Acquisition & Mergers

Volume 35, Number 7, July 2000

Mergers&Acquisitions

Standard Bent Glass Buys Globe Amerada’s Architectural Division

A recent acquisition by Standard Bent Glass Corp. of Butler, Pa., has given the company control of Elk Grove Village, Ill.-based Globe Amerada Glass Company’s architectural glass division, Assurance Glass of Alabama.

Now known as Globe Amerada Architectural Glass L.L.C., the company will continue producing security and hurricane glazing products as well as other laminates for architectural and transportation markets.

With combined experience of more than 130 years, the two companies hope to become the millennium’s “one stop shopping experience” for flat and bent glass architectural products, according to Globe Amerada.

CRL Purchases
Jackson Manufacturing’s Canadian Distribution Business

C.R. Laurence Co. Inc. (CRL) of Los Angeles has recently agreed with Jackson Manufacturing of Elkhart, Ind., to acquire the company’s Canadian distribution business, Progressive Glass Co., located in Mississauga, Ontario.

CRL will operate out of the company’s Concord, Ontario branch, and will offer a complete line of truck sliders, sunroofs and other automotive accessories. According to CRL, the agreement only affects Canadian locations and does not include any of Jackson’s United States businesses.

New Owners for
Action Hardware

Action Hardware Inc. of Charlotte, N.C., has been purchased by Joe DePaola and Joe Fontanella. Both new owners bring business experience from the electronics and distribution marketplace to their new venture. In the near future, they plan a westward expansion to join the existing Charlotte and Chicago locations.

“We want to re-establish Action Hardware as a major resource for our suppliers and customers through a more diverse inventory offering a new culture of customer service,” said the new owners.

SunSource Finalizes Sale of Harding Glass

SunSource Inc. of Philadelphia recently completed the sale of VVP America subsidiary, Harding Glass. According to SunSource, the sale will reduce the company’s borrowing levels and improve debt leverage ratios.

Maurice P. Andrien Jr., SunSource president and CEO said, “While our Harding Glass subsidiary is a quality company in the glass industry, it is clearly non-strategic in relation to the other business opportunities available to SunSource.”

In addition to the Harding Glass sale, SunSource has also entered a business venture with Glencoe Capital regarding Kar Products and has acquired Axxess Technologies.

PPG Merges with Monarch Paint

Monarch Paint Co., an architectural coatings producer headquartered in Houston, was acquired recently by Pittsburgh’s PPG Industries. Monarch distributes its line of architectural finishes, lacquer and drywall products to more than 50 retail stores throughout Texas and surrounding states.

“Texas has the second-largest population in the United States and has maintained a growth rate that exceeds the national average,” said Maurice V. Peconi, vice president of architectural coatings. “Monarch will accelerate PPG’s presence and growth for the architectural coatings business in Texas and the Southwest.”

Since 1990, PPG has been a supplier of architectural coating products, selling its Pittsburgh, Olympic and Lucite brands throughout the United States.

USG