Duro Industries Purchases Major Player in Apparel Linings Business; Fall River Firm Purchases Assets of Balson-Hercules Group.Business Editors FALL RIVER, Mass.--(BUSINESS WIRE)--June 11, 2001 Duro Industries of Fall River, MA, the nation's leading independent dyer and finisher, announced today that it has closed on the purchase of the Balson Hercules apparel lining business from The Balson Hercules Group, Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Consoltex (USA) of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The purchase price was undisclosed. Balson Hercules is best known as the premier supplier of high quality lining fabric for men's tailored clothing. The company counts almost all of the major men's apparel manufacturers among its many customers. (In an April article in the Wall Street Journal, NFD NFD Nephrogenic Fibrosing Dermopathy NFD No Further Details NFD Net Filter Discrimination (radio) NFD nodal fault diagnostics (US DoD) NFD Navy Fuel Depot NFD No Foreign Dissemination Group, a market research firm, reported that sales of men's suits rose 8.4% to $3.82 billion in 2000 and that unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. were up 22.7 million last year, an increase of 7.5% since 1998.) Duro President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Andre Laus said that the purchase includes the Balson Hercules name and that the company will be run as a wholly-owned subsidiary of Duro called Balson Hercules/Duro, Inc. Laus said that William Milowitz, former senior vice president of Consoltex's apparel and textile operations, has now joined Duro as president of the new subsidiary, reporting to Edward Ricci, III, vice president of sales and marketing. "Duro has been greatly strengthened in recent months with new financing and new business, and we saw this as a very desirable opportunity to protect and expand our market position," said Laus. "It's a big win for us. We gain the knowledge and experience of excellent industry people like William Milowitz and John Iason, as well as business from some of the country's best names in apparel." Iason, Consoltex's former vice president of apparel linings, has also joined Duro, reporting to Milowitz. According to Milowitz, the apparel lining division of the Balson Hercules Group was earmarked for divestiture in an effort to focus Consoltex's resources on certain of its other core manufacturing businesses. As such, the sale to Duro made a great deal of sense, Milowitz said, especially given the company's long relationship with Duro and its founders Edward Ricci and Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Goldberg, since the late 1930s. Balson-Hercules is well over 100 years old. Although now based in New York City, like Duro, it has a New England connection. It was a Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. business in Pawtucket known as Joseph M.P. Ott from the late 1960s to the early 1980s. Consoltex bought Balson-Hercules in 1992. Duro encompasses all textile processes (dyeing, finishing, printing and coating). The company services a number of markets including the US Military as well as foreign militaries, ladies' and men's apparel, home furnishing manufacturers, the home crafts industry, outerwear manufacturers, parachute manufacturers, hot air balloon This article is about hot air balloons themselves. For the associated activity, see Hot air ballooning. The hot air balloon is the oldest successful human-carrying flight technology, dating back to its invention by the Montgolfier brothers in Annonay, manufacturers, the luggage industry and the awning and bag industry. Duro Industries, Inc. is comprised of Duro Finishing, Duro Textile Printers, Duro Sales, Handler/Duro Interlining in·ter·lin·ing n. An extra lining between the outer fabric and regular lining of a garment. interlining Noun the material used to interline parts of garments , Bayside Laminating and Fairhaven/Tapetex, the company's converting operations. The transaction is expected to add approximately 30 new manufacturing and production jobs at Duro over the next several months. |
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