Glen Raven merger with Astrup and John Boyle & Company moves forward 

Definitive agreement signed, joint transition team created

-- Casual Living, 5/5/2007 9:34:00 AM

Glen Raven Inc. announced the signing and closing of definitive merger agreements with The Astrup Company and John Boyle & Company, through which Astrup and Boyle became wholly owned subsidiaries of Glen Raven. A joint transition team was formed to focus on product and service innovations for the future.
            “While our immediate focus is on a smooth, seamless transition for our customers, we are also laying the groundwork for continuing innovation and growth,” said Allen E. Gant, Jr., president of Glen Raven. “Service will continue at the highest levels possible throughout the transition process.”
            Boyle and Astrup will continue to operate as separate companies while a transition team consisting of members of senior management from all three companies completes a comprehensive operational review and develops an integration and growth plan.
      “Merging Glen Raven’s resources with those of Boyle and Astrup will create a stronger, more diversified organization that is capable of providing enhanced value to our customers,” Gant said. “Today’s global markets demand innovative products, efficient supply chains, close working relationships with customers and strong consumer brands. We will achieve all of this and more by joining forces with the talented people at Boyle and Astrup.”
      Gant said Glen Raven is committed to open and continuing communications with customers as integration plans are developed and implemented. 
      “For the immediate future and throughout this busy season of the year, it will be business as usual in terms of customer service teams and product supply lines,” Gant said. “As we look into the future, however, we envision this merger as enabling us to offer our customers more efficient services and innovative new products.”
      Headquartered in Cleveland, Ohio, Astrup is a leading supplier of materials used in the manufacture of awnings, signs, tents, outdoor furniture and umbrellas, marine products (tops and covers) and associated fabric products for residential, commercial and architectural applications. Having celebrated its 130th anniversary last year, Astrup markets its products and services through 14 distribution centers. 
      With corporate offices in Statesville, N.C., Boyle is a leading manufacturer and distributor of materials for awnings, signage, tents, marine, military, geo-textile and other outdoor and recreational applications. Founded in 1860, Boyle offers extensive capabilities in knitting, coating and laminating and operates 10 branch offices.
      Glen Raven, headquartered in Glen Raven, N.C., markets performance fabrics in more than 100 countries, including its two leading brands, Sunbrella and Dickson. Founded in 1880, Glen Raven has marketing, product development, sourcing and manufacturing facilities in North America, Europe and Asia. For more information on the Web, visit www.glenraven.com.