K2
Announces it will Pull Out of Glassex in 2004 to Establish Annual Customer
Conference
Conservatory
roof system manufacturer, K2, has announced that it is putting a £0.5
million budget behind a new marketing strategy, which will see the company
opt out of next year’s Glassex and establish an annual customer conference.
Explains K2 marketing director, Iain McInnes: ‘This year we have
decided to take the same trail-blazing approach to marketing as we do
to new product development, opting to invest strategically in order to
achieve real results. The plan we have put in place is aligned with our
business goals and focuses on three core objectives: development of the
K2 brand, increased market penetration and customer support.
‘Glassex has been an invaluable platform which has benefited us significantly
during the past four years. While I have no doubt that we will exhibit
again in future years, we have opted to invest in alternative profile-raising
and customer support activities as we have now reached a level of turnover
which will allow us to do so.’
Keen to preserve the element of surprise with both its customers and its
competition, K2 is remaining tight-lipped about the detail of its planned
marketing spend. The company has, however, revealed that it will be launching
several new dynamic initiatives and major product developments at the
2004 Customer Conference, which will be held at a prestigious venue.
K2’s increased marketing budget follows a record year for the company
to June 2003, which saw turnover jump 38%. The company attributes its
continued strong growth to market-driven investment in product development,
customer support and a company culture which encourages staff retention
and productivity.
Network
Nears the Quarter-Billion... but says 'Public Trust is Worth More'
Network VEKA has proclaimed total sales on the verge of a quarter billion
pounds - but says the growing public trust of for its standards andprinciples
is worth much more. The £250m accumulated figure was thought to
be only days away when the organisation met for its 7th AGM and Conference
- but more than 150 delegates and guests heard the ever-increasing recognition
of its integrity was now the most valuable asset the organisation has
ever owned.
Consolidation and self-analysis had taken priority in 2002/3 after the
previous year's phenomenal growth, Operations Manager John Ogilvie told
a packed hall at Birmingham City Football ground. The organisation had
still improved on every one of its principle statistics in that time,
but far more important were the structural developments and the ever-increasing
degree of trust that the public put in the Network VEKA brand.
'Never before in this industry has any organisation gained the same respect
from the public,' he told the conference, 'Not only from our accolades
and accreditations but also the trust we have genuinely earned from the
70,000 Network VEKA customers in Britain and Ireland today. When you add
every friend, neighbour and relative that each has told about us, then
it becomes clear what a powerful vehicle the Network VEKA brand has become.
'I now believe that this trust is the most valuable single asset that
Network VEKA has ever owned.'
The only time the industry ever needs to gamble
with Network VEKA! Guests relaxed over the casino as part of the evening
entertainment after the Conference.
Glassequipment.com
Announces Gl@zine's ETEC Winners
Glassequipment.com,
the official distributor of ETEC Twin Check Low 'E' Coating Detectors,
has announced the following list as the entrants who submitted a complete
and correct entry to the company's competition and have won an ETEC Twin
Check low 'E' Detector.
The winners have been notified and their prizes are being readied for
despatch to them.
*
John McMenamy, Marvin-Architectural,http://www.marvin-architectural.com
* Paul Cummins, Hansen Glass, http://www.hansenglass.co.uk
* Ron Cox, Ousebank Windows, http:/www.ousebank.co.uk
* N Cattaneo, Bath University
* Steve Webbe, DB Glass, http://www.dbglass.co.uk
* Robert Jack, Greenberg Glass, http://www.greenbergglass.co.uk
* Terry Hudson, TWMCo Services
Tel: (0044) 0120 282 6407
Email: mailto:ken@glassequipment.com
Web: http://www.glassequipment.com
Alcan
Clarifies the Timing of Announcements under its Offer for Pechiney
Alcan Inc, at the request of the French bourse clarified the timing of
announcements under its improved offer for Pechiney which was filed on
September 15, 2003 and declared 'receivable' on September 29, 2003
by the French Conseil des Marchés Financiers.
Alcan will announce the average value of the Alcan share for purposes
of the offer as well as any decision to exercise its cash substitution
option before the opening in Paris of the fifth trading day prior to the
last day of the offer period. This clarification has no impact on the
calculation of the value or form of the consideration to be paid under
the offer.
Alcan last week reached an agreement with the U.S. Department of Justice
that clears its offer to acquire Pechiney.
Under this agreement and a related consent decree, Alcan will divest Pechiney's
aluminum rolling mill located in Ravenswood, West Virginia, following
its acquisition of Pechiney. The agreement resolves the only competition
issue raised by the Department of Justice, which involved the concentration
of suppliers in the North American market for brazing sheet.
The consent decree was filed in U.S. District Court today and, as a result,
the statutory waiting period under the U.S. Hart-Scott Rodino (HSR) Act
will expire tonight.
'The agreement with the Department of Justice removes the final condition
related to our tender offer for Pechiney,' said Travis Engen, President
and CEO of Alcan Inc. 'We are pleased that, along with the clearances
received from the French Conseil des Marchés Financiers and the
Merger Task Force of the European Commission, the offer is now ready to
be launched.' Alcan is a multinational, market-driven company and a global
leader in aluminum and packaging, as well as aluminum recycling with 2002
revenues of US$12.5 billion. With world-class operations in primary
aluminum, fabricated aluminum as well as flexible and specialty packaging,
Alcan is well positioned to meet and exceed its customers' needs for innovative
solutions and service. Alcan employs 54,000 people and has operating
facilities in 42 countries.
CGII
Flying High in New Premises
CGI
International opened the doors to its new, purpose built factory in January
this year. The company was based in St Helens several years ago and left
for bigger premises in Warrington. However, CGII’s increased success
meant another move was necessary. So CGII moved back to where things began
with a new purpose built factory in Haydock, Merseyside.
The
factory was built mainly for the exclusive manufacture of the company’s
Pyroguard unwired fire glass fire glass product range. Since then CGII
has enjoyed increased productivity and sales and is continuing to smash
growth targets. The factory is now operating to full capacity and has
a second production line in operation.
CGII has a world-wide market for its fire glass products and remains best
known for its Pyroguard product range and currently over 70% of the company’s
production is exported.
Based on the success CGII has been enjoying, a photographer was commissioned
to take pictures of the factory, so that an idea of the square footage
increase was apparent.
Andrew Napier, Engineering Manager said, 'The pictures were taken from
a helicopter that flew above the factory and gained spectacular aerial
views of the area. We felt that it was important to commemorate the factory
and all the opportunities that CGII have enjoyed since the move.'
CGII provide a complete range of fire products to fulfil a wide variety
of performances and appearances enabling specifiers to obtain all their
requirements for fire and speciality glasses from a single source.
Tel: +44 (0) 20 7960 6060
Email: mailto:info@cgii.co.uk
Web: http://www.cgii.co.uk
'Pilkington
Optitherm™ SN PRO T' for Processors
Pilkington
has announced the new product term 'Pro T' to distinguish the company's
products that must be toughened before installation. This change affects
the toughenable version of Pilkington Optitherm™ SN, the super-neutral
low emissivity off-line coated glass that was introduced recently for
use in insulating glass units.
The new name - Pilkington Optitherm™ SN Pro T - will provide greater
clarity for purchasers, whilst the product itself greatly improves flexibility
for processors as the glass can be held in stock, then cut and toughened
as required, cutting lead times, improving efficiency and increasing cost
effectiveness.
The glass is also available in annealed form - Pilkington Optitherm™
SN - and can be laminated for safety and security applications. Both in
its annealed and toughened forms it has a U value ofjust 1.1 W/m2K whilst
also providing high light transmittance and low reflectance to give a
more neutral appearance.
Web: http://www.pilkington.com
Eurocell
Building Plastics Celebrate In Ireland
Eurocell
Building Plastics is currently following up a number of leads gained at
the recent homebuilding exhibition in Dublin. Eurocell which has two branches
in Ireland, at Sligo and Dublin, used the exhibition to support the depots
and sub-stockists as well as driving demand forward for its range of products.
‘Our stand was buzzing for the duration of the show and we hope to
build on the amount of interest which people have shown in our products.’
commented Will Gallagher, Irish Division Director.
(L-R) Will Gallagher, Oliver Feehily, Tom Maguire
Coldseal
Fined for Safety Breach
Coldseal
Ltd of Alfreton, Derby was fined £2,000.00 under the Health and
Safety At Work etc. Act 1974, Section 3, Sub Section 1 Regulation at Rochdale
Magistrates Court recently.
An individual was fitting a first floor replacement window with a colleague
when he fell after being struck by a section of guttering which fell on
him. He was working with one foot on a ladder and the other on a sloping
roof. The risk of a fall was foreseeable and it was reasonably practicable
to provide a simple working platform, the HSE reports.
Guardian
to Expand in Mexico with Construction of 24th Float Glass Plant
In
a ceremony at the end of August in El Marques, Mexico, Guardian Industries
executives and government officials officially broke ground for what will
be the company’s 24th float glass plant. The new plant, located in
the state of Querétaro, north of Mexico City, represents an investment
of $120 million for Guardian.
Guardian Glass Group President Russell Ebeid and Managing Director of
Latin American Operations Mark LaCasse joined Mexico’s Minister of
the Economy Fernando Canales, Querétaro Governor Ignacio Loyola,
Querétaro Secretary of Sustainable Development Leopoldo Mondragon
and El Marques Mayor Javier Martinez, at the ground-breaking ceremony.
'Guardian Industries is confident in Mexico’s long term growth,'
said Ebeid. 'We are here to support that growth while serving an expanding
customer base in Latin America. With the completion of this world-class
glass manufacturing facility, we will add quality jobs and enhanced services
that will generate innovation and growth in the Mexican glass industry.'
'Guardian chose to locate in Querétaro to take advantage of a strong,
energetic work force and supportive, cooperative state and municipal governments,'
said LaCasse. 'In addition, Querétaro’s central location will
help us meet the needs of this emerging Mexican market.'
Scheduled to begin production in the third quarter of 2004, the facility
will employ approximately 300 people and produce 650 tons daily of high
quality float glass for architectural and automotive applications. Indirectly,
Guardian expects the facility to generate more than 1,000 additional jobs
by adding to its supplier and logistics base.
Guardian’s other Latin American locations include float glass plants
in Porto Real, Brazil, and Maturin, Venezuela, and distribution facilities
in Veracruz, Mexico, Buenos Aires, Argentina, and Cartagena, Colombia.
The new plant in Mexico is part of Guardian’s aggressive growth strategy
that has included new float glass plants in Poland and England, and recently
launched coaters in Luxembourg and the United States.
In addition, the company has a growing roster of coated glass products
that:
• block harmful ultraviolet rays,
• improve visibility in poor weather driving conditions,
• manage solar energy for reduced fuel consumption, or
• resist scratching and abrasions.
Guardian Industries Corp., based in Auburn Hills, Mich., is a worldwide
manufacturer of float glass and fabricated glass products for the commercial
and residential construction industries, and the world’s largest
producer of mirrors. Guardian Automotive provides complete exterior systems
to the global automotive industry and is a Tier 1, top-100 global automotive
supplier.
Guardian’s Building Products Group includes one of the largest manufacturers
of fiberglass in the world and occupies a significant and growing position
in the building materials distribution business.
Guardian, its subsidiaries and affiliates employ 19,000 people and operate
facilities throughout North America, Europe, South America, Asia, Africa
and the Middle East.
Web: http://www.guardian.com
Kaba
Posts Gains in Operating Profitability
At
its press conference in Zürich on 22nd September, the management
of the Kaba Group discussed the financial results for 2002/03. With the
exception of the Door Systems Division, the Group’s business units
in part reported remarkable local-currency growth rates and considerable
progress as regards operating profitability. Although no significant rebound
of the market is expected in the course of Kaba’s current financial
year, the Group is poised to benefit overproportionally from the longterm
upswing in demand for security-related products and services. The Board
of Directors is proposing to the forthcoming General Meeting the creation
of authorised share capital representing a maximum amount of CHF 3.5 million
to facilitate and leverage potential acquisition negotiations.
Sales generated by the Kaba Group in financial 2002/03 as at June 30th,
2003, declined by 5.8% to CHF 967.2 million. Largely due to currency translation
losses, EBIT decreased by 11.6% to CHF 108.7 million. Chiefly because
of a massive 26.1% increase of the tax rate, consolidated net income closed
lower at CHF 45.7 million, falling perceptibly short of the prioryear
result. Spending restraint and the strength of the Swiss franc were the
key reasons for the negative trend in sales.
Divisions largely recession-resistant
Based on the previous year’s exchange rates in a comparable scope
of consolidation, sales rose by 0.7% from CHF 1,020.3 million to CHF 1,027.0
million. All divisions except Door Systems were able to increase or stabilise
sales. Not including Door Systems and expressed in local currencies, comparable
sales picked up by 1.8% and EBIT rose by 7.1% to CHF 120.8 million. The
EBIT margin gained 0.4% to close at 14.7%.
The Data Collection Division – identical with Kaba Benzing –
increased its acquisition- and currency-adjusted sales by 3.1%. The EBIT
margin rose from 11.2% to 11.7%. Although sales in Germany stagnated,
the division was able to post growth through the international distribution
companies in Europe and the USA.
The three Access Divisions (Access Europe, Access Asia Pacific, and Access
and Key Systems Americas) posted 2.0% local-currency growth. The EBIT
margin improved from 13.8% to 14.7%. Absolute EBIT closed at CHF 85.9
million, virtually unchanged from the prior year. In currency-adjusted
terms, the Access and Key Systems Americas Division, mainly composed of
the operations acquired from Unican in 2001, reported sales gains of 2.8%
and an increase of EBIT by 16.4% to CHF 69.9 million. This division contributes
31% to consolidated sales and 55% to the Kaba Group’s EBIT.
The Key Systems (Europe) Division reported a slight uptrend in local-currency
sales. The EBIT margin decreased from 19.8% to 17.0% and remains at a
high level.
Outlook
Economic uncertainties and depleted budgets continue to paralyse investment
activity in the markets served by Kaba. At present, the company sees no
signs that suggest an imminent improvement of the situation and therefore
expect financial 2003/2004 to follow the patterns of the year under review.
In some markets, it will be possible to achieve progress in terms of sales
and profitability, but consolidation in Swiss francs could once again
prove to be a hindrance. On the positive side, the onetime restructuring
charges in the year under review of CHF 8 million will not be incurred
in the new financial year.
Motion to the General Meeting regarding the creation of authorised
capital
With the intention of boosting Kaba’s credibility and negotiation
leverage in possible acquisition discussions and to facilitate access
to suitable candidate companies, the Board of Directors of Kaba Holding
AG plans to create authorised capital. It will ask the General Meeting
on October 21st, 2003, to approve the preemptive creation of authorised
capital representing a maximum amount of CHF 3.5 million. If ratified,
this would allow the Board of Directors by no later than October 21st,
2005, to increase the share capital by issuing no more than 350,000 new
shares with a par value of CHF 10 each. According to CEO Ulrich Graf,
an acquisition would only be consummated if the candidate company had
the ability to accelerate the 'Total Access' strategy, strengthen the
Kaba Group’s earnings potential, and have a positive impact on the
trend in earnings per share.
Ready for above-average growth
For the current financial year which ends on June 30th, 2004, Kaba does
not yet expect a better operating result than in the year under review.
In the longer term, however, the security market will grow clearly faster
than GNP when the economy picks up steam again. This applies in particular
to higher-end products and integrated solutions such as those marketed
by Kaba. Experience confirms that internal growth allows Kaba to achieve
overproportional EBIT margin growth. In a positive economic environment,
buoyed by the integration of possible future acquisitions, Kaba reaffirms
the feasibility of its longterm goal of double-digit average earnings-per-share
growth on an annualised basis.
Chela
Web Link with Dow Corning for Digesil Range
Chemical
cleaning specialist, Chela has recently sealed its relationship with US
giant, Dow Corning Corp., a global leader in silicon-based technology
and innovation and manufacturer and supplier of silicone products.
Since 1989, Dow Corning has used Chela’s Digesil silicone removal
system in its own factories. Chela’s parent company, Fisher Darville
Holdings Ltd has a long-term relationship with Dow Corning regarding silicone
removal products. Dow Corning has now added the Chela website as a web
link to its own site, offering more opportunities for customers to take
up products from this range which has recently been launched in the UK
to the silicone industry.
Digesil is a new generation of products that will also remove other polymers
and incorporates a chemistry that the company says is both safer and more
effective than conventional solvents. The range includes products for
cleaning cured silicone, elastomers, resins and oils as well as specialist
cleaners for circuit boards and cleaning silicone residues.
Commenting on the relationship, Anthony Fisher, CEO at Chela Ltd said
'We have a strong and growing relationship with Dow Corning and the addition
of our weblink will further strengthen this bond. The Digesil range is
one of our most innovative and perfectly complements Dow Corning’s
existing products. We know that one of the most frequently asked questions
on the Dow Corning website is ‘how can we remove unwanted silicone?’
and the Digesil range provides the complete solution'.
Dow Corning (http://www.dowcorning.com)
provides performance-enhancing solutions to serve the diverse needs of
more than 25,000 customers worldwide with more than 7,000 products and
services.
More information can be found about the range at http://www.dowcorning.com/contentapps/relatedlinks
and http://www.chela.co.uk/dowcorning.html
Sierra
Windows has increased its fleet with new, high-specification vehicles.
Each sports Sierra’s new, eye-catching livery, and can be seen delivering
their cargo to installers the length and breadth of the UK.
The additions include two new 40-foot trailers, each capable of holding
up to 200 windows and doors, four de-mount boxes, two tractor units and
four rigid lorries for transporting the de-mount bodies.
All the vehicles feature air suspension, for a smoother ride that is kinder
to their consignment, and a low loading height for easier freight handling.
The trailers have been fitted with specialist racking systems to keep
windows and doors securely in place during carriage.
Brian Webb, General Manager, explains, ‘The major investment we have
made in updating and adding to our fleet of vehicles demonstrates our
commitment to delivering the high levels of service and product quality
that our customers rightly expect.’
Sierra Windows offers a comprehensive range of products and a top quality
support package to installers nationwide.
Tel: 01803 697000
Wood
Machine Makers Carve out Exports Market
Wood
machine manufacturer, The Air Press Company, is branching out into new
overseas markets and has won £22,000 worth of new overseas business
with help from Trade Partners UK - the government network that gives UK
companies a head start with trade and investment overseas.
The Salisbury-based company, which designs and makes vacuum presses for
the woodworking and furniture industry, signed up for the Trade Partners
UK your passport to export success programme after meeting its local international
trade adviser at Business Link Berkshire and Wiltshire.
The company was given advice, training and support on developing its website.
It also used the New Products from Britain Service, which places articles
about products in overseas specialist trade press. The key step for The
Air Press Company, however, was attending the leading specialist trade
fair in their field, the Ligna Exhibition in Hanover.
Peter Hoggard, The Air Press Company's managing director, said, 'We wanted
to establish an international name for ourselves and build up contacts
across Europe and beyond. The advice and information we have received
through the Passport programme has been very helpful. The guidance we
received coupled with the very informative training courses we went on
gave us the confidence to take things further and has meant we are going
into new markets with knowledge and a well planned strategy.'
As a result of attending the exhibition the company has made contact with
70 potential distributors looking to sign deals to sell The Air Press
Company products in Europe, Canada, New Zealand, South East Asia, China,
Japan, Russia and Romania.
The
Russian window market has seen a boom in recent years. After the crisis
in 1998 the market was still in decline in 1999, but has turned to good
growth since 2000. In 2002, the market grew by 20,5% in terms of quantity
and for 2003, a growth of 25.3% is expected. For 2004 and 2005, forecasts
see a market growth of 16.7% respectively 15.3%, according to the latest
market study by the consultants of InterConnection.
Both segments of the window market, new construction and renovation, are
in growth, the latter providing even better opportunities. In total, 51.9%
of all windows sold in Russia in 2002 were used for renovation of old
buildings, this quota is expected to reach 56.3% in 2005. Rising energy
costs on the one hand and falling costs for energy-efficient windows on
the other are favouring this development. Renovation is dominating the
market in the urban areas, especially the Moscow and St. Petersburg region,
whereas the rural areas enjoy higher new construction activity.
Russia has seen an enormous boom of the PVC window. ‘Modern Windows’,
called ‘European style windows’ in Russia, were introduced to
the market in 1988. At the beginning of PVC window production in Russia,
German profile producers were believed to hold a market share of 100%
of the profile market.
The economic crisis in 1998 led to a decline in the living standards of
Russian citizens and raised the demand for cheap windows. This led to
a transition towards local production of window profiles and accessories.
Many Russian companies started to imitate foreign patents. As a consequence,
the price level of windows faced a sharp decline. The average price of
a PVC window fell by more than 7% 2001 and 2002.
For European suppliers of window profiles and accessories, it is nowadays
essential to run a local production in Russia in order to avoid problems
with the customs authorities and discrimination in public tenders.
75.3% of all windows sold in Russia in 2002 were used for residential
buildings, and this quota is expected to grow to 78.4% in 2005. Concerning
the distribution, the majority of all windows (72.5%) are sold through
construction companies and dealers, and are therefore considered as indirect
distribution (trade).The IC-MARKET MONITOR Spot® WINDOWS IN RUSSIA
is a detailed market and industry analysis of the Russian window market
and contains market figures in value and quantity for the years 1997-2002
and forecasts up to 2005. The report is now available from the InterConnection
Consulting Group.
IC-MARKET MONITOR Spot® WINDOWS IN RUSSIA
Issue: August 2003
Size: 70 Pages
Contact: Martin Bergant
Price Range: Euro 1500 (one edition) or Euro 1350 (subscription)
Tel: +43(1)5854623-13
Fax: +43(1)5854623-30
Email: mailto:bergant@interconnectionconsulting.com
Barlow
Group Launches Frontline GB
The
Barlow Group's commercial window, door and physical security products
division has been re-launched under the new brand name, Frontline GB (previously
known as Barlow Architectural & Security Ltd), to better represent
the range of international services it supplies.
Re-located to a new, larger and more modern site in Sheffield, Frontline
GB specialises in the design and manufacture of commercial aluminium windows
and doors in both conventional, security and specialist protection markets.
The new name and location aims to provide the specialist company with
greater autonomy and flexibility.
Commenting on the new identity, Frontline GB's managing director, Bob
Calise, said: 'Our new brand identity not only illustrates our position
at the forefront of the latest technology, but it describes our business
as the first line of defence be it protection from the weather, or in
a security environment by offering protection from potential raiders or
other security threats.
'Bringing together our modern, responsive workforce into one central hi-tech
unit has enhanced communications, streamlined work flow and generally
brought about increased efficiencies in all areas - efficiencies which
we can pass onto our valued clients.'
Established in 1968, Frontline GB has an impressive client list including
national developers, local public authorities, national governments worldwide,
banks, retail outlets, hotels, schools, prisons and hospitals. Products
span commercial, security and blast-proof areas, and the extensive portfolio
covers aluminium doors and windows, security screens and counters, curtain
walling, shopfronts and blast windows and doors.
As with all Barlow Group divisions, Frontline GB continues to have as
objectives - on-going improvement, the highest standards in quality and
health & safety, effective project management teams, on-going training,
product innovation and the backing of a company with over 125 years experience
in the industry.
Alcoa
Postpones Shutdown of Intalco Smelter; Uncertainty on Power Rate Clouds
Plant's Future
Alcoa
announced on Friday 26th September that it had postponed a final decision
on curtailing production at its Ferndale, Washington ('Intalco') aluminum
smelter. The Bonneville Power Administration ('BPA') has scheduled a rate
hike for October 1st, 2003, that would increase costs at the plant.
Elected officials and others in the region are still working to mitigate
the rate increase. Given that work, the company is prepared to wait until
October 15th to make a decision on the plant's future.
'Over the past few years, BPA rates have risen sharply, making the Intalco
plant less competitive globally,' said Bernt Reitan, President of Alcoa
Primary Metals. 'Given uncertainty about the rate increase, we must continue
to prepare for a shut-down. But in fairness to our employees and the community,
we will wait another two weeks so there is more certainty about the costs
before making a decision.'
Production and Energy at Intalco
Alcoa is currently running two pot-lines at the Intalco plant with approximately
110,000 metric tons per year of production. Alcoa's interim power supply
agreement with BPA is scheduled to expire on September 30th, 2003. In
the future, Alcoa may adjust production at Intalco as market conditions
warrant. Alcoa owns 61 percent of the Intalco facility with the remainder
owned by a Japanese consortium.
Web: http://www.alcoa.com
Masco
Finalises Sale of Baldwin Hardware and Weiser Lock Businesses to Black
& Decker
Masco
Corporation and The Black & Decker Corporation announced on October
1st that they have finalised the purchase of Baldwin Hardware Corporation
and Weiser Lock Corporation by Black & Decker from Masco. The cash
purchase price for the transaction is approximately $275 million. The
sale closed September 30th, 2003.
Baldwin Hardware Corporation, headquartered in Reading, Pa., is a leading
provider of architectural and decorative products for the home. Weiser,
headquartered in Tucson, Arizona, manufactures a wide range of locksets
and decorative exterior hardware and accessories. Combined Baldwin and
Weiser 2002 net sales were approximately $250 million.
'The addition of Baldwin and Weiser to our leading Kwikset brand will
enable Black & Decker to offer our customers the broadest range of
styles and price points available from any manufacturer, and attests to
our long-term commitment to the security hardware business,' said Nolan
D. Archibald, Chairman and CEO of Black & Decker. 'We expect that
the acquisition will not materially affect our 2003 results and will be
accretive in 2004.'
Richard A. Manoogian, Masco Chairman and CEO commented, 'We believe this
transaction will be beneficial to all involved. It will enable Masco to
concentrate on businesses that are core to our growth strategies, and
should provide Baldwin and Weiser with additional growth opportunities
given Black & Decker's greater focus on the security hardware business.'