CTB International Corp. Announces Purchase of Assets of Grain Dryer Manufacturer Beard Industries, Inc.MILFORD, Ind., February 1, 2002 – CTB International Corp. (NASDAQ: CTBC) today announced that it has acquired substantially all of the operating assets of Beard Industries, Inc., a grain dryer manufacturer based in Frankfort, Indiana, according to Victor A. Mancinelli, president and chief executive officer of CTB.
CTB, which is headquartered in Milford, Indiana, has been manufacturing and marketing grain and feed storage systems since 1957. It has also added a variety of grain handling and conditioning equipment to its line of products for the grain industry in recent years.
Beard Industries, which was founded in 1965, has annual sales of approximately $7.0 million and employs about 40 people. It has developed into one of the leading manufacturers of grain dryers, currently producing more than 45 different models of dryers for both farm and commercial use under the brand names SUPERB® and MEYER®. The company is also an industry leader in innovative electronic grain drying controls, which are sold under the QUANTUM®name.
Commenting on the acquisition, Mancinelli said, "We are pleased to have taken another step forward in providing our grain industry customers with a more complete product package. We have previously acquired a line of enclosed belt conveyors and a bin sweep product, and we have recently developed a line of fans and heaters for use in conditioning stored grain. The addition of the Beard organization and its quality grain drying products to the CTB family should result in positive returns this year and in the future, as we work to continue broadening our product offering for this important market."
As a result of the acquisition, Beard Industries will be established as a division of CTB's Milford-based grain systems business unit. It is anticipated that the new division will continue to operate from Beard's present Frankfort, Indiana, location, with founder William J. Beard remaining active in the business and most of the former Beard employees being hired by CTB. Financial terms of the transaction were not disclosed.
CTB continues to focus on its strategy for growth, which includes extending its competitive advantage through accretive acquisitions and/or other beneficial business arrangements, as well as expanding its global physical presence, emerging as the best cost manufacturer in the industries it serves, emphasizing its product-driven focus, and enhancing its financial strength.
CTB International Corp. is a leading designer, manufacturer and marketer of systems for the poultry, hog, egg production, and grain industries. Celebrating its 50th anniversary this year, CTB operates from facilities in the U.S.A., Europe and Latin America as well as through a worldwide distribution network.
Disclosure Regarding Forward-Looking Statements
In addition to historical information, this document contains certain statements representing the Company's expectations or beliefs concerning future events. These statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a safe harbor for such statements. The use of words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "projects," "could," "may," "will" or similar expressions are intended to identify these statements. The forward-looking statements contained in this document include, without limitation, statements related to the integration of and financial returns from acquired assets, and the development of additional products. They also involve certain risks and uncertainties regarding CTB International Corp.'s business and operations and the agriculture industry. The Company's actual results could differ materially from those expressed or implied by such forward-looking statements. The Company cautions that these statements are further qualified by other important factors, including, but not limited to those set forth in the Company's Form 10-K filing and its other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update this information.