Chromcraft Revington Acquires Executive Office Concepts
23 Marzo 2012 - 12:55PM
Business Wire
Chromcraft Revington, Inc. (NYSE Amex: CRC) today announced its
acquisition of Executive Office Concepts, Compton, California on
March 20, 2012.
Executive Office Concepts (EOC) has been in the seating and
casegoods business for four decades. EOC was founded by Richard L.
Sinclair, who got his start in the furniture industry working his
way through college. He has been the President and Chief Executive
Officer and active in the day to day affairs of EOC. He has agreed
to serve as a consultant for Chromcraft Revington.
Mr. Sinclair has been on the Board of Directors of several trade
associations, including the Business and Institutional Furniture
Manufacturers Association (BIFMA). He is currently President of the
Contract Interiors Marketing Association (CIMA).
EOC’s leased manufacturing facilities are located on fifteen
acres of modern industrial property in the Los Angeles Business
Park, halfway between downtown Los Angeles and the Port of Los
Angeles.
Ron Butler, Chairman and CEO of Chromcraft Revington commented,
“We are delighted to be able to build upon our 50 years of
manufacturing experience in Senatobia, Mississippi, with the
acquisition of EOC. We believe its commercial product lines,
especially an extensive health care line, complement our current
product line of seating, tables, and waiting area furniture. We
plan to operate EOC and offer its branded products to our contract
customers, especially those seeking office suites and those in the
health care segment. The company has been profitable during the
recent difficult economic conditions and we expect the acquisition
to be accretive in 2012.”
Matt Prochaska, President of Chromcraft’s Commercial Contract
Division indicated, “We believe that the addition of EOC to our
product offerings will provide EOC’s and our independent sales
representatives with one of the most dynamic offerings to serve
commercial furniture dealers, the architectural and design
community, government agencies, airports, and especially
health care clients”.
Dick Sinclair commented, “I am delighted to see the business
that I founded and developed with the support of wonderful
employees, sales representatives and top level customers continue
through this transition with Chromcraft Revington. I am also
excited to continue to be involved with EOC by joining the
Chromcraft Revington team.”
Certain information and statements contained in this news
release are forward-looking statements. These forward-looking
statements can be generally identified as such because they include
future tense or dates, or are not historical or current facts, or
include words such as “believe,” “may,” “expect,” “intend,” “plan,”
“anticipate,” or words of similar import. Forward-looking
statements express management’s current expectations or forecasts
of future events, but are not guarantees of performance or outcomes
and are subject to certain risks and uncertainties that could cause
actual results or outcomes to differ materially from those in such
statements.
There are a number of factors, risks and uncertainties that
could cause actual results or outcomes to differ materially from
those identified in the forward-looking statements, including, but
not limited to, our ability to successfully integrate our
acquisition of EOC into our business; the achievement of expected
synergies, cost savings and other benefits from the acquisition of
EOC; general economic conditions, including the impact of the
current recession in the U.S. and elsewhere; import and domestic
competition in the furniture industry; our ability to execute our
business strategies; our ability to grow sales and reduce expenses
to eliminate our operating losses; our ability to sell the right
product mix; supply disruptions with products manufactured in China
and other Asian countries; continued credit availability under our
existing credit facility; market interest rates; consumer
confidence levels; cyclical nature of the furniture industry;
consumer and business spending; changes in relationships with our
customers and EOC’s customers; customer acceptance of existing and
new products; new and existing home sales; financial viability of
our customers and their ability to continue or increase product
orders; loss of key management; and other factors that generally
affect business.
We do not undertake any obligation to update or revise publicly
any forward-looking statements to reflect information, events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events or
circumstances.
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