Company completes Chapter 11 reorganization with the announcement that Waterman's assets have been acquired by a new company, GNI Waterman LLC
EXETER, Calif., Jan. 11 -Today GNI Waterman LLC announced that they have acquired the vast majority of the operating assets of Waterman Industries, Inc. located in Exeter, California and Lubbock, Texas on January 3, 2006. GNI Waterman LLC is owned by Galena National Investment LLC which is affiliated with two New York-based investment firms with over $20 billion of assets under management. The new company will operate under the name of Waterman Industries and through the leadership of newly appointed CEO Birch Brown (formerly COO during the reorganization), and with their dedicated workforce, will continue to offer the same worldwide quality services and products that Waterman has been known for since 1912. With a strong positive cash flow and a profitable year behind them, combined with their solid team of employees and management, the future of the company is very promising.
"We are pleased to have accomplished so much in the reorganization phase," said Birch Brown, chief executive officer. "Our management team has streamlined operations and built a foundation for a 'go forward' strong financial performance."
To support its focus on the irrigation, water delivery and water treatment industries, Waterman has reorganized into a stronger, faster and more flexible operation and announced that it will concentrate on strengthening consumer and customer relationships. "We've streamlined everything to reduce cost; from our product offerings to our supply chain," Birch Brown said. "We are developing sophisticated insights into the needs of the consumer, which has led to the development of new and higher quality products versus the competition and will meet the needs of a much broader range of customers, both domestic and international."
The company has refined its product offering and regained its "best in class" status based on its on-time deliveries to its customers. In order to secure this "best in class" status, Waterman's strategic plan includes opening distribution centers previously located in Boise, Idaho; Garden City, Kansas; Grand Island, Nebraska; and Memphis, Tennessee.
As part of its communication efforts Waterman Industries invites everyone to their website http://www.watermanusa.com.
Waterman will be exhibiting at World Ag Expo, space H-50, Tulare, California USA, February 14 - 16, 2006.
Contact:
Bob Nelson
559-562-8661
bob.nelson@watermanUSA.com
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