Al, this must have been the news you were refering to on Monday.
This sounds like a good deal.
Royal Group Announces Intent to Acquire Home Products Company
TORONTO--(BUSINESS WIRE)--Dec. 3, 1997--Royal Group Technologies
Limited (RYG:TSE,NYSE,ME) announced today that it has signed a letter of intent to acquire a majority interest in Gracious Living Industries Inc., a marketer of patio furniture and houseware products. The deal is expected to close before January 31, 1998.
Located in Concord, Ontario, Gracious Living is a growing North American marketer and manufacturer of injection molded patio furniture through retailers that include Canadian Tire, Wal-Mart and J.C. Penney. Gracious Living has recently introduced their line of furniture in South America and also has launched a line of
injection molded polypropylene indoor storage products in North America.
Vic De Zen, Royal's Chairman, President and C.E.O. commented on the impending acquisition saying, ''it will allow us to expand our injection molding operations, complement our line of outdoor products and increase Royal's presence in retail distribution channels''. He added that Gracious Living management is ''well respected in retail marketing channels and that he is pleased to add them to the
Royal team''.
Enzo Macri, President of Gracious Living, commented that ''the combination of Royal's extensive injection molding capability and vertical integration with the marketing ability of Gracious Living will enhance the competitive position of Gracious Living and will assist with its plans for the development of other houseware products''.
Royal Group Technologies Limited is one of North America's largest extruders of vinyl building products, serving the custom profile (predominantly window), vertical window blind, siding and pipe segments of the market. Royal's Building Technologies Group manufactures a pre-engineered, modular building system,
known as The Royal Building SysteMT(TM), and product lines derived from the System including foundations, garages and sheds. Royal's manufacturing facilities are primarily located in North America, with recent additions of facilities in South America, Europe and Asia. |
