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
Companies & Associations

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

Clopay Plastics suing Berry over breathable film trade secrets

April 23, 2015 2:08 pm ET

Clopay Plastics Products Co. is alleging Berry Plastics Group Inc. stole trade secrets involving its breathable film technology used for baby and...    More

Image

Appliance giant eyes in-house recycling, compounding

April 22, 2015 6:00 am ET

The world's largest residential air conditioner manufacturer is looking into in-house compounding of recycled plastics.    More

Image

Economic déjà vu: strong spring growth expected after a rough winter

April 15, 2015 2:03 pm ET

The long, harsh winter is finally over, and the first quarter of the calendar is history. So now is an appropriate time to review the emerging trends ...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

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

Upcoming Plastics News Events

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

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events