Rock of Ages Acquires Three Memorial Retailers
Company Signs Japanese Distribution Agreement for Granite Memorials
CONCORD, N.H.--(BUSINESS WIRE)--Oct. 1, 1998--Rock of Ages Corp. (NASDAQ: ROAC - news) Thursday
announced that its wholly owned subsidiary, Rock of Ages Memorials Inc., has acquired Gallagher Memorials Co. Malaga,
Ohio; Kotecki Monument Co., Cleveland; and the Owatonna Monument Co., Owatonna, Minn.
These three retailers of granite memorials have combined annual revenue of approximately $4.6 million and add 12 sales
locations in Ohio and one location in Minnesota. Terms of the acquisitions were not disclosed.
With these transactions, Rock of Ages' acquisition program, which was launched 12 months ago, now totals 56 retail locations
in eight states and represents about $28.2 million in annual revenues.
Kurt Swenson, chairman and chief executive officer of Rock of Ages, said, ''These acquisitions are the latest step in our
successful strategy to achieve growth through consolidation of memorial retailers. By expanding our existing retail clusters in
Ohio and Minnesota, we expect to realize marketing and operating efficiencies.''
Separately, Rock of Ages announced that it has entered into a distribution agreement for its branded granite memorials with
Memorial Art Ohnoya, Tokyo. The largest retailer of granite memorials in Japan, Ohnoya has annual sales of approximately
$90 million.
Under terms of the agreement, Rock of Ages Asia, a Japanese joint venture company 50% owned by Rock of Ages Corp.,
will supply Ohnoya with a line of personalized granite memorials manufactured primarily in Japan as well as sales, design, and
other assistance.
''While we have supplied granite blocks to Japan since 1974, this agreement marks a major advance in our effort to become
an important distributor of finished monuments in that market,'' stated Swenson. He added that the total Japanese market for
granite memorials in sales dollars is more than twice the U.S. level despite the 98% cremation rate in Japan.
Rock of Ages is the largest integrated granite quarrier, manufacturer and retailer of finished granite memorials and granite
blocks for memorial use in North America.
The statements contained in this release that are not historical facts may be deemed to contain forward-looking statements with
respect to events, the occurrence of which involve risks and uncertainties including, without limitation, demand and competition
for the company's products, and other risks or uncertainties detailed in the company's filings with the Securities and Exchange
Commission.
Contact:
Rock of Ages Corp., Concord
Kurt M. Swenson, 603/225-8397
or
Neil G. Berkman Associates, Los Angeles
Neil G. Berkman, 310/277-5162
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