Bilco To Be Sold To UK “Door and Window” Company
New Haven Headquarters Expected To Stay Intact
NEW HAVEN: The iconic Bilco Company is celebrating its 90th year by announcing the pending sale of the company. In early 2015 the “specialty access” company moved its headquarters back to New Haven after sixty years in West Haven. The company’s West Haven sprawling waterfront complex was sold to developers forming the core of the 350,000 square foot Haven Mall expected to open in 2017-18.
Bilco signature product the ubiquitous basement door seen on the outside of countless basements formed the original basis of the company’s success. Today the company has plants in Truman, Arkansas and Zanesville, Ohio manufacturing a full line of products for the residential and commercial building markets.
Lyons, Griffin and Joyce with bust of Bilco Founder George Lyons, Sr. at the company’s 85th anniversary.
Tyman PLC based in London [LON: TYMN] is an “international supplier of engineered components to the door and window industry” doing approximately $400 million in annual sales.
Tyman is paying $71 million for Bilco which had sales of $54 million in 2015 and had earning before interest, taxes and depreciation [EBITDA] of approximately $7 million.
A Tyman release says that “Bilco will form the core of AmesburyTruth’s [Tyman’s North American subsidiary] new commercial division which will be responsible for AmesburyTruth’s commercial sector activities in North America.”
According to Roger Joyce, Vice Chairman and Executive Vice President of Bilco said “Amesbury Truth intends to maintain all Bilco facilities and workforce after closing.” The New Haven headquarters employs sixty-five at the former Starter Building 370 James Street. Joyce added that he and [cousin] Chairman and CEO Bob Lyons, Jr. will be retiring and that family member Pamela Griffin Bilco CFO will continue with Tyman.
Joyce added, “Amesbury Truth is remarkably similar to Bilco in terms of values, culture and innovation. We are confident that the combined company will continue to excel in commercial and residential markets.”