Hearth and Home purchases Vermont Casting.

[jotulguy]

http://article.wn.com/view/2014/10/...quires_Leading_Hearth_Provider_Vermont_Cas_c/

 

[mellow]

So much for being employee owned.

 

[begreen]

I suspect that they have been making the castings for the Quad jacketed stoves and Harman's Oakwood. Unfortunately with all the owner changes and weak downdraft designs the most valuable thing is the foundry, not the VC name anymore.

 

[BrotherBart]

I am getting paranoid. Seems like I am the only person that hasn't owned VC. Stay tuned...

 

[begreen]

Be happy. That's why you still have money in the bank.

 

[BrotherBart]

Be interesting to see what happens to the Dutchwest line this time.

 

[mellow]

Guessing HNI was keeping the VC foundry in business so they figured they might as well buy it before it crumbles. At least they will get some help from Harmon if they decide to keep the downdraft line of stoves.

 

[begreen]

Wouldn't be surprised at this point if they got it for a dime on the dollar.

From another news clip:
"Matthew McGough, HNI's vice president of corporate finance, said HNI has no initial plans to change the structure of Vermont Castings and will maintain the brand's name."

 

[firefighterjake]

I know it's the standard PR line . . . but I find it mildly amusing that this press release could almost just change a few names and leave the middle in tact . . . X is buying VC . . . and then a whole bunch of optimistic words about the company and its future.

 

[bholler]

At least they will get some help from Harmon if they decide to keep the downdraft line of stoves.

Yeah but harman down drafts aren't much better i dont know why they keep messing with that stupid design

 

[mellow]

I'm not a fan of downdrafts either, I think it would be a wise move to dump that design and go back to the drawing board. Ditch the refractory parts.

 

[BKVP]

Yahoo alert posted this morning shows parent company HNI purchased VC.

 

[bobdog2o02]

Is this a good thing? or just another acquisition?

 

[HotCoals]

What's HNI ..Or HHT ..who's the parent company ?
Confusing to me..lol.

 

[webbie]

Big News!
http://www.abc27.com/story/26678452...eading-hearth-provider-vermont-castings-group

 

[begreen]

Deja vu all over again.

 

[Jags]

HNI brings along some big names. Maybe they will be the company to whip VC back in to their former glory days. One can only hope.

 

[webbie]

Not good, not bad...except it probably means lots of castings made in the USA (VT) which is good. I suspect they will, over time, rework the stoves that need it.

This company has sold for as little as....well, close to nothing...and as high as a couple hundred million. But I have a better deal for you, BB - the Revel Casino in Atlantic City - almost brand new, 2 BILLION cost to finish, and the high bid right now is 98 million!

 

[fossil]

Not sure how I feel about BB running a casino.

 

[begreen]

Oh but owning one could be fun. Especially if we can have the company meetings there.

 

[begreen]

I read that this July the previous owners pulled back production of some lines from China and Mexico back to VT. Would this be the BBQ stuff?

 

[bobdog2o02]

the casinos are being sold because they arent profitable now. Gambling in Pa has people not making the long drive to a foreign country.........

 

[mellow]

Good news is if you wanted a cast iron HON file cabinet that is possible now.

 

[begreen]

VC is reported to have an annual revenue of $100 million. The acquisition should reduce HNIs casting costs while maintaining quality control and American jobs (500 of them). I hope it works out well for them.

 

[laxin213]

Well, glad we didn't just buy a Merrimack and instead bought a Travis industries product the large flush arch. Interesting that quadrafire's parent company bought VC as we were looking at one of their inserts too. Wonder if people just buying vc are getting their warranties to transfer.