 |
|
|
December 12, 2007
Morris H. Wheeler
Acting President
GlasCraft Inc. 5845 W. 82nd Street, Ste. 102
Indianapolis, IN 46278, USA
To: All GlasCraft End Users / Customers
Subject: GlasCraft Acquisition by Graco Inc.
Cohesant Technologies Inc. (“Cohesant”) announced earlier this month that an agreement has been signed with Graco Inc. (“Graco”) whereby Graco will acquire GlasCraft, Inc. (“GlasCraft”) and its parent company, Cohesant. Details of the proposed transaction can be found on our website at www.glascraft.com, or that of our Cohesant parent company at www.cohesant.com.
It is important to remember that the intent of the proposed merger is to improve product offerings for end users. As Graco’s President and Chief Executive Officer Patrick J. McHale said in a December 3, 2007 press release, “GlasCraft is a well respected company we have been interested in acquiring for several years. GlasCraft’s products, brands, and engineering capabilities highly complement Graco’s core businesses, creating an opportunity to leverage each company’s unique strengths….”
For nearly 50 years, GlasCraft has manufactured equipment for the Composites / FRP, high performance coatings, and polyurethane foam industries, and sold this equipment to end users through a network of factory authorized distributors. Once the proposed merger is ratified and the GlasCraft business is positioned within the operations of the Applied Fluid Technologies Division of Graco, it is anticipated that the combined firm will focus on opportunities such as new product development and introduction, entry into new markets, innovation, and delivering improved end user value in all the served segments.
At this moment, it is business as usual for GlasCraft. You will continue to receive the same products, quality, delivery, and levels of technical and customer service that you have come to expect from us. GlasCraft distributors remain at the ready to serve your equipment and service needs. All GlasCraft departments remain hard at work to support all lines of equipment from our headquarters in Indiana, USA.
Some other very important points to keep in mind:
- Graco distributors do not speak for Graco Inc., and GlasCraft distributors do not speak for GlasCraft Inc. Some persons may use uncertainty and spread misinformation and rumors for short term business gain. Neither end users nor distributors should speculate or draw any conclusions as to business strategy or other items to be determined in the future until the plans are formulated and communicated from the combined entity.
- Once merged, the management teams of Graco and GlasCraft will begin working together to develop longer term strategies, focusing on how to best serve the needs of our end user customers, distributors, employees, and shareholders. Part of that process will involve getting input from key end users and channel partners to insure that our go-forward strategies create a win-win situation for all involved. We look forward to gaining the benefit of your experience and point of view.
We look forward to continuing our work with you, and thank you for your support of GlasCraft!
Best regards,
Morris Wheeler
Acting President GlasCraft Inc.
|
|
|
|