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Craftmade International to buy Woodard LLC

Wed Dec 19, 2007 8:34am EST

Dec 19 (Reuters) - Craftmade International Inc CRFT.O said it agreed to buy Woodard LLC, a Chicago-based manufacturer and distributor of outdoor furniture products, for $19.3 million and warrants to buy 200,000 shares of common stock.

Stocks  |  Mergers & Acquisitions

The purchase price consideration will include 500,000 common shares valued at $8.10 a share, with the remaining amount to be paid in cash, the maker of ceiling fans and lighting products said in a statement.

The acquisition is expected to close on Jan. 2, 2008 and immediately add to Craftmade earnings, the company added. (Reporting by Dhanya Skariachan in Bangalore; Editing by Anupama Dwivedi)

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