Hi-Rise Recycling Systems Inc. agrees to acquire nation's leading chute company.MIAMI--(BUSINESS WIRE)--Jan. 23, 1997-- Acquisition of Wilkinson Co. Inc. gives Hi-Rise access to nationwide distributor network Hi-Rise Recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. Systems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :HIRI HIRI Home Improvement Research Institute (Tampa, Florida) HIRI Hyundai Industrial Research Institute ) has agreed to acquire Wilkinson Co. Inc. of Stow, Ohio Stow is a city in Summit County, Ohio, United States. The population was 32,139 at the 2000 census, and 34,404 as of 2005. It is a suburb of Akron, located adjacent to several other suburban communities in Summit and Portage counties. , the oldest manufacturer of trash, recycling and linen linen, fabric or yarn made from the fiber of flax, probably the first vegetable fiber known to people. Linens more than 3,500 years old have been recovered from Egyptian tombs. Phoenician traders marketed linen in Mediterranean ports. chutes for high-rise apartment buildings, condominiums and hotels, as well as a line of architectural products. The 74-year-old manufacturing company, which is considered the standard in the new construction industry, has approximately 65 distributors throughout the U.S., Canada, and foreign markets as well. In addition to chutes, the company specializes in stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. products for the building industry including lighted bumper rails, corner guards, kick plates and recycling containers. "Clearly, this is one the most significant developments in the history of our company," said Don Engel, chief executive officer and co-chairman of Hi-Rise Recycling Systems Inc. "We believe that the high quality reputation of Wilkinson and its products along with its well established distributor network in critical markets are the perfect fit for our Hi-Rise System and IDC Systems compactors. Specifically, Wilkinson provides us the type of direct access to the new construction industry that Hi-Rise has been striving for since the inception of the company." "With our present backlog of $3.5 million and Wilkinson's anticipated sales for 1997, we believe our revenues will substantially increase for the current year compared to last year," said Engel. Engel also said that they intend to keep Wilkinson's employee structure in place and consolidate both manufacturing and engineering for all Hi-Rise entities at the company's Ohio facility. Hi-Rise believes they can generate considerable savings by combining the various production facilities. This is Hi-Rise's third major acquisition since February 1995. Engel indicated that this could also serve as a springboard for additional acquisitions of products to compliment the existing Wilkinson distributor network. Hi-Rise anticipates the acquisition will be completed the first week of February. Terms of the acquisition were not disclosed. Hi-Rise Recycling's patented and automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. recycling system for multi-story buildings uses the trash chute and a sorting mechanism to separate and collect recyclables. Hi-Rise Recycling has contracted over 130 systems in residential, mixed-use, universities, senior housing and new construction multi-family buildings around the 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. and Canada. CONTACT: Peter Nasca, 305/937-1711 or Don Engel, 212/603-7568 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion