Q.E.P. makes a bid for Harper Brush Works

By Frank Antosiewicz
Correspondent

Published: October 18, 2012 6:00 am ET

Related to this story

Topics Consumer Products, Mergers & Acquisitions, Injection Molding

BOCA RATON, FLA. (Oct. 18, 1:25 p.m. ET) — Q.E.P. Co. Inc.. filed a bid to acquire substantially all the assets of Fairfield, Iowa-based Harper Brush Works Inc., a 112-year-old cleaning products company currently under Chapter 11 bankruptcy protection.

Q.E.P. said in a news release that it had executed an asset purchase agreement with Harper Brush to acquire the company’s real estate, inventory, intellectual property and other assets for approximately $2.2 million. The bid must first be approved by the U.S. Bankruptcy Court for the South District of Iowa and would serve as the opening bid on the company. The court can also accept other bids and proceedings are expected to be completed in the next 45 days.

Marc Ross, Chief Restructuring Officer at Harper Brush, said in an email statement that he was pleased with the prospects of the proposed sale and looks forward to the company thriving under new ownership. He said the sale would allow the company to “obtain the needed investment to continue manufacturing for many years.”

Harper Brush Works makes brushes, push brooms, mops, buckets, dust pans, housewares, long-handled cleaning tools, microfiber/dusting tools, and eco-friendly cleaning products.

Harper filed for Chapter 11 protection at the end of May. In a May 31 news release, it said that it had been adding production capacity since 2002 to meet customer needs. It said that it lost a significant customer in 2010, and that along with added debt from expansion, created financial challenges.

In May it said that it had 70 full-time employees with locations in Iowa and Greenville,N.C.  The North Carolina plant is no longer operating.

Q.E.P., which was founded in 1979, is worldwide manufacturer, marketer and distributor of a line of hardwood flooring, flooring installation tools, adhesives and flooring related products. It serves both the professional installer as well as the do-it-yourselfer.


Comments

Q.E.P. makes a bid for Harper Brush Works

By Frank Antosiewicz
Correspondent

Published: October 18, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Battle brewing over single-use coffee pods

October 2, 2014 12:25 pm ET

A battle is brewing in the world of single-service coffee pods. A major Canadian roaster of the beverage beans is suing North America's leading...    More

Image

Australia taking on microbeads, seeks voluntary phase out

October 2, 2014 12:41 pm ET

An Australian environment minister has declared war on polyethylene microbeads.    More

Image

Helix gets FDA compliance for another medical device facility

October 2, 2014 10:50 am ET

Helix Medical LLC's Baldwin Park, Calif., facility has attained compliance with the federal regulation for quality systems for medical devices.    More

Image

Houston Plastic continues to grow with new press, controlled production area

October 1, 2014 11:32 am ET

Custom injection molder Houston Plastic Products Corp. has extended its clamp tonnage range and added an environmentally controlled molding area.    More

Image

RJG buys UK training group G&A

September 30, 2014 11:10 am ET

G&A Moulding Technology Ltd., a United Kingdom-based training and consultancy group, has been bought by RJG Inc., the U.S.-based training business.    More

Market Reports

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events