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FOR IMMEDIATE RELEASE Carter
Morse & Mathias Announces Sale of Tiffany Subsidiary
September 10, 2005 - Carter Morse & Mathias, a regional investment banking firm based in Southport, Connecticut, announced
announced
the sale of Judel Products, Inc. to St.
George Crystal, Ltd.
Judel
Products, Inc. (“Judel”) is a manufacturer of premium
hand-blown glassware for the high-end restaurant and foodservice market
and its manufacturing facility is located in
Salem
,
West Virginia
. It has been a wholly-owned
subsidiary of Tiffany and Company (NYSE:TIF) since 1992.
Carter Morse & Mathias acted as Tiffany’s exclusive financial
advisor in this transaction.
Judel is the only manufacturer of lead free, handmade stemware, barware,
Christmas ornaments and bowls in the
United States
and it employs 75 workers in its
West Virginia
facility.
St.
George Crystal, Ltd (“St. George Crystal”), headquartered in
Jeannette
,
Pennsylvania
, is a 20-year-old company and is the leading manufacturer of lead crystal
giftware and stemware in the
United States
. It has one of the most automated plants of its kind in the world and
employs over 300 people at its production facility.
"This strategic move combines the strengths of
St. George Crystal - quality product, superior distribution capabilities
and strong customer service with the strengths of Judel, with its diverse
and loyal customer base and a quality handmade product. In addition the
purchase allows St. George to enter the food service market, as well"
said Bob Rifenburgh, President.
The
terms of the transaction were not disclosed.
Carter Morse & Mathias is a regional investment-banking firm, founded in 1987 and headquartered in Southport, Connecticut. It specializes in merger and acquisition advisory activities, private placements of institutional capital, and business valuations for entrepreneurial companies. It’s affiliate, Carter Capital Corporation, is a broker-dealer registered with the NASD and the SEC.
For additional information, please contact
Frank Morse directly at 203-254-3333, x223
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