy and transportation firms. But Dearth said the firm is taking another look. “I’m not against it if it makes sense.”
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