 |
 |
||||||
[March 2008]
US Tile Wholesaler Sells Assets
International Wholesale Tile Inc (Palm City, FL, USA), a major supplier of premium porcelain, ceramic and natural stone tile products, has sold its assets to a Connecticut-based Private Investment Fund as part of a comprehensive restructuring plan. Under the amended name International Wholesale Tile LLC (IWT) it will expend this additional financial support to achieve far-reaching company improvements such as additional product offerings, improved customer service and capital improvements to its production facility.
IWT supplies tile materials to retail floor-covering dealers, designer centres and specialty tile retailers throughout America. The company maintains an inventory of ceramic and porcelain tile and stone in its 150,000-square foot distribution centre located in Palm City, FL.
"This reorganization will ensure better service for our long-standing clients," said Paul Boucher, President of IWT. "We will continue to introduce new products to the marketplace under our 'Tesoro' brand as we look to add additional product lines and categories in the months ahead. Tesoro is IWT's private label brand, and one of the top-selling products within the retail tile industry”.
With the company's restructuring plan in place, management has instituted notable changes, including the negotiation of a new long-term lease for its corporate offices and distribution centre in Palm City. In addition, IWT has expanded its product lines with the purchase of new tile and stone series, and additional investments have been made to expand the tile studio production facility that cuts, profiles and finishes the ceramic and porcelain units.
Mr Boucher added: "This is an exciting time for IWT. One of our primary goals is to continue creating products that can be marketed through a variety of intuitive business programs. The recent changes within the company will allow us to further build our reputation as one of the most innovative and reliable suppliers within the industry”.
ENDS