Richline Group Inc. has entered into an agreement whereby they will be purchasing the U.S. Cookson Material Products Group. Certain operating businesses for distribution and sales of Richline product in the U.K., France, Hong Kong, Japan, and China are additionally part of the acquisition.
Dennis Ulrich, the chief executive of Richline, said, “This expansion demonstrates our continued commitment to the jewelry industry, as well as the importance we place on manufacturing, and the confidence we have in the talented group of employees living in the New England area.
“Our existing U.S. manufacturing expertise, now combined with the long heritage and experience at Stern-Leach, Hallmark Sweet, Leach & Garner, General Findings, Inverness and Excel chain, provides us with talent and experience in manufacturing unprecedented in the USA.”
Joe Esposito, the executive vice president of manufacturing, said, “Our strategy will be to manage the manufacturing group as a separate business committed to supplying the jewelry trade, along with other associated industries, with a high level of service and continued quality while supported with enhanced investments into the development of innovative products.”
Dave Meleski, company president, said, ”The newly acquired businesses, will add substantial expertise and capabilities to our manufacturing group, while adding many new clients, both domestically and around the world. By consummating this transaction, the company has made a long term commitment to enhancing the mill and findings segments of the businesses.”
The transaction is expected to be completed during the second quarter of this year.