Clement sold to private investment group
Feb 5, 2007 5:43 PM
W. Glen Hicks and his family have sold the stock of Clement Industries, Inc., a company they founded in 1976, to a private investment group based in Birmingham, Alabama, with a long history of owning and operating American manufacturing companies.
The company will retain its name. The new owners plan to hold the business indefinitely, investing in it for future generations.
Greg Hicks will remain in place as president of Clement and all other personnel will remain in their positions. The direction of the company will continue as in the past. However, the new owners have great expectations in growing the business to levels not possible before.
"You have my heart-filled appreciation for your support over these past 30 years," Glen Hicks told employees when the sale was announced. "We have come a long way together. I am retiring from day-to-day operations and know that with the support of the new owners-who are not financial buyers, but are long-term focused-Clement will continue to grow and prosper in the years ahead."
The company was doing $2 million in yearly sales volume when Glen Hicks started it. He sold it as a $30-million business.
