D'Addario aquires Pro Mark
Posted: Fri Dec 17, 2010 10:47 am
http://www.evansdrumheads.com/EvansNews ... 034&Id=942
FARMINGDALE, NY, December 17, 2010 - D’Addario & Company, Inc., the world’s largest manufacturer of strings for musical instruments as well as numerous other high-quality musical accessories, and Pro-Mark Corporation, manufacturer of first-class drumsticks, brushes, mallets and other percussion accessories, are close to finalizing the terms relating to D’Addario’s proposed purchase of the 53-year old drumstick company.
“This is a key strategic add-on acquisition for us. Pro-Mark’s brand would be a natural complement and extension to D’Addario’s line of products,” comments Jim D’Addario, the Chief Executive Officer of Long Island-based D’Addario. “Furthermore, this potential acquisition provides further diversification of our product offering and would reinforce our commitment to expanding our manufacturing footprint here in America.”
“The sale of Pro-Mark, a family-owned business, to the D’Addario family is practical on both a personal and professional level,” explains Maury Brochstein, Pro-Mark’s Chief Executive Officer. “I’m excited about the opportunity to assist D’Addario with the growth of the Pro-Mark brand. Finalizing this deal with D’Addario will ensure that Pro-Mark’s rich history of creating exceptional products will carry forward into the future with a company famous for its dedication to product innovation and quality. Our customers will also benefit from D’Addario’s unparalleled customer service. This is a win-win situation for all parties.”
“We are fortunate to have the opportunity to purchase a company with such a deep history and prominent position in our industry,” states Rick Drumm, D’Addario’s President. “Much like we have done with our Evans and Rico product lines, we plan to evaluate Pro-Mark’s present capabilities in order to advance its manufacturing operations to state-of-the-art levels. Upon execution of our future agreement, D’Addario’s team of LEAN manufacturing experts will immediately begin a LEAN transformation at the company’s Houston facilities. The changeover to a LEAN culture, coupled with D’Addario’s extensive engineering, marketing, and distribution resources, will afford Pro-Mark new growth opportunities.”
D’Addario and Pro-Mark hope to execute the purchase contract by year’s end.
FARMINGDALE, NY, December 17, 2010 - D’Addario & Company, Inc., the world’s largest manufacturer of strings for musical instruments as well as numerous other high-quality musical accessories, and Pro-Mark Corporation, manufacturer of first-class drumsticks, brushes, mallets and other percussion accessories, are close to finalizing the terms relating to D’Addario’s proposed purchase of the 53-year old drumstick company.
“This is a key strategic add-on acquisition for us. Pro-Mark’s brand would be a natural complement and extension to D’Addario’s line of products,” comments Jim D’Addario, the Chief Executive Officer of Long Island-based D’Addario. “Furthermore, this potential acquisition provides further diversification of our product offering and would reinforce our commitment to expanding our manufacturing footprint here in America.”
“The sale of Pro-Mark, a family-owned business, to the D’Addario family is practical on both a personal and professional level,” explains Maury Brochstein, Pro-Mark’s Chief Executive Officer. “I’m excited about the opportunity to assist D’Addario with the growth of the Pro-Mark brand. Finalizing this deal with D’Addario will ensure that Pro-Mark’s rich history of creating exceptional products will carry forward into the future with a company famous for its dedication to product innovation and quality. Our customers will also benefit from D’Addario’s unparalleled customer service. This is a win-win situation for all parties.”
“We are fortunate to have the opportunity to purchase a company with such a deep history and prominent position in our industry,” states Rick Drumm, D’Addario’s President. “Much like we have done with our Evans and Rico product lines, we plan to evaluate Pro-Mark’s present capabilities in order to advance its manufacturing operations to state-of-the-art levels. Upon execution of our future agreement, D’Addario’s team of LEAN manufacturing experts will immediately begin a LEAN transformation at the company’s Houston facilities. The changeover to a LEAN culture, coupled with D’Addario’s extensive engineering, marketing, and distribution resources, will afford Pro-Mark new growth opportunities.”
D’Addario and Pro-Mark hope to execute the purchase contract by year’s end.