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Article: Management buys control of metal tubing maker: Vernon-based Hannibal was owned by Japan's Mitsui & Co.(ACQUISITION)
- Article from:
- Los Angeles Business Journal
- Article date:
- April 7, 2008
- Author:
CopyrightCOPYRIGHT 2008 CBJ, L.P. 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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AFTER nine years under Japanese ownership, Vernon metal tubing manufacturer Hannibal Industries Inc. has been acquired by its management.
Former owner Mitsui & Co. Ltd., a Tokyo-based metals and natural resources trading company, began seeking an acquirer for Hannibal a year ago, since most of the company's U.S. subsidiaries are located in the Midwest or East Coast, said Hannibal President Blanton Bartlett.
"The people who have been here growing Hannibal are now in charge of Hannibal' s future," said Bartlett. "We'll take what we've done with Mitsui and expand it further."
Terms of the transaction, conducted as an Employee Stock Ownership ...