Globe Union Acquires Major Share Of Gerber Plumbing
Transaction to provide resources to grow business; Ila Lewis to be chairman, Frank J. Feraco appointed president and COO.
Gerber Plumbing Fixtures Corp., completed a transaction in February in which most of its assets were sold to a new entity, Gerber Plumbing Fixtures LLC. While Globe Union Group is the majority owner of Gerber Plumbing Fixtures LLC, Gerber will operate as a stand-alone subsidiary of Globe Union, with its own profit and loss statement.
Financial terms of the transaction were not announced. Gerber's 2002 revenues exceeded $100 million.