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 Mergers & Acquisitions, Consumer Products, 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

Major packaging merger includes plastics operations

January 26, 2015 12:24 pm ET

A merger of packaging companies MeadWestvaco Corp. and Rock-Tenn Inc. will create a new company with nearly $16 billion in annual sales.    More

Image

Viking Plastics honored for employee relations

January 26, 2015 12:43 pm ET

Custom injection molder Viking Plastics has won DevelopErie’s 2014 Employer of the Year Award for manufacturing in the Erie, Pa., region.    More

Image

Continental builds low-emission interior trim factory in China

January 26, 2015 12:33 pm ET

Benecke-Kaliko AG is making the largest investment in its history to build an environmentally friendly auto interior trim plant in China, prompted by ...    More

Image

J6 Polymers to buy Stepan unit

January 26, 2015 12:22 pm ET

NORTHFIELD, ILL. — Stepan Co. plans to sell its specialty polyurethanes systems business to J6 Polymers LLC in a cash deal.    More

Image

W&H buys bigger stake in BSW

January 23, 2015 10:43 am ET

Windmoeller & Hoelscher KG will get more involved in flexible packaging machinery through its bigger stake in machinery maker BSW Machinery Handels-Gm...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

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

Upcoming Plastics News Events

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