Founding Family Regains Control Of Conbraco Industries
A management team led by members of the company's founding family - President Glenn Mosack, Executive Vice President Cal Mosack and Vice President of Marketing Carole Mosack Lee - completed a management buy-out of the valve manufacturing company their grandfather founded in 1928.
The Mosack family holds a majority of Conbraco stock after repurchasing all shares previously held by Mueller Inc. and certain other shareholders not active in the operations of the company. The company's sound financial condition made the management buy-out feasible without an equity partner, according to Glenn Mosack, who noted that Conbraco's financial performance has improved steadily since 2001.
Conbraco's complete management team of industry veterans will stay intact, ensuring continuity in engineering, manufacturing and sales, Mosack said in a statement. The company will continue its core strategy of manufacturing most of its product offerings in the United States, he added.
The company expects this move to have a positive impact on sales, Mosack said. SUPPLY HOUSE TIMES will provide more extensive coverage in the PVF News section of its June issue.