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PRESS RELEASES 2002 October 13, 2002 December 21, 2002 2003 January 22, 2003 January 23, 2003 April 15, 2003 July 2, 2003 September 10, 2003 October 13, 2003 2004 January 21, 2004 June 21, 2004 June 22, 2004 August 23, 2004 December 23, 2004 2005 March 10, 2005 May 26, 2005 June 21, 2005 July 15, 2005 October 27, 2005 |
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August 23, 2004 Press Release KFGI, Ltd. Acquires Globe Rubber Works, Inc. to Extend Leadership in the Design and Manufacturing of Composite Products Acquisition enables company to capitalize on growth of RFID-related products and other material handling solutions Dallas, August 23, 2004 – Kalm-Forsythe Global Innovations, Ltd. of Dallas, Texas, announced today that it has acquired assets of Globe Rubber Works, Inc. of Rockland, Mass. The acquired company has been a manufacturing partner of KFGI since 2001. KFGI also announced that it will be changing its name to Globe Composite Solutions, Ltd. to leverage the brand recognition enjoyed by Globe and better recognize its leadership position in providing composite components to industrial, commercial and military customers. Several individuals have been appointed to key positions at the new Globe Composite Solutions as a result of this acquisition. Carl W. Forsythe, who is currently the president of KFGI, will become president and CEO of Globe Composite Solutions. Richard Somerville, the former owner of Globe Rubber Works, Inc., will join the acquiring company as director of research and development. Additionally, John P. Boodée has been named COO of this privately-held company. “This is a great time for our companies to join together so that we’re better equipped to meet accelerating demand for innovative composite materials, RFID-related material handling products and other non-metallic components that our companies have jointly produced,” said Forsythe. “As a result, we expect to nearly double the revenue of the combined company over the next twelve months.” “Our customers will be the largest beneficiary of this acquisition since it will give us more production capacity and better control over meeting development and production timetables,” Forsythe added. “Our greatly expanded resources enable us to extend our leadership in developing new technologies and applications for a wide variety of industries.” Somerville stated, “Capitalizing on our successful experience of working together for the past several years allows us to leverage Globe Rubber Works’ proud 114-year history of providing leading edge materials and innovative, cost-saving products to a broader set of customers in a global marketplace. KFGI brings additional capital and management resources that will benefit our customers and employees.” Globe Rubber Works, Inc., which was founded in 1890, currently employs 75 people in the Boston area and serves a diverse set of customers such as General Dynamics, Northrup Grumman, U.S. Postal Service, GE Medical Systems and Bell & Howell. Globe Composite Solutions will retain all of the employees of the acquired company and continue to operate its Boston-area manufacturing facilities. Globe Composite Solutions will continue to focus on helping industrial, commercial and military customers dramatically increase product performance through the use of high-performance composite components. The company also provides turnkey research, design and manufacturing services for prototype and full-scale production needs. KFGI serves a wide range of customers including Siemens, United Airlines, FKI Logistex, Vanderlande, G&T Conveyor and Jervis B. Webb. Financing for the transaction was provided by Bank North, NA, the Property and Casualty Initiative Fund, Massachusetts Business Development Corporation and private equity investors. About Globe Composite Solutions, Ltd. Globe Composite Solutions, Ltd. develops and designs high-performance composite components by utilizing leading edge materials, which help customers dramatically increase product performance in industrial, commercial and military applications. It holds numerous patents related to composite materials and material handling products. The full-service company provides turnkey research, design and production services. Globe Composite Solutions, Ltd. has executive offices in Dallas, Texas, and manufacturing facilities in Boston, Mass. Media contact: Cynthia Pharr Lee, C. Pharr & Company, 972-931-7576, ext. 24 |
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© 2008 GLOBE COMPOSITE SOLUTIONS, LTD. ALL RIGHTS RESERVED
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