Diversified Coatings, Inc. Acquires Morwear(R) Brand.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Effective December 19, 2005, Los Angeles-based paint manufacturer Diversified Coatings, Inc. (DCI (Display Control Interface) An Intel/Microsoft programming interface for full-motion video and games in Windows. It allowed applications to take advantage of video accelerator features built into the display adapter. ) acquired the venerable Morwear(R) brand of high quality architectural paints and coating products from Morwear Manufacturing, Inc. (MMI (Man Machine Interface) See HMI. 1. MMI - Man-Machine Interface. 2. (company) MMI - The company which developed the first Programmable Array Logic devices. MMI was bought by AMD. ) in a transaction approved by Judge Ellen Carroll in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . After buying Morwear(R) from the former Smiland Paint Company in mid-2004, MMI filed its bankruptcy case in August 2005, after posting sales of $2 million in its final month of operations. The principals of DCI were well acquainted with the Morwear(R) brand and moved quickly to preserve the value of the bankrupt estate. As the court-appointed interim manager of MMI since October 1, 2005, DCI rehired most of the workforce and restarted the production and distribution of Morwear(R) paints and specialty coatings. Led by veteran entrepreneurs and management executives from the paint and construction industries, DCI seeks to quickly regain the brand's traditional market share in the United States while continuing to expand its successful export business in Asia and Mexico. Dieter Raabe, President of DCI, commented, "Acquiring the Morwear(R) brand will enable us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. opportunities that will establish DCI as a company of excellence representing an innovative product line of paints and coating products. We look forward to expanding on our well-established distribution contacts in the paint and construction industries here in the United States and internationally." |
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