GUARDSMAN PURCHASE OF SOIL SHIELD: NUMBER ONE NOW IN RETAIL FABRIC PROTECTION
GRAND RAPIDS, Mich., Jan. 30 /PRNewswire/ -- Guardsman Products, Inc. (NYSE NYSE
See: New York Stock Exchange : GPI (Graphical Programming Interface) A graphics language in OS/2 Presentation Manager. It is a derivative of the GDDM mainframe interface and includes Bezier curves. ) today announced the acquisition of the business and certain net assets of Soil Shield International, Inc. of Fremont, California. 1994 annual sales of Soil Shield were approximately $8 million.
"Our acquisition of the business of Soil Shield creates the largest retail applied fabric protection and furniture care products supplier in the world. We are pleased to achieve the leading position in this market. The new products we take on fit into our chosen distribution channels," stated Keith C. Vander Hyde, Jr., Vice President, Consumer Products Group.
Guardsman Fabri-Coate fabric protectors and its Heritage line of furniture care items are sold throughout North America and Europe. Soil Shield's wide range of furniture care products will add 50% to Guardsman's volume and establish Guardsman in Australia. This combination offers a wide range of fabric protection products from solvent and water based, to fluorocarbons and the traditional fabric protection products as well as complete warranty and furniture care services. Leather care and protection products and services will also be aggressively marketed. Guardsman has been a primary supplier of furniture care products to the retail furniture trade for forty years.
According to Alan Salmon, Guardsman's Director, Interior Care Division, "This combination will represent a majority of worldwide aftermarket fabric protection sales, including forty of the top one hundred furniture retailers in North America."
Michael Connolly, President of Soil Shield, says, "Guardsman's history in the furniture industry and its financial strength as a public company combined with our marketing expertise and unique products makes this new fit formidable."
Founded in 1915, Guardsman Products, Inc. is a leading producer of custom industrial coatings to the furniture, agricultural and construction equipment and other markets (80% of business). Its growing consumer home care products (20% of business) are featured in do-it-yourself, hardware, and mass merchandise stores across America. Its strategy calls for margin improvements by achieving higher revenues from the existing asset base in its coatings business and accelerated home care products growth in the targeted distribution channels through 1997.
/CONTACT: Jeff Suerth, Vice President Communications/Public Relations of Guardsman, 616-957-2600/
CO: Guardsman Products, Inc.; Soil Shield International, Inc. ST: Michigan, California IN: HOU CHM chm - Compiled HTML SU: TNM TNM tumor-nodes-metastasis; see under staging.
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