Diamond Triumph Auto Glass Inc., one of the nation's leading providers of auto
glass services, has acquired the retail auto and fabrication glass assets of Settles
Glass Companies, Inc. Settles Glass provides complete glass service for auto and
home glass customers.
The acquisition will provide Diamond Triumph's customers with an additional
18 full service retail locations through out Massachusetts and one full service
retail location in New Hampshire. Annual unaudited revenues of Settles Glass approximated
$9.5(m) for the fiscal year ended March 31, 2005.
Diamond Triumph provides comprehensive auto glass services to national accounts,
insurance companies, commercial/fleet accounts and individual consumers through
its national retail and distribution networks. Diamond Triumph and Settles Glass
Companies have both been operated since 1923.
"This transaction positions Diamond Triumph for growth in an important
geographic market," said Norm Harris, chief executive officer of Diamond
Triumph. "As we integrate in this marketplace, our first priority is to continue
to enhance Settles strong tradition of providing superior quality customer service
and value. We believe by leveraging the strengths of both organizations, we will
provide outstanding opportunities for our employees while giving our customers
additional access and service potential."
Doug Boyle, chief financial officer of Diamond Triumph said, "Although
the replacement auto glass industry has been challenging over the last several
years, we feel there are opportunities for our company to grow its market position
by making strategic investments. We look forward to exploring new opportunities
when they align with our strategy and make business sense for our company.