Printer Friendly

AMERIWOOD TELLS SHAREOWNERS OF NEW PRODUCTS, NEW MARKETS CUSTOMER FOCUS

AMERIWOOD TELLS SHAREOWNERS OF NEW PRODUCTS, NEW MARKETS CUSTOMER FOCUS
 GRAND RAPIDS, Mich., July 21 /PRNewswire/ -- With two consecutive quarters of record sales and earnings under its belt, Ameriwood Industries International Corporation (NASDAQ: AWII) told its shareowners today, at the company's annual meeting, that it had set itself three goals:
 -- To work to be a leader in every market it serves
 -- To work to be the total quality leader in each of these markets
 -- To work to be the low-cost producer in these markets
 President and Chief Executive Officer Joseph J. Miglore told the shareowners, "We are working to develop innovative, cost-effective, new products to expand sales to our current customers and to attract new customers. At the same time, we are identifying new markets that can utilize our strengths and offer profitable sales growth in both our ready-to-assemble (RTA) furniture and stereo speaker cabinet business."
 To penetrate new markets, Ameriwood has developed a multiple brand strategy, Miglore said. While continuing to use the Affordable name as the brand targeted at its strength, the mass merchant-discount channel, the company recently acquired the rights to use the name "Members Only" for higher-priced RTA products aimed at the upscale markets. It will sell these products through electronic retailers. A third brand, Portfolio, has been positioned to address the growing home office market through office and computer superstores.
 Already one of the country's leading suppliers of stereo speaker cabinets and entertainment center RTA furniture, Ameriwood plans to have its two divisions combine to produce "home theaters," integrating surround-sound speakers and other electronic components with home theater furniture.
 To stress a customer focus within its organization, Ameriwood is conducting individual "partnership" meetings with customers, developing and implementing a system to monitor their needs and its success at meeting these needs, Miglore said.
 Simultaneously, the company is involving suppliers as "partners" in its business so they can better understand Ameriwood's needs and conform to its quality standards at the lowest possible cost to the company and its customers.
 To provide the capital required for its expected growth over the next few years, Ameriwood has entered into a new credit agreement with its bank for an unsecured revolving line of credit up to $10 million, Miglore said.
 "We believe strongly that we are on the right track," he told the company's shareowners, "and we believe it is a track that will allow us to grow and that will, as a result, maximize shareowner values."
 -0- 7/21/92
 /CONTACT: Joseph J. Miglore, president, 616-530-6300, or Neil L. Diver, chairman, 818-449-2323, both of Ameriwood Industries; or Gabriel Werba or Michael Carmichael of Gabriel Werba & Associates, 313-259-4947, for Ameriwood Industries/
 (AWII) CO: Ameriwood Industries International Corporation ST: Michigan IN: HOU SU:


SM -- DE020 -- 1539 07/21/92 16:58 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 21, 1992
Words:462
Previous Article:GULF CANADA RESOURCES DECLARES DIVIDENDS
Next Article:KEY REPORTS SECOND QUARTER EARNINGS
Topics:


Related Articles
AMERIWOOD TRADING SYMBOL CHANGED TO AWII FROM RPCH
AMERIWOOD INDUSTRIES SIGNS LICENSING AGREEMENT TO LAUNCH LINE OF MEMBERS ONLY BRAND FURNITURE
AMERIWOOD TERMINATES SPECIAL COMMITTEE
AMERIWOOD INDUSTRIES' FIRST QUARTER SALES FLAT; NET INCOME DOWN DUE TO COMPETITION AND UNEXPECTED COSTS
AMERIWOOD INDUSTRIES SHAREHOLDERS HEAR GROWTH STRATEGY DESCRIBED, ELECT DIRECTORS AT ANNUAL MEETING
AMERIWOOD INDUSTRIES SEES FLAT SECOND QUARTER SALES; EXPECTS TO POST A NET LOSS OF $0.03 TO $0.07 PER SHARE FOR THE PERIOD
AMERIWOOD REPORTS FLAT SECOND QUARTER SALES; REPORTS $0.05 PER SHARE NET LOSS FOR THE PERIOD; MARKET SHARE REMAINS STRONG
Power struggle in RTA: investors push for seat at Ameriwood.
Ameriwood claiming progress despite loss.
On the firing line: Ameriwood execs get heat for results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters