DELRAY BEACH, FL., - Sunbeam Corporation announced today that it has entered into an agreement to sell its Biddeford, Maine textile facility to a group of investors including UNITE, the union which represents the employees of the Biddeford facility. The investor group also includes American Capital Strategies, an investment banking firm specializing in divestitures of businesses from Fortune 1000 companies in ESOP-structured corporate transactions, and an investment group led by Michael Liberty, a Maine businessman. The Llama Company, an Arkansas-based investment bank owned by Alice Walton, has provided investment banking services to the main investor group. The Biddeford operation makes blanket shells for the Company's electric blankets and heated throws.
Al Dunlap, Chairman and Chief Executive Officer, stated, Right from the onset, we hoped we could negotiate the sale of this operation to a group which included the employees of Biddeford. We did everything to facilitate such a deal. This is a great opportunity for them, and we are excited that they have now taken an ownership interest in their operation. We will continue to utilize Biddeford as a vendor and will sign a five-year supply agreement with the new Biddeford operation.
The management of the purchasing group will be headed by Rene Boisvert, who will be president of the new company. Mr. Boisvert had run the Biddeford textile operation for Sunbeam for more than 20 years. The final closing of this transaction is expected within 30 days.
Sunbeam Corporation is a leading consumer products company that designs, manufactures and markets, nationally and internationally, a diverse portfolio of brand name products. The Company's Sunbeam� and Oster� brands have been household names for generations, both domestically and abroad, and the Company is a market leader in many of its product categories.
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