PITTSBURGH BREWING RETURNS TO LOCAL OWNERSHIP
PITTSBURGH BREWING RETURNS TO LOCAL OWNERSHIP PITTSBURGH, Nov. 4 /PRNewswire/ -- Bond Corporation Holdings and
local businessman Michael Carlow today announced an agreement that will return the 130-year brewing tradition of Pittsburgh Brewing Company back to local ownership.
The Pittsburgh Food and Beverage Company, Inc., a holding company being created by Pittsburgh native Carlow, has signed an agreement to finalize the purchase of Pittsburgh Brewing from Bond Corporation before the end of the year. Terms of the agreement were not announced. The announcement came during a morning press conference involving Carlow and Pittsburgh Brewing Company President Jack Isherwood, ending months of speculation regarding the sale of the brewery by Bond Corporation, which purchased it from shareholders in 1986. "Pittsburgh Brewing Company and its brands represent the region's pride in the heritage and future of loyal employee wholesalers and customers," said Carlow, who earlier this year acquired the 105-year-old D.L. Clark Company, which manufactures Clark Bars and other confections at a plant in O'Hara Township. "A key factor in our decision to purchase Pittsburgh Brewing is the excellence of its management, employees and wholesalers who are committed to continuing the momentum of the company's growth and development." "We are delighted that one of America's most successful regional breweries will be restored to local ownership," said James L. Rawlings II, executive director of Bond Corporation Holdings Limited in New York. "Bond is no longer a major factor in the beer industry around the world and this sale is a part of our business strategy." Isherwood said the agreement represents an important milestone in the company's history. "This is an exciting day for our company, employees and customers who have made the brewery's products the leading brands in this region for decades. Local ownership offers stability, a renewed sense of commitment and an opportunity to continue a proud, 130-year tradition," he said. Isherwood said the financial arrangement provides for continuing brand support, new product introductions and capital investments. The sale does not affect the status and commitments the company has with its current management and employees. The company's stock will be wholly owned by the Pittsburgh Food and Beverage Company, Inc., of which Carlow will be president and chief executive officer. Isherwood will continue as president and chief executive officer of Pittsburgh Brewing Company. Pittsburgh Brewing Company is the country's eighth largest brewery and is considered the largest regional brewery in the nation. The company produces Iron City, I.C. Light and American beers and recently has launched the most successful new products in its history, Classic Draft and Classic Draft Light. The company also produces the award-winning Samuel Adams beer under contract. -0- 11/4/91 /CONTACT: Jim Nellis of Nellis Communications, 412-682-7400, or 412-431-5511; or Bob Butter of Ketchum Public Relations, 412-456-3851, both for Pittsburgh Brewing/ CO: Bond Corporation Holdings Limited; Pittsburgh Brewing Company; Pittsburgh Food and Beverage Company, Inc. ST: Pennsylvania IN: FOD SU: TNM DM -- PG003 -- 0624 11/04/91 10:01 EST
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|Date:||Nov 4, 1991|
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