I haven't seen anyone discuss this. I'm curious what people's opinion is. Will it make Simonton a stronger company? Press Release to follow below.
SBR, Inc. to be Acquired by Fortune Brands, Inc.
Simonton WindowsÂ®, SimExâ„¢, FyponÂ®, Dixie-Pacificâ„¢ and Hy-LiteÂ® Products to Join $7 Billion Leading Consumer Brands Company
PARKERSBURG WV February, 2006 - SBR, Inc. and Fortune Brands, Inc. (NYSE: FO) today announced a definitive agreement for Fortune Brands to acquire SBR through a tax-free merger. The acquisition includes the home products brands of SBR, including Simonton WindowsÂ®, SimExâ„¢, FyponÂ®, Hy-LiteÂ® Products and Dixie-Pacificâ„¢.
Operations will continue as they have in the past at the SBR home products subsidiaries with no planned employee cutbacks or facility closings as part of the merger. Fortune Brands intends for SBR and each of its subsidiaries to continue running independently, with support from its $4 billion Home & Hardware business that includes Moen, the #1 faucet brand in North America, MasterBrand Cabinets, the #2 supplier of kitchen & bath cabinetry, Therma-Tru, the #1 brand of residential entry doors, Master Lock, the worldâ€™s #1 padlock brand, and Waterloo, the worldâ€™s largest manufacturer of tool storage products.
SBR, Inc. was founded by Sam Ross in 1972 as a privately-held holding company with a half dozen investors, all of whom are still shareholders today. Following the belief that companies are generally more successful when employees have a high level of ownership, SBR began offering stock to many of its employees in 1981. Today SBR has more than 300 shareholders, many of whom have accumulated a sizeable ownership in the company and will benefit from the merger with Fortune Brands.
â€œWeâ€™re exceptionally pleased that this merger is designed to keep all our employees working and every one of our facilities operating,â€