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[April 2003]
Gerber Plumbing Fixtures Corp Sold
Gerber Plumbing Fixtures Corp (Chicago, IL, USA) - one of America's leading
vitreous china sanitaryware and tap producers - has announced a transaction
in which most of the assets of Gerber have been sold to a new entity, Gerber
Plumbing Fixtures LLC. Globe Union, also of Chicago, is the majority owner
of the new entity. Financial terms of the transaction were not disclosed.
Gerber's 2002 revenues exceeded US$100 million.Gerber will operate as a stand-alone subsidiary of Globe Union. Ila Lewis,
current Gerber Chairman and granddaughter of founder Max Gerber, has been
named Chairman of the new company. She and certain other members of the
Gerber family also hold a significant ownership stake in the new company.It has also been announced that Frank Feraco has been named President and
Chief Operating Officer. "Frank is a consummate professional, with
extensive experience in both industrial and home improvement companies and
an intimate knowledge of the plumbing products industry," commented Michael
Werner, Globe Union's President and CEO.Frank Feraco was most recently President and COO of Pentair Tools Group. He
served in several capacities with Emerson Electric during 17 years there,
including Senior VP Sales & Marketing and Operations at Skil Tools.In 1991 he was recruited by Kohler Co to become CEO of its Sterling Group
subsidiary. After a two-year stint at Danaher Corp, he returned to Kohler
to head up Worldwide Plumbing Operations, where he was responsible for
spearheading growth into Asia, Australia, Latin America, Europe and Africa.
"I am excited by Gerber's growth potential. Globe Union has the financial
and other resources to enable Gerber to expand into new products and
markets," he commented on his appointment.Gerber operates three manufacturing plants and has more than 700 employees.
Its VC sanitaryware products include a full range of WCs, bidets and urinals
in more than 20 colours and numerous styles. Max Gerber, a Polish émigré,
established the company in 1932.Globe Union and its affiliates are a vertically integrated global
manufacturer and distributor of home improvement products. Globe Union has
operations in the USA, Canada, Mexico, Italy, Taiwan and China. Principal
products include kitchen and bathroom taps, bathroom accessories, shower
heads and related components. The products are distributed world-wide.
ENDS