Protectivewear maker Lakeland Ind ready to pick Miffin Valley assets
20 Jul '05
4 min read
Disposable/limited use protective garments maker Lakeland Industries Inc announced it has signed a contract to acquire the assets and operations and assume certain liabilities of Mifflin Valley Inc, ("Mifflin") of Shillington, PA, for an initial purchase price of $1.58 million, subject to certain adjustments. Mifflin did approximately $2.6 million of sales in 2004, and $1.5 million for the six months ended June 30, 2005.
Mifflin is a manufacturer of protective clothing specializing in safety and visibility, largely for the Emergency Services market, but also for the entire public safety and traffic control market.
Mifflin specializes in customized garments to suit customers' needs, coupled with quality, service, price and delivery. Mifflin's products include Flame Retardant garments for the Fire Industry, Nomex clothing for utilities, and High Visibility Reflective Outerwear for Departments of Transportation.
A complete copy of the contract will be filed as an exhibit with Lakeland's Form 10-Q for the second quarter ended July 31.
Christopher Ryan, CEO of Lakeland, commented, "Mifflin will be an excellent strategic fit for Lakeland. The company brings manufacturing expertise and industry experience to the table which will fit in very nicely to our existing Fyrepel fire safety line."
They will be able to sell their product line through our existing network of in house and outside sales reps. They expect to be able to produce most of their products at a cheaper cost through our Chinese operations and bring additional purchasing power to bear.
marketing@alchempro.com
