Pride Manufacturing acquires third company

GUILFORD – Pride Manufacturing Co. has further cemented itself in the wood turnings business by acquiring a third company in recent months.

The company’s purchase of George F. Adams & Co. Inc., the Moscow, Vt.-based manufacturer of specialty wood turnings and other custom products and services, will mean up to 10 more employees for Pride’s Guilford facility, according to Bob Burr, company president and chief executive officer.

A leading manufacturer of hardwood turnings for the craft, hobby, furniture and toy industries, Pride also is the world’s largest golf tee manufacturer. The latest acquisition is an extension of the company’s turnings business, according to Burr. “It actually adds to our capabilities and adds to our customer base,” he said. The company employs nearly 600 people at seven facilities around the United States and England. In Maine, the company employs 140 at the Guilford facility and 160 at its plant in Burnham, the official said.

Although terms of the latest acquisition were not disclosed, Pride will acquire GFAC’s existing operating assets including equipment, inventory, manufacturing functions and customer lists. The operation will be moved from Vermont to the Guilford facility.

As a result, Burr said there also may be some capital expenditures made at the Guilford facility to accommodate the new acquisition, but for the most part, the operation will be incorporated into the existing structure. “Pride will be acquiring the George F. Adams & Co. equipment and assets effective immediately and we anticipate a seamless transition,” said Scott Colabuono, Pride’s chief operating officer. “During the transitional phase, operations will continue at Adams’ Moscow factory under the supervision of Pride executives.”

In recent months, the company also acquired Houlton International Corp. in Houlton, a maker of hardwood furniture components, which added about 24 jobs. In addition, the company purchased Softspikes Inc. of Gaithersburg, Md., the world’s leading producer of golf cleats and creator of the plastic golf cleat category.

Burr said there are no other pending acquisitions. He said consolidation is taking place in the wood turnings industry because of the high capital costs of operating sawmills and lathes, and Pride is taking part in that consolidation. The acquisition of GFAC, a well-respected company in operation for more than eight decades, is another example of Pride’s commitment to strategic growth, Burr said, adding that the acquisition is sure to have a positive impact on the company’s growth strategy in the wood turnings industry. “I think it just further solidifies our position in the wood turnings business,” Burr said.

“We’ve just become a larger company and a more secure one,” he said.