Transilwrap Company, Inc. announces sale of company to Management Team
October 13, 2004
Transilwrap Company, Inc. is pleased to announce that all of the stock in the 73-year-old company has been sold to its Senior Management Team effective July 23, 2004. Headed by the company's president, Mark Stevens, the nine-member management group purchased the company from the founding families of Sabra Minkus and Herb Drower with financing provided by its senior lender.
"Business continuity and succession are important issues for privately held, family owned businesses and Transilwrap is no exception", said Mark Stevens, Transilwrap's president. "It has been foremost on our minds that we have a responsibility to our many employees who call Transilwrap home. Transilwrap has a rich tradition as a leading manufacturer and converter in the thermal lamination, print and films markets, and we want to assure the future continuity of our business, and carry on in the way that has been so important to all of us".
Sabra Minkus and Herb Drower, who will remain employees and directors of the company, share the enthusiasm of the management team. "We felt very strongly that we needed to execute a succession plan that did not disrupt the cultural continuity of the company", said Herb Drower, former president of Transilwrap. "This arrangement provided for the ideal transition of the company to the next generation while causing no disruption to our employees or customers", added Sabra Minkus, executive vice president.
The entire Transilwrap business in the United States and it's Canadian subsidiary is included. There will be no changes to existing management or day-to-day operations, the company reports. "As far as we're concerned, it's business as usual with the added security of a more stable future as we approach our 75th anniversary", added Stevens.
Transilwrap is a leading manufacturer/converter of coated plastic films, extruded rigid plastics, and converter of engineered films and sheets; Transilwrap has 3 major business groups:
TransKote Group - extrusion coated laminating films for books, graphic enhancement, digital finishing and security ID
Print Group - plastics and synthetics for Litho, Screen, Flexo and Digital printing
Films Group - for packaging, industrial and medical markets