Garage Door Makers to Join Forces
Overhead Door Corp. has reached a tentative agreement with Wayne-Dalton Corp. to acquire substantially all the assets of Wayne-Dalton’s commercial and residential overhead door business, as well as its Fabric-Shield storm panel business. The combined company would create North America’s premier manufacturer and marketer of overhead doors and openers, officials state.
Under the agreement, Wayne-Dalton would retain its garage door opener and wireless home access control businesses and will continue to manufacture, market and sell those products. The tentative agreement contemplates that Overhead Door will also continue to promote and make available Wayne-Dalton openers and wireless home access products to current Wayne-Dalton customers.
“The proposed combination represents a strategic opportunity to bring three outstanding brands under one roof: Overhead Door, Wayne-Dalton, and Genie,” says Dennis Stone, Overhead Door president and CEO. “The combined company’s enhanced production capabilities and strong commitment to quality and innovation would position it to be the preeminent overhead door manufacturer in the North American market.”
“We firmly believe a deal with Overhead Door Corp. will provide numerous long-term benefits for our employees and customers," says Willis Mullet, Wayne-Dalton chairman and CEO. "Overhead Door Corp. is committed to continued investment in our business, promoting further innovation in our product development efforts, and enhancing efficiencies in our operations. Our combined efforts will create a strong platform for growth and extend our leadership position in the market."
“This would be a compelling combination that would strengthen the combined company’s capabilities and expand market presence across North America," Stone continues. "As we bring the two companies together, we are committed to preserving the unique strengths that made them successful over the years. Moreover, this is an opportunity to join our respective employee bases into one high performance team.”
Based in Dallas, Texas, Overhead Door has more than 4,000 distributors and dealers that service national builders, national accounts, architects, general contractors and homeowners. Overhead Door is a subsidiary of Sanwa Holdings Corp. of Tokyo, Japan.
Wayne-Dalton is based in Mount Hope, Ohio. With nine manufacturing facilities and 55 regional operation centers in the U.S. and Canada, the company serves more than 2,000 independent dealers, both domestic and international.
The transaction is subject to the negotiation and execution of a definitive agreement and to customary closing conditions, including regulatory and other approvals, executives note.