Execs buy Excel back from WinsLoew.
According to Richard Hurwitz, Winslowe's vice president, "Roy Chester and his partner group sold Excel to Winsloew about five years ago, so they have actually repurchased the company at this point in time."
As previously reported in HFN (Nov. 20, 1995, page 12), Bobby Tesney, president and chief executive of WinsLoew Furniture, had disclosed intentions to sell Excel, a Hickory, N.C.-based maker of promotionally priced ready-to-assemble office seating products, based on a determination that its product line was "inconsistent with WinsLoew's."
Commenting on the sale, Tesney said, "The sale of Excel is part of our strategic plan to enhance profitability by reducing embedded costs and maximizing marketing opportunities in each of our product groups. We expect that in 1996 the combination of reduced operating costs and increased sales in other of our product lines should provide favorable operating comparisons to 1995."
WinsLoew designs, manufacturers and distributes RTA spindle and flatline furniture and ergonomically designed computer workstations, futons, futon frames and accessories, aluminum and wrought iron casual furniture and contract seating for the hospitality and office furniture markets.
Both Dick Ryan, Excel's chairman of the board, and Roy Chester, who serves as president of Excel, were traveling at press time and could not be reached for comment. However, a source close to the Excel executives said that no changes in management, procedure or policy were expected.
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|Title Annotation:||WinsLoew Furniture, Excel Office & Contract Inc.|
|Publication:||HFN The Weekly Newspaper for the Home Furnishing Network|
|Article Type:||Brief Article|
|Date:||Dec 4, 1995|
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