DALLAS
– Overhead Door Corporation today completed its acquisition of Wayne-Dalton’s
residential and commercial door, and Fabric-Shield® storm panel
businesses, based in North America and Europe.
This transaction is the largest ever in the North American door and access
systems industry and it strategically positions Overhead Door Corporation for
global growth.
This transaction brings together three exceptionally strong brands: Overhead
Door, Wayne-Dalton and Genie® and positions Overhead Door Corporation
as the largest manufacturer, distributor and marketer of residential and
commercial overhead doors and openers in the Americas
with fiscal year 2008 sales revenues of nearly one billion dollars.
Dennis Stone, President and CEO of Overhead Door, commented that “as we reviewed
our options for long-term growth and enhancing our position within the
residential and commercial door businesses, we could not identify a better
partner than Wayne-Dalton.”
Overhead Door Corporation will maintain both Overhead Door and Wayne-Dalton’s
distinct brand identities, product lines and distribution channels. The combined
company will capitalize on its efficient, strategically located production
facilities and distribution networks covering all 50 US,
states, Canada,
Mexico and Europe. This
will further enhance service to all customers, including national builders,
major retailers, architects, general contractors, homeowners, property owners,
and the distributors and dealers of the Overhead Door, Wayne-Dalton and Genie®
branded products.
“Beginning today, Wayne Dalton and Overhead Door Corporation
will combine their long standing reputations for product and industry leadership
to strengthen the door industry and more importantly, to ensure a focus on
product innovation that will generate better and more feature-rich products for
the marketplace. This is the
greatest source of continued stability and prosperity for our combined
companies, customers, and suppliers,” said Mr. Stone.
Overhead Door Corporation will emphasize the combined companies’ complementary
product portfolios to satisfy changing market needs as well as focus its
combined resources in sales, marketing, customer service, and research and
development to sustain future investment and growth as the market recovers.
“Overhead Door approached this acquisition with a strong business model and
solid balance sheet, built on effective cost and asset management practices,”
said Paul Lehmann, Vice President and CFO of Overhead Door. “This combination not only
strengthens the market position of the Company, it enhances the financial
strength of Overhead Door. Synergies
inherent in the prospective integration of the business operations will improve
the Company’s ability to withstand the current and future downturns in the
construction industry while continuing to make further investments that will
benefit its customers and owners.” he added.
About Overhead Door Corporation
Overhead Door Corporation, based in Dallas,
Texas, is a leading manufacturer of doors
and openers for residential, commercial, industrial and transportation
applications. There are three divisions of the company, including the Access
Systems Division (ASD), the largest, which features the Overhead Door,
Wayne-Dalton and Genie brands; Horton Automatics, which includes automatic
entrance systems; and TODCO, the largest producer of truck doors for the
transportation industry. Overhead Door Corporation created the original overhead
garage door in 1921 and the first electric garage door opener in 1926. It now
has over 3,500 employees, 24 manufacturing facilities, 79 regional sales centers
and over 6,000 distributors and dealers that service national builders, national
accounts, architects, general contractors and homeowners, as well as
major retailers in the U.S.
and Canada. Overhead Door Corporation is a subsidiary of Sanwa Holdings Corporation of Tokyo
About Sanwa Holdings Corporation
Established in 1956 as a shutter manufacturer, Sanwa pioneered the engineering,
production, marketing and distribution of steel building materials in Japan. Today,
the company is the number one manufacturer of construction products in the
Pacific Rim and the combined entity is among the world’s leading suppliers of building products
with an established and growing presence in 50 countries on five continents.
For more information, visit
www.sanwa-hldgs.co.jp.
