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LEXINGTON, Mass. and Himeji, Japan -- Tillotson Corporation and Showa Glove of Japan today jointly announce the signing of a purchase and sale agreement whereby Showa will acquire all of Tillotsons Best Glove operations and subsidiaries, creating a global leader in glove manufacturing and product development.
The transaction, expected to close within the next 45 days, brings together two well-respected innovation leaders in the glove marketplace. Upon closing, Best will continue to operate as a stand-alone company and will be headquartered in Menlo, Ga., as a division of Showa Glove. Other terms of the deal were not disclosed.
Bill Alico, president and chief executive officer of Tillotson Corporation, will serve as chief operating officer of the new company. As part of the transaction, Alico, a glove industry veteran, will step down from his post at Tillotson.
"Best and Showa share a vision, said Alico. We both are committed to developing the most advanced technology in hand protection. By combining our companies' complementary, best-in-class products and technologies, we expect to create a powerhouse in the hand protection market one that has the potential to dramatically change the industry.
Yasunori Miura, president of Showa Glove stated, "We have had a strong relationship with Best Manufacturing for some time now through our strategic partnership as the sole-source provider of Showas Hi-Tech line of hand protection in North America. Through these discussions we have come to know the organization as one of high integrity, high standards and a commitment to excellence." Miura continued, "We believe our alignment with Best Manufacturing is a solid decision which serves the best interest of customers, employees and the communities we serve."
Source: Best Manufacturing