He was the largest individual shareholder in the Pittsburgh-based company, with control of almost 6 percent of its stock.
He was named president of the Pittsburgh-based company in 1983 and chief operating officer in 1985.
The sale will leave the Pittsburgh-based company with its construction-materials unit.
"We're not responding to a downturn in orders or the business cycle," said a spokesman for the Pittsburgh-based company.
The Pittsburgh-based company acquired several companies last year, primarily in the pet-food business.
He predicted that the Pittsburgh-based company would operate in the black in 1988.
The Pittsburgh-based company said it was not aware of any plans to pursue it.
The Pittsburgh-based company said its third- and fourth-quarter earnings were expected to improve, but still fall short of analysts' estimates.
Over a decade, the Pittsburgh-based company has nearly quadrupled profits and more than doubled sales.
The Pittsburgh-based company reported earnings of $1.56 a share, up from $1.47 a share in the comparable period last year.
