Switzerland-based mostly Bauwerk Team AG has obtained Somerset Hardwood Flooring, a vertically integrated forest goods corporation based mostly in Somerset, Kentucky, helpful May well 1. Particulars of the acquisition had been not disclosed.
With the acquisition, Bauwerk Group AG mentioned it strengthens its world-wide profile and gains a more robust foothold in the growing North American flooring marketplaces.
In a statement, Bauwerk named the two organizations “complementary in character.” Somerset Hardwood Flooring has an founded brand name and current market place in the U.S. with a potent presence in the appropriate income channels. Identified for its solid hardwood flooring, Somerset will be in a position to reward from Bauwerk Group’s experience in multilayer engineered hardwood flooring. The businesses will also reward from a joint specialization in hardwood flooring, their shared DNA in production, and a mutual focus on high quality solutions. The put together business is setting up itself as the international market place leader in good quality hardwood flooring with a geographically properly-diversified turnover of over $400 million at a manufacturing quantity of about 120 million sq. toes.
“With Somerset Hardwood Flooring, we have uncovered the perfect spouse for Bauwerk Team AG’s U.S. growth. All the demands we have established for acquisition, such as fantastic sector positioning, possess creation, and a in shape in conditions of values and people, implement to Somerset Hardwood Flooring,” stated Patrick Hardy, CEO and president of Bauwerk Team. “We are delighted to be ready to go on the achievement story of Somerset Hardwood Flooring and the legacy of founder Steve Merrick.”
“Both get-togethers provide critical thriving characteristics to the table, when mixed, will enable only reinforce the following actions for equally companies,” claimed Somerset’s operator Steve Merrick of the transaction. “Under the leadership of the Bauwerk Group, Somerset Hardwood Flooring will be able to more grow its strengths and position by itself for even far more progress in the foreseeable future.”
The Somerset Hardwood Flooring manufacturer will stay and enhance the other manufacturers in the Bauwerk Group portfolio (Bauwerk Parquet and Boen), with all a few models retaining their respective regional focuses and product or service identities. Bauwerk Group can depend on the confirmed administration team at Somerset Hardwood Flooring, led by very long-time Somerset Hardwood Flooring VP sales & marketing and advertising Paul Stringer as the new CEO/president.
Merrick will continue on to have and work his other forest solutions organizations in the neighborhood, like Somerset Hardwood Lumber (which will develop into Merrick Hardwoods, Inc.) Somerset Biofuel, Inc. (d/b/a Somerset Pellet Gasoline) Kentucky Hardwood Lumber Company, Inc. and Interstate Hardwoods, Inc. Furthermore, the Merrick companies will carry on to manufacture and industry their unfinished reliable wood flooring brand name.