Spruce Point Capital Sees Short In Caesarstone Paying Dividends (Not Literally)

When Ben Axler looks at kitchen countertops, he doesn’t necessarily think about cooking dinner with friends and family. Rather, the founder and Chief Investment Officer at New York City-based Spruce Point Capital Management sees foreign competition driving down prices for existing manufacturers and major players in the segment expanding their product offerings to further reduce industry profits. In the middle of this conflux of market forces is Caesarstone Ltd., a company that produces and markets quartz surfaces used in kitchen countertops, flooring and vanity tops. Caesarstone “could go back into the teens,” Axler says When he heard that Caesarstone was…