Andersen Announces Plans to Acquire Key Supplier

June 10th, 2009 by Editor

Andersen Corp. has signed a letter of intent to purchase certain assets of Composite Technologies of America Inc. (CTA), one of its key suppliers of parts for windows and patio doors, according to a letter sent by company president Jim Humphrey on June 8. Andersen managers and supervisors received the letter about the intended purchase.

CTA, a 40-year-old business located in Aurora, Ohio, is currently owned by Cleveland-based Resilience Capital Partners, a private equity firm.

CTA, formerly known as Omega Pultrusions Inc., has been an important supplier to Andersen since 1984, said Humphrey in the letter.

“This purchase ensures continuity of supply of a vital component used in Andersen patio door frames and in a number of other Andersen window product lines. We also intend to use these parts in future product designs,” he said.

Humphrey said the purchase is not yet final; and is contingent on the successful completion of a due diligence process and a definitive purchase agreement, “but [the company] hope[s] to close the transaction by the end of June.”

“Based on current knowledge, we anticipate minimal changes to the business and it will continue to serve its other customers of components for water treatment systems, playground equipment, freezer doors and business lighting. As a wholly owned subsidiary, CTA will operate with its own compensation and benefit plans,” added Humphrey.

Officials from CTA were not available for comment at press time.

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