Boyd Group Purchases Gerber Glass

The Winnipeg, Manitoba-based Boyd Group has announced that it has finalized the purchase of all of the shares of Gerber Glass, which is based in the Chicago area. Boyd expects the acquisition to contribute $70 million to its annual revenue in 2004, increasing Boyd Group's overall annualized sales to approximately $200 million.

"This business combination provides Boyd Group with a significant base of business and a proven management team that will play a meaningful role in our continued U.S. expansion," said Terry Smith, president and chief executive officer (CEO) of the Boyd Group. "Gerber is an ideal fit for us. [It is] a professionally managed, growth-oriented company that has established a leadership position in [its] market that is characterized by mutually rewarding partnerships with the insurance community."

Eddie Cheskis, chief executive officer for Gerber, was also pleased with the acquisition.

"This is an exciting time for Gerber. We have the infrastructure in place that provides us with a tremendous opportunity to continue to grow our business in the Chicago area and we welcome the opportunity to partner with Boyd Group to extend our delivery of industry leading results to new markets," Cheskis said.