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LinEl, Mestek to Enhance Each Others' Products, Services

Post Time:Mar 13,2012Classify:Company NewsView:367


Mestek's vision is in keeping with LinEl's vision of where the industry is going, says Robert Sloan, president of LinEl Signature of Mooresville, Ind. "Facades are where the growth is going to be in this business from a green standpoint," he says. "And so, Mestek was the best match, because of our shared vision and the company's very strong financial balance sheet, especially in this economy."


Mestek of Westfield, Mass.,


Talks with Mestek began in earnest in October 2011, Sloan says, and the process of selling the company began in spring of 2011.


There will be very little change at LinEl dspite the acquisition, Sloan says. "Every single employee's being carried over," he says. "We're taking a look at how we can help their other divisions, and that'll evolve over the next few months. There's nothing concrete yet. They have the American Warming and Ventilating division and Colt Group from England. Colt's a wonderful product that can fit in with LinEl's products."


The Colt Group is headquartered in the U.K.


"For the last few years, we have been Colt's exclusive licensee for the production and sale of Colt's line of exterior sun control products (exterior operable sun shades) in the U.S.," says Bill Rafferty, executive vice president of Mestek. "To this point we had been marketing these sunshade products under our AWV brand. As Colt has very strong brand recognition in the sunshade market, we have recently decided that we would market these products under the Colt Group USA brand name rather than AWV."


For a long time now Mestek has been focused on increased occupancy comfort, and now increasingly, on sustainability, Rafferty says. "Architectural decisions can make dramatic differences in building performance," he says. "[Like Colt products] LinEl products can have a very significant impact on the performance of a building."


Regarding more acquisitions in the glass and metal industry, Rafferty says, "We're very fortunate that we have rock-solid balance sheet with resources of our own, so we have the opportunity to pursue acquisitions. If we find something attractive, we'll try to move on it. If you look at building energy consumption, the glass in a building can have dramatic impact. Take that for what it's worth."


As for LinEl's role in Mestek's corporate plan, "We only anticipate growth for LinEl," Rafferty says. "This was a successful company in its own right. This is not a case of a troubled company. This is a successful company that we'll only build upon. They will continue to market their products, and the existing personnel will stay. Bob Sloan will remain the president. They'll operate relatively autonomously, and we'll help with corporate resources."


Says Sloan: "I'm 70 years old, but I'm not ready to stop working. This acquisition will take some load off my shoulders."


Source: http://www.usgnn.comAuthor: shangyi

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