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SOURCE LATICRETE International, Inc.
Strategic Acquisition Provides Access to New Products and Technologies, Complements DRYTEK Product Line
BETHANY, Conn., Jan. 3, 2014 /PRNewswire/ -- LATICRETE International, Inc. (LATICRETE), a manufacturer of globally proven construction solutions for the building industry, announced today the strategic asset acquisition of L&M Construction Chemicals, Inc. (L&M). The acquisition will provide LATICRETE customers access to new products and technologies while expanding the company's presence in the restoration and decorative concrete category. Headquartered in Omaha, NE, L&M produces a diverse line of concrete construction chemicals, including coatings, sealers, construction grouts, patch and repair mortars, and color hardeners for polished concrete.
"This combination strengthens LATICRETE and the L&M brands alike," said David A. Rothberg Chairman and CEO of LATICRETE. "Through this acquisition, L&M's brand portfolio will gain access to LATICRETE manufacturing capabilities, sales representation, marketing, and support services. LATICRETE customers, in turn, will enjoy access to some of the most innovative decorative and restoration products on the market."
LATICRETE is a family-owned, worldwide manufacturer and marketer of residential, commercial and industrial construction solutions. For nearly 60 years, LATICRETE has provided the technology, products and experience to make innovative, permanent installations primarily in the flooring industry. Over the past two years, the company has expanded its restoration and decorative product line through strategic acquisitions and partnerships. Today's announcement proceeds the 2011 acquisition of DRYTEK® Flooring Solutions, LLC and formation of the LATICRETE SUPERCAP, LLC joint venture.
Also family-owned, L&M manufactures and sells concrete construction chemicals. With 50 years of experience, L&M has built a strong reputation for quality, reliability and exceptional service within the concrete industry, developing longstanding relationships with contractors, distributors and architects.
"My family and I thank our customers, distributors and partners for their many years of support," said Greg Schwietz, owner of L&M. "This is a very exciting time for the L&M brand. I am confident we have found the right company in LATICRETE to provide the best future support and growth opportunities."
Under the new ownership of LATICRETE, the L&M brand and product portfolio will leverage the many resources and opportunities LATICRETE offers including: nationwide manufacturing facilities, an expanded team of sales representatives, global research and development capabilities, world-class marketing and technical services, access to global markets, an enhanced architectural presence, and, access to a nationwide distribution system.
L&M's product lines will continue to carry the L&M name under the LATICRETE corporate brand identity, and the company's manufacturing and sales functions will remain in Omaha, NE. The acquisition is expected to take three months. Integration of manufacturing, sales and service functions will occur throughout 2014.
LATICRETE International, Inc. provides globally proven construction solutions for the building industry. LATICRETE® products are manufactured and distributed worldwide in the commercial and consumer channels. The company's philosophy of innovation and technical expertise has led to an unparalleled reputation and commitment to superior quality, performance and customer service. Engineered and produced in state-of-the-art ISO 9001:2008 certified facilities, LATICRETE offers a broad product portfolio including an extensive line of independently certified low VOC sustainable products. LATICRETE®, LATAPOXY®, SPECTRALOCK®, HYDRO BAN®, DRYTEK® and PERMACOLOR® are registered brands of LATICRETE International, Inc. www.laticrete.com
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