With its acquisition last Friday by Diamond Triumph Auto Glass Inc., Settles Glass Cos. Inc. became the latest of several larger regional retail auto glass companies to be bought out this year. The sale follows the conventional wisdom that you've got to be big or small; mid-sized operations can't make it in today's market.
Richard Settles, the third generation to head the company, said the time was right when asked why he was selling now.
For Norm Harris, chief executive officer of Diamond Triumph, the motivation was expansion.
"This transaction positions Diamond Triumph for growth in an important geographic market," said Harris. "As we integrate in this marketplace, our first priority is to continue to enhance Settles strong tradition of providing superior quality customer service and value. We believe by leveraging the strengths of both organizations, we will provide outstanding opportunities for our employees while giving our customers additional access and service potential."
Annual unaudited revenues of Settles Glass were approximated $9.5 million for the fiscal year ended March 31, 2005. The company has 18 full service retail locations in Massachusetts and one in New Hampshire.
Doug Boyle, chief financial officer of Diamond Triumph said, "Although the replacement auto glass industry has been challenging over the last several years, we feel there are opportunities for our company to grow its market position by making strategic investments. We look forward to exploring new opportunities when they align with our strategy and make business sense for our company."
No reproduction, in print, electronic or any form without the expressed written permission of
Key Communications Inc. 540-720-5584.