DALLAS – Dec. 7, 2009 – Overhead Door Corporation today completed its acquisition of Wayne-Dalton’s residential and commercial door business, as well as their Fabric-Shield storm panel business, based in North America and Europe. This transaction creates the largest manufacturer, marketer, and distributor of residential and commercial overhead doors and operators in the North American market, with fiscal year 2008 revenues of nearly one billion dollars. It brings together three exceptionally strong brands: Overhead Door, Wayne-Dalton and Genie and strategically positions Overhead Door Corporation for global growth.
Dennis Stone, president and chief executive officer of Overhead Door, commented, “As we reviewed our options for long-term growth and enhancing our position within the residential and commercial door businesses, we could not identify a better partner than Wayne-Dalton.”
Overhead Door Corporation will maintain both Overhead Door and Wayne-Dalton’s distinct brand identities, product lines and distribution channels. The combined company will capitalize on its efficient, strategically located production facilities and distribution networks covering all 50 US states, Canada, Mexico and Europe. This will further enhance service to all customers, including national builders, major retailers, architects, general contractors, homeowners, property owners, and the distributors and dealers of the Overhead Door, Wayne-Dalton and Genie branded products.
“Beginning today, Wayne Dalton and Overhead Door Corporation will combine their long-standing reputations for product and industry leadership to strengthen the door industry, and more importantly ensure a focus on product innovation that will generate better and more feature-rich products for the marketplace. This is the greatest source of continued stability and prosperity for our combined companies, customers, and suppliers,” said Stone.
Overhead Door Corporation will emphasize the companies’ complementary product portfolios to satisfy changing market needs as well as focus its combined resources in sales, marketing, customer service, and research and development to sustain future investment and growth as the market recovers.
“Overhead Door approached this acquisition with a strong business model and solid balance sheet, built on effective cost and asset management practices,” said Paul Lehmann, vice president and chief financial officer of Overhead Door. “This combination not only strengthens the market position of the company, it enhances the financial strength of Overhead Door. Synergies inherent in the prospective integration of the business operations will improve the company’s ability to withstand the current and future downturns in the construction industry while continuing to make further investments that will benefit its customers and owners,” he added.