December 17, 2010 11:37 AM CST
FARMINGDALE, NY, December 17, 2010—D’Addario & Company, Inc., the world’s largest manufacturer of strings for musical instruments as well as numerous other high-quality musical accessories, and Pro-Mark Corporation, manufacturer of first-class drumsticks, brushes, mallets and other percussion accessories, are close to finalizing the terms relating to D’Addario’s proposed purchase of the 53-year old drumstick company.
“This is a key strategic add-on acquisition for us. Pro-Mark’s brand would be a natural complement and extension to D’Addario’s line of products,” comments Jim D’Addario, the Chief Executive Officer of Long Island-based D’Addario. “Furthermore, this potential acquisition provides further diversification of our product offering and would reinforce our commitment to expanding our manufacturing footprint here in America.”
“The sale of Pro-Mark, a family-owned business, to the D’Addario family is practical on both a personal and professional level,” explains Maury Brochstein, Pro-Mark’s Chief Executive Officer. “I’m excited about the opportunity to assist D’Addario with the growth of the Pro-Mark brand. Finalizing this deal with D’Addario will ensure that Pro-Mark’s rich history of creating exceptional products will carry forward into the future with a company famous for its dedication to product innovation and quality. Our customers will also benefit from D’Addario’s unparalleled customer service. This is a win-win situation for all parties.”
“We are fortunate to have the opportunity to purchase a company with such a deep history and prominent position in our industry,” states Rick Drumm, D’Addario’s President. “Much like we have done with our Evans and Rico product lines, we plan to evaluate Pro-Mark’s present capabilities in order to advance its manufacturing operations to state-of-the-art levels. Upon execution of our future agreement, D’Addario’s team of LEAN manufacturing experts will immediately begin a LEAN transformation at the company’s Houston facilities. The changeover to a LEAN culture, coupled with D’Addario’s extensive engineering, marketing, and distribution resources, will afford Pro-Mark new growth opportunities.”
D’Addario and Pro-Mark hope to execute the purchase contract by year’s end.
About D’Addario & Company, Inc.
D’Addario & Company, Inc. designs, manufactures, and markets complete lines of strings for fretted and bowed musical instruments, drumheads, drum practice pads, and guitar and woodwind accessories under the proprietary brand names D’Addario, Evans Drumheads, Planet Waves, Rico, HQ Percussion and PureSound Percussion. The company also runs theLessonroom.com and Guitar.com. D’Addario products are marketed in approximately 120 countries.
Houston, Texas-based Pro-Mark was founded in 1957 by Herb Brochstein. Over the past 53 years, the company has grown to become a leading designer and manufacturer of drumsticks, mallets, and percussion accessories. Pro-Mark products are sold in more than 115 countries around the world.