18 March 1999: US-based Andersen Corp. said that it plans to buy Morgan Products, a company based in Williamsburg, Virginia, which is the largest distributor of Andersen-made windows and patio doors.
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18 March 1999: US-based Andersen Corp. said that it plans to buy Morgan Products, a company based in Williamsburg, Virginia, which is the largest distributor of Andersen-made windows and patio doors. The Bayport-based manufacturer said it plans to pay about US$ 4 a share, or US$ 41 million total, for the company, which employs about 2,000 workers at more than two-dozen distribution centres, and has sales of about US$ 700 million annually. The move gives Andersen more control over marketing its products. As a private firm, Andersen“s sales have been estimated at US$ 1.3 billion. “This acquisition is consistent with our plan to strengthen our distribution system nationwide,” noted Donald L. Garofalo, president and chief executive of Andersen, in a prepared statement. An Andersen spokeswoman said it is too early to tell what effect the acquisition will have on jobs. The deal, subject to Morgan shareholder and regulatory approval is expected to close on 15 June.