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Article: Parker Products sold to Ill. firm; Assets are sold; 33 to lose their jobs.(BUSINESS)
- Article from:
- Telegram & Gazette (Worcester, MA)
- Article date:
- January 1, 2008
CopyrightCOPYRIGHT 2008 Worcester Telegram & Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Lisa Eckelbecker
WORCESTER - An Illinois business backed by a private equity firm has purchased the assets of Parker International Products Inc., a deal that ends Parker's 85 years in business and puts 33 people out of work.
Parker reported yesterday that it had sold assets such as merchandise, displays, customer lists and intellectual property for its home hardware and utility carts business to The Faucet-Queens Inc. of Vernon Hills, Ill. Faucet Queen is largely owned by PNC Equity Partners L.P., a Pittsburgh-based private equity investment firm.
Financial terms of the deal were not disclosed. Faucet Queen did not purchase the assets ...