Werner Co. Terminates Letter of Intent to Purchase Assets of Green Bull Ladder |
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Werner Co.
93 Werner Rd.
Greenville, PA, 16125
USA
Press release date: November 20, 2007
GREENVILLE, Pa., Nov. 20 -- Werner Co. announced today that it has officially terminated its letter of intent and no longer desires to purchase substantially all of the assets of Green Bull Ladder Company and certain affiliates. After conducting its due diligence of the business and financial matters concerning Green Bull and after lengthy, unsuccessful negotiations with both James McArthur of Robert Swett Consulting, LLC, Chief Restructuring Officer of Green Bull and Green Bull's senior secured lenders, Werner has determined that it is no longer practicable to continue discussions toward the possible acquisition of assets of Green Bull.
"Green Bull Ladder was an interesting possibility to match with Werner's strategic growth plans in the industrial and professional climbing products market," said Bill Allen, Chief Executive Officer and President of Werner. "Unfortunately, while Werner had the interest and wherewithal to undertake the transaction, we could not agree to some of the key terms of the potential acquisition."
"Werner has come a long way in improving its manufacturing performance and customer service levels over the last few months. Production levels at our Juarez, Mexico facilities are at an all time high and we have had a dramatic increase in our fill rates and on time delivery performance, which is reflected in our customers increased confidence in our capabilities," continued Mr. Allen. "Despite the termination of the Green Bull acquisition, Werner continues to strengthen our position with the professional end-user and we will be looking for new and better ways to improve our customer service and bring exciting products to the market."
About Werner Co.
Werner Co. is the world's leading manufacturer and distributor of ladders, climbing equipment and ladder accessories. Backed by over 50 years of product innovation, Werner leads the industry with its commitment to the design and manufacture of quality products that meet or exceed applicable Occupational Safety and Health Administration (OSHA) and American National Standards Institute (ANSI) codes and standards for strength and structural integrity. Werner is headquartered in Greenville, Pennsylvania. For more information about Werner Co., please visit http://wernerladder.com/.
Source: Werner Co.
CONTACT: Marietta Egervary of Emerson Egervary & Associates for Werner Co., +1-717-697-1100, Ext 15; or
Kathy Cianci of Werner Co. +1-888-229-7727, Ext. 2704
Web site: http://wernerladder.com/
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