December 15, 2009 · 3:14 pm
Wayne-Dalton Corp. was officially purchased for more than $14 million by the Dallas-based Overhead Door Corp. and its parent company, Sanwa Holdings Corporation in Tokyo. The change in ownership will not mean any current changes in the products produced, the location of the factory or the number of employees working for Wayne Dalton.
Overhead Door announced Sept. 2 that it had reached an agreement with Wayne-Dalton to purchase the company. The deal was approved by regulators Dec. 7.
According to information from the Holmes County Auditor’s office, the facilities, property and holdings of Wayne Dalton sold for $14.3 million. Under the agreement, Wayne-Dalton will remain a separate brand and the facility in Mount Hope will continue operating.
Overhead Door began selling garage doors in 1921 and sold the first electric door opener in 1926. The company has 19 manufacturing facilities in the United States and the United Kingdom. Its parent company, Sanwa Holdings, was established in 1956 as a shutter manufacturer.
September 2, 2009 · 2:37 pm
Overhead Door Corporation and Wayne-Dalton Corption jointly announced yesterday that they have reached a tentative, non-binding agreement in principle, pursuant to which Overhead Door Corporation would acquire Wayne-Dalton Corp.’s overhead garage door business in North America and Europe.
Under the terms of the tentative agreement, Overhead Door Corporation would acquire substantially all of the assets of Wayne-Dalton Corp.’s commercial and residential overhead door business, as well as their Fabric-Shield storm panel business in a cash transaction. Wayne-Dalton Corp. would retain its garage door opener and wireless home access control businesses and will continue to manufacture, market and sell products of those businesses. The tentative agreement in principle contemplates that Overhead Door Corporation will continue to promote and make available Wayne-Dalton Corp. openers and wireless home access products to Wayne-Dalton Corp.’s current customers. The combined company would create North America’s premier manufacturer and marketer of overhead doors and openers.
The transaction is subject to the negotiation and execution of a definitive agreement and to customary closing conditions, including regulatory and other approvals.
July 7, 2009 · 10:11 pm
There’s lots of speculation out there about the merger of Wayne-Dalton and Overhead Door Corp. It appears that both are keeping pretty quiet on this inevitable deal as per the Professional Door Dealer Magazine’s blog. The buyout or merger, whatever you want to call it, of two of the largest garage door manufacturers is an interesting proposition that would give the new entity a strong position in the industry.
But it is all speculation at this point in time.