Press Release |
Monessen Hearth Systems Company Acquires Vermont Castings, Majestic Fireplaces and Other Key Assets of CFM Corporation
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PARIS, KENTUCKY, Jul 29 (MARKET WIRE) -- ATTENTION: BUSINESS EDITORS Monessen Hearth Systems Company (MHSC), a leading manufacturer of fireplace, stove and hearth products, is pleased to announce its acquisition of key assets of CFM Corporation, including the market-leading Vermont Castings and Majestic Fireplaces brands. The asset purchase agreement was accepted by CFM Corporation and approved by U.S. courts on June 30, 2008 and Canadian courts on July 3, 2008. CFM Corporation's U.S. and Canadian operations have been under creditor protection since April 9, 2008, when protective orders were granted under Canada's Companies' Creditors Arrangement Act and under Chapter 11 of the U.S. Bankruptcy Code. CFM Corporation has continued to carry on business during the restructuring period. Under the terms of the purchase agreement, MHSC will acquire CFM Corporation's operations and assets in Bethel, Vermont and Randolph, Vermont. The assets purchased include plants, machinery, equipment, receivables, inventory, certain contracts and intellectual property, among other specific items. MHSC also acquires all shares held in the capital of CFM Mexico (Temcomex S.A. de C.V.). "We are very excited to be adding the Vermont Castings and Majestic lines to our extensive selection of fireplace and hearth products," says Dave Barrett, President and CEO of MHSC. "These brands are exceptionally well-respected in the marketplace, and have a loyal following among distributors, dealers, retailers and consumers." The acquisition by MHSC will ensure these two well-established brand lines will continue to be offered to their loyal customer bases. Based in Ontario, Canada, CFM Corporation has built an excellent reputation as an integrated manufacturer of hearth, space heating, barbecue and outdoor grill products in North America. Vermont Castings is recognized as the pre-eminent brand in its markets and the Majestic Fireplaces brand has a history dating back 120 years. About Monessen Hearth Systems Company Monessen Hearth Systems Company is a rapidly-growing North American supplier of fireplaces, stoves, hearths and related remote technology products. With acknowledged leadership in the hearth, propane and residential new construction markets, MHSC manufactures a complete series of Direct Vent, B-Vent, Vent-Free and Wood Burning products, including log sets, fireplaces, inserts and stoves. Established in 1993 as a regional manufacturer of vent-free logs, MHSC has grown to become a leading full-line supplier of hearth products to both the retail and RNC business sectors. MHSC's four premier brands include: Martin Hearth & Heating; Monessen; Lexington Forge; and Ambient Technologies. Based in Paris, Kentucky, MHSC's flagship 280,000 sq. ft. manufacturing facility employs over 350 people, and currently produces 95,000 fireplaces and 100,000 log sets annually. MHSC brands are known throughout the industry for reliability, aesthetics, unparalleled customer service, competitive delivery times and outstanding product quality. Contacts: Monessen Hearth Systems Company Dave Barrett President and CEO Toll Free: 1-800-867-0454, ext. 115 Toll Free: 1-877-867-1875 (FAX) Email: firstname.lastname@example.org Website: www.mhsc.com Copyright 2008, Market Wire, All rights reserved. -0-