Wednesday, March 17, 1999
Sale helps firms expand
Washer-dryer maker divests
BY MIKE BOYER
The Cincinnati Enquirer
American Laundry Machinery Inc. in Norwood has sold its heavy-duty washing equipment business to the North American arm of a Danish laundry equipment manufacturer.
Financial terms of the sale weren't disclosed. But as part of the sale, Central/ATS, a division of the Jensen Group of Copenhagen, Denmark, has agreed to lease 40,000 square feet of American Laundry's Section Road plant and hire 40 of its employees.
Tim Nymberg, vice president of American Laundry, said the sale wouldn't affect employment at Norwood and would permit both companies to grow.
“Central/ATS broadens its offerings for the commercial laundry industry, and American (Laundry) can deepen its penetration of markets we view as growth opportunities,” Mr. Nymberg said.
American Laundry Machine is owned by George Strike, a Cincinnati businessman and limited partner in the Cincinnati Reds.
Included in the sale are American Laundry's L-Tron and Auto-Pro washers and related UltraSaver dryers for large commercial laundries operated by hospitals, hotels and linen supply companies.
Mr. Nymberg said American Laundry will continue to fabricate and supply components for the large washing machines assembled by Central/ATS. American Laundry's Ajax division will also continue to make smaller washers with under 125 pounds of capacity.
Mr. Nymberg said the sale would allow American Laundry to focus on supplying industrial shirt-finishing and pressing equipment to commercial laundries, dry cleaners and apparel manufacturers.
Jens Voldbaek, president of Central/ATS, which has offices in Fort Mill, S.C., said the acquisition is part of a strategy by the Jensen Group to become a complete North American supplier of laundry equipment.
Within the last three years, he said the privately held Jensen Group, a leading supplier of folding and ironing equipment, has expanded into the washing equipment market, acquiring a German and British-based equipment supplier.
Dow cracks 10,000, retreats
Investors trying to keep focused
Q & A: How crests can affect investing
Brand-name companies lead rally
P&G has helped drive index
Brokers cheered, then went back to work
What is an index?
First-day close in 1896 was 40.94
Making 200 - now that was a leap
Fifth Third in no rush for mergers
Oil of Olay's new line says it with flowers
PETA to cease fire on Pepper
Sale helps firms expand
Service Merchandise forced into bankruptcy
European Union in crisis
INDUSTRY NOTES: MEDIA & MARKETING
PEOPLE ON THE MOVE
TRISTATE BUSINESS SUMMARY
TRISTATE MARKET SPOTLIGHT
