BOCA RATON, Fla., April 27, 2017 (GLOBE NEWSWIRE) -- Q.E.P. CO., INC. (OTC:QEPC.PK) announced today the acquisition and asset purchase of several companies.
Q.E.P. Co., Inc. has acquired from GCP Applied Technologies Inc. certain of the U.S. based assets that they acquired with Halex Corporation, a supplier of tack strip and underlayment flooring products. Halex had been one of the leaders in this technology and products for a number of years. Q.E.P. Co., Inc. has assumed the leased locations in Ontario, California and Bensalem, Pennsylvania as manufacturing and distribution sites for the Halex products. Lewis Gould, Chairman and Chief Executive Officer of Q.E.P. Co., Inc. commented: “The addition of these products for our industrial and distribution channels enhances Q.E.P.’s product line as category leaders in the floor covering and installation business. For further information please participate in our investor conference call which will be held at the end of May, 2017 to discuss these acquisitions and our year-end earnings.”
In addition, Q.E.P. Co., Inc. has acquired AC Products Co. of Apple Creek, Ohio, a prime manufacturer of ceramic bathroom accessories. AC Products is one of the premier American manufacturers creating these handcrafted bathroom accessories not only for the distributor market but also Home Centers. AC Products is located in the heart of an area that has artisans paying great attention to the quality of the product line. Lewis Gould commented: “We are pleased to add these American made products to our ever expanding product offering. The addition of AC Products gives Q.E.P. an opportunity to enter into new marketplaces and customers. These handmade products have the ability to allow Q.E.P. to expand the product line using AC Products’ ceramic technology to manufacture a wider variety of products and use Q.E.P.’s distribution, marketing and selling abilities to rapidly grow this company.”
In addition, Q.E.P. Co., Inc. has acquired certain of the assets of Southern Cross Building Products. This company was a nationwide distributor of a number of products complementary to those of Q.E.P. for distribution in the Home Center channel. Lewis Gould commented: “The addition of Southern Cross Building Products to our family of companies has enhanced our ability to penetrate new markets, add new products and generally revitalize areas of our business.”
The terms of the transactions are confidential.
Q.E.P. Co., Inc., founded in 1979, is a world class, worldwide provider of innovative, quality and value-driven flooring and industrial solutions. As a leading worldwide manufacturer, marketer and distributor QEP delivers a comprehensive line of hardwood and laminate flooring, flooring installation tools, adhesives and flooring related products targeted for the professional installer as well as the do-it-yourselfer. In addition the company provides industrial tools with cutting edge technology to all of the industrial trades. Under brand names including QEP®, ROBERTS®, Capitol®, Harris®Wood, Fausfloor®, Homelux®, TileRite®, Nupla®, HISCO®, Ludell®, Vitrex®, Plasplugs®, PRCI®, Porta-Nails®, Tomecanic®, Bénètiere® and Elastiment®, the Company markets over 7,000 products. The Company sells its products to home improvement retail centers, specialty distribution outlets, municipalities and industrial solution providers in 50 states and throughout the world.
