Johns Manville to Acquire Canadian Manufacturer, Manson Insulation, Inc.
DENVER and MONTREAL, July 20 /PRNewswire/ -- Manson Insulation and Johns Manville announced today that they have signed a letter of intent whereby Johns Manville will acquire Manson Insulation, headquartered in Brossard, Quebec, Canada. The acquisition is a stock transaction and is subject to regulatory approval including the Canadian Bureau of Competition Policy.
"This transaction is very positive for all Manson stakeholders, in particular our employees and customers," stated Keith F. Eaman, Chairman 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. , Manson Insulation. "It puts Johns Manville's strength behind the Manson brand, and provides the opportunity for growth in Manson sales and production. JM's commitment to the commercial and industrial insulations business, and breadth of product offering will be a real plus for Manson."
Tom Caltrider, Senior Vice President, Insulation Group of Johns Manville added, "This acquisition establishes a Canadian manufacturing location in our core commercial and industrial insulations segment. We look forward to further developing and promoting the Manson brand through its strong customer base."
Manson produces fiber glass pipe insulation, duct liner, OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and products and metal building insulation at its manufacturing facility also in Brossard. Manson purchased the plant from Johns Manville in 1986, and currently employs about 150 workers.
Johns Manville (NYSE NYSE
See: New York Stock Exchange : JM) is a leading manufacturer and marketer of premium quality insulation and building products. The 140-year-old Denver-based company had sales of $1.65 billion in 1997. Johns Manville produces and markets insulation products for buildings and equipment; commercial/industrial roofing systems; and engineered products including high-efficiency filtration media, fibers, fabric and nonwoven mats used as reinforcements in building and industrial applications. Johns Manville employs approximately 8,300 people and operates 50 manufacturing facilities in North America, Europe and China. Additional information can be found at www.jm.com.
SOURCE Johns Manville
/CONTACT: Investor: John Cummings, 303-978-4914, or Media: Tom Rafferty, 303-978-2038, both of Johns Manville/
/Company News On-Call: http://www.prnewswire.com or fax, 800-758-5804, ext. 527775/
/Web site: http://www.jm.com/
CO: Johns Manville; Manson Insulation ST: Colorado IN: CST CST
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MR-DO -- LAM028 -- 1398 07/20/98 09:30 EDT http://www.prnewswire.com