Markor buys Schnadig
Jeff Young named CEO, chairman
By Gary Evans -- Furniture Today, January 11, 2009
URUMQI, China — Chinese manufacturer Markor International Furniture said it acquired U.S. upholstery and case goods importer Schnadig Furniture last week, and has named industry veteran Jeff Young as Schnadig chairman and CEO.
Former Chairman and CEO Don Belgrad will become chairman emeritus of Des Plaines, Ill.-based Schnadig.
Markor said the sale was completed last Monday, Jan. 5, but did not divulge a purchase price. A report on Tradingmarkets.com valued the deal at $8.94 million.
Markor said the transaction demonstrates its commitment to the U.S. and international markets. The company had said last year that it was in search of acquisitions.
“Markor believes that by bringing together its manufacturing efficiencies and Schnadig's established marketing channels and brands, we will offer our customers well-made products, enhanced service, distinctive design and excellent value,” said Richard Feng, Markor chairman and CEO.
The newly acquired company will be known as Schnadig International Corp. and will give Markor a bigger footprint in the U.S. upholstery market.
Markor has been a supplier to Schnadig, which went all-import two years ago when it closed its domestic plants and shifted production to China.
Schnadig was family-owned until a year ago, when it was acquired by the Benefit Capital Cos., an investment group headed by Robert W. Smiley.
“Markor has been Schnadig's close and reliable manufacturing partner for many years,” Belgrad said. “I am excited about our two companies combining their respective strengths to become a leading retail supplier. We shared similar values, and I am confident that Markor, under Mr. Feng's leadership, will preserve Schnadig's heritage and expand the strength of the brand.”
Young, former CEO of Lexington Furniture, Drexel Heritage and Furniture Brands International's HDM division, said he was “delighted to be joining forces with Richard Feng, Don Belgrad and their dynamic organizations. I am excited to be part of the management team and we are fully prepared to meet the challenges of the industry. I am confident we will build on Schnadig's tradition and proud history.”
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Markor acquires Schnadig Furniture
Jan 8, 2009
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