Stanley® Vidmar® Expands into Healthcare Storage Market With InnerSpace Corporation Acquisition
Acquisition positions Allentown company for further growth in healthcare market
Allentown, Pa. (July 31, 2007) - The Stanley Works (NYSE: SWK), parent company of Stanley® Vidmar®, an Allentown-based manufacturer of premium custom storage systems for use in a wide range of industries, today announced the acquisition of privately held InnerSpace Corporation, a leading supplier of organized storage and clinical inventory management solutions for the healthcare industry. The acquisition further broadens Stanley® Vidmar®'s high-density storage offerings, advancing their leadership position in the made-to-order modular storage market.
Founded in 1995, InnerSpace Corporation designs and manufactures storage solutions that organize supplies and improve staff efficiency. InnerSpace's storage solutions can be found in hospitals and healthcare institutions throughout North America and across the globe, primarily in clinical departments such as Cardiology, Radiology, Surgery and Endoscopy where durable, efficient and flexible storage is of utmost importance.
"This is an extremely good fit for Stanley® Vidmar® and I'm personally pleased to now count InnerSpace's quality products as part of our overall storage solution portfolio," said Jim Cannon, President of Stanley Engineered Storage Solutions. "They have an exceptional record of success with their healthcare customers and we intend to continue that record of customer satisfaction moving forward. Stanley® Vidmar® now offers an even greater suite of options for customers looking for high-quality, durable storage solutions."
Founded in the United States in 1958, Stanley® Vidmar® opened their Allentown, PA manufacturing facility in 1965. Since that time, the Stanley® Vidmar® name has become synonymous with high-quality, durable storage solutions, from multi-drawer cabinets to automated vertical lift systems capable of storing 176,000 pounds. Stanley® Vidmar® products can be found today in industries ranging from the United States military to automotive, healthcare, assembly, manufacturing, and mining.
Stanley® Vidmar® designs and manufactures all its core products in its Lehigh Valley headquarters and is one of the largest consumers of flat steel in the Northeast. Stanley® Vidmar® currently employs over 250 personnel, including manufacturing associates, customer service representatives, and sales engineers.
InnerSpace currently employs 75 associates at its headquarters in Grand Rapids, Michigan. Kip Barber, Founder and former President of InnerSpace, will serve in a consulting capacity, while Stephen Zautke, previously the CEO of InnerSpace, will assume the position of President.
"It's exciting to be part of a premier organization," said Zautke. "This is a fantastic opportunity for InnerSpace to leverage our combined strengths and build on our record of success in the healthcare market."
About Stanley® Vidmar® Stanley® Vidmar® offers storage solutions to all industries, with modular, space-saving systems that provide quick, safe access to parts, tools, and supplies. A Stanley® Vidmar® system can maximize valuable floor space while providing an integrated solution for inventory control. Customers can arrange for a free analysis of their storage needs by calling 1-800-523-9462. Detailed information about Stanley Vidmar products is available online at www.stanleyvidmar.com.
Jill Wheeler Stanley Vidmar 610-776-3810 JWheeler2@StanleyWorks.com
