Tandy buys certain manufacturing assets from Chambers Belt
24 Apr '09
1 min read
Tandy Brands Accessories announced that it has signed a definitive agreement to purchase certain strategic assets from Chambers Belt Company. The assets Tandy Brands is acquiring include existing inventory and related sales, manufacturing assets in Mexico, and intellectual property including the rights to the Chambers name.
“Tandy Brands' solid balance sheet has allowed us to accelerate key strategic growth plans that our new executive team has identified. We will continue to look at investing in other acquisitive and organic opportunities that will provide us profitable growth,” said Rod McGeachy, President and Chief Executive Officer of Tandy Brands.
“We expect the acquisition to have an immediate and significant impact on our financial results. It's good for the top line, is highly accretive, and will provide outstanding returns,” said Mr. McGeachy. “Adding the manufacturing assets will increase Tandy's agility, helping us to shorten lead-times and improve customer service. It will also give us more product sourcing and costing flexibility.”
The inventory being purchased will facilitate post-closing integration and help ensure continuity of service to the retail community. The transaction is expected to close by July 1, 2009, and is subject to the satisfaction of customary closing conditions.
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