Gardner Glass buys Carolina Mirror assets

Gardner Glass Products, the second-largest mirror manufacturer in North America, said yesterday that it has bought some of the assets of a longtime rival, Carolina Mirror.Terms of the deal were not disclosed.

Both companies are based in North Wilkesboro.

The acquisition gives Gardner, a privately held company, added manufacturing capacity and will improve sales. Gardner said that its plants have been operating at near capacity.

Gardner bought machinery, equipment, inventory, accounts receivable and the trade names of Carolina Mirror, said Tommy Huskey, Gardner's president and chief executive.

Carolina Mirror sold its mirror-distribution business to Gardner last year. Gardner will lease a building where Carolina Mirror has manufacturing operations.

In 2001, Gardner had more than $70 million in sales, Huskey said. With the acquisition of the Carolina Mirror assets, Gardner expects sales to increase to $100million over the next year.

About 110 people employed by Carolina Mirror will be added to Gardner's payroll. Including those employees, Gardner will employ 350 people in North Wilkesboro and Wilkesboro.

Carolina Mirror was founded by Edd Gardner in 1936. He left in 1961 and a year later started his own company, then known as Gardner Mirror.

Sun Capital Partners, a private investment company based in Boca Raton, Fla., bought Carolina Mirror in December 1999. An official with Sun Capital was unavailable for comment on what operations remain at Carolina Mirror.

Gardner has a plant and its headquarters in North Wilkesboro. It also has a plant in Wilkesboro and manufacturing and distribution centers in Huntsville, Ala.; Arlington, Texas; Phoenix; Indianapolis; Denver; Orlando; and Springfield, Va.

Top executives at Gardner, including Huskey, all previously worked at Carolina Mirror. The senior management team holds a controlling interest in Gardner.

600450 Gardner Glass buys Carolina Mirror assets glassonweb.com
Date: 23 August 2002
Source: Journalnow

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