|
|
|
|
|
|
|
|
|
|
|
Press Release
|
|
|
|
|
|
Porcelain Products Acquires Cooper Power Systems' Macomb Facility
December 13, 1999 | Carey, Ohio. Porcelain Products Co., the nation's second largest manufacturer of porcelain insulators and related components, today announced that it has acquired a porcelain manufacturing facility in Macomb, Illinois, from Cooper Power Systems. In a related agreement, Cooper Power Systems has entered into a component supply contract with Porcelain Products Co.
Haywood Bower, President and CEO of Porcelain Products, last year led a management buyout of the company from Carpenter Technologies. "We set out to restructure the domestic porcelain business, and this represents a terrific first step. Macomb is an exceptional facility with state-of-the-art capabilities. Porcelain Products and Macomb are a natural fit."
The facility in Macomb will be the third plant under the stewardship of Porcelain Products. In addition to its plant in Ohio, Porcelain Products acquired Knox Porcelain in Tennessee in 1977. Macomb focuses on manufacturing porcelain used in distribution equipment, the facility in Knoxville specializes in overhead distribution insulators, and Carey emphasizes assembled porcelain components used in distribution equipment as well as porcelain used in commercial and industrial construction.
No significant operating changes were announced at any of the facilities. Bower stated, "All three of these plants are excellent at what they do, and their respective capabilities are complementary. Over time, the manufacturing of some products may be relocated from one plant to another to support our revenue growth plans and balance production at the three plants."
Greg Golub, Vice President of Sales, said, "The addition of the Macomb facility positions Porcelain Products to serve the electric industry with a broader portfolio of products and offers potential for future product extension. Our customers continue to look for suppliers that offer a full product line, and this acquisition certainly meets these customer needs."
The acquisition was strongly supported by The Riverside Company, which owns a controlling interest in Porcelain Products. Andrew Strauss, who also sits on Porcelain Products' Board of Directors, stated, "We are pleased to continue supporting management in this venture, and still see tremendous possibilities in this industry."
Porcelain Products Co. traces its roots to 1894 in Carey, Ohio, and has always been in the business of manufacturing porcelain electrical insulators. With revenues of $40,000,000, it is the second largest porcelain insulator manufacturer in the U.S., and the fifth largest in the world.
Riverside, with U.S. offices in New York, Cleveland, and San Francisco, specializes in management and leveraged buyouts. The principals of Riverside have identified, organized and arranged financing for the acquisition of 36 middle market companies with sales ranging from $1 million to $260 million per year.
Cooper Power Systems, a division of Cooper Industries, manufactures equipment, components and systems for distributing and managing electrical energy. Headquartered in Waukesha, Wisconsin, Cooper Power Systems has manufacturing facilities in 13 domestic locations and three international locations and approximately 4,000 employees worldwide.
Cooper Industries, with 1998 revenues of $3.7 billion, is a worldwide manufacturer of electrical products, tools and hardware. Headquartered in Houston, Texas, Cooper employs more than 28,000 people at over 90 manufacturing locations around the world. Additional information about Cooper is available on the Company's Internet site: http://www.cooperindustries.com.
For more information please contact:
Christine Croissant
The Riverside Company
216-344-1180
|
|
|
|
|
|
|
|
|
|
