Announcement from Davis-Standard, LLC
(Pawcatuck, Conn.)-Davis-Standard, LLC is pleased to announce that the Company has been acquired by management and an investor group led by Hamilton Robinson LLC, a Stamford, CT based private equity firm. The acquisition supports Davis-Standard's strategy to grow its global converting and extrusion systems businesses as well as Chemtura Corporation's decision to divest of a non-core business and focus instead on their specialty chemical business. "Chemtura has been an excellent partner. We especially appreciate the support and counsel of Bob Wood, Chemtura's Chairman and CEO as well as the guidance and advice of senior Chemtura executives, Greg McDaniel and Arthur Wienslaw, who served ably on the Davis-Standard Board of Directors," said Charles Buckley, President of Davis-Standard, LLC.
It has only been eighteen months since Davis-Standard and Black Clawson Converting Machinery, Inc. merged. "By any measure, the integration of these two companies has been a tremendous success and has paved the way for this transaction," said Buckley.
Management's outlook remains extremely positive as they continue executing strategies to reduce lead times, win market share and expand the business globally in support of existing and new customers. The new Davis-Standard will be more focused than ever on satisfying our customers. "When someone goes into Home Depot to buy a half-inch drill we understand their real need is a half-inch hole. Likewise, Davis-Standard will continue expanding its technological leadership position to fulfill its vision of 'Converting Customer Ideas into Successful Products,'" Buckley explained.
The new ownership structure will continue to be led by the existing Davis-Standard management team and the Company's enviable financial strength will be preserved under the new capital structure. "Not only will the existing management team remain in place, it will also have plenty of skin in the game owning more than 20% of the common equity," said Buckley. "This is a very important ingredient for the future success of the Company. A management team thinking and acting as owners is an empowered leadership team," he added. The management ownership ranks are not limited to just a few senior executives but include dozens of managers, and the Company intends to offer the rewards of ownership to even more managers in the near future.
Davis-Standard, LLC has facilities in Pawcatuck, Conn.; Somerville, N.J.; and Fulton, N.Y.; as well as in Germany and the UK. Davis-Standard, LLC is a global leader in the design, development and manufacturing of extrusion systems, feedscrews, barrels, and process controls for the flexible web converting, plastics processing and rubber industries.
For more information on Davis-Standard go to our website at www.davis-standard.com.
CONTACT
Luann Kupka
Marketing & Sales Administration Manager
860-599-6262
