Gerber Plumbing Fixtures LLC announced it is pleased to be the recipient of the 2009 National “Turnaround of the Year Award” for a mid-size company as honored by the Turnaround Management Association (TMA), an international non-profit organization with more than 9,000 members dedicated to corporate renewal.
Gerber was selected by TMA in honor of
its strategic revival from near bankruptcy in 2002, prior to the acquisition of
its assets by Globe Union, to profitable growth in the current global
recession. According to the company, Gerber’s corporate restructuring was led
by CEO and PresidentMichael Werner, who in 2003 took over the family-run,
70-plus-year-old company and modernized it while maintaining its loyalty to the
In October 2009, TMA
publicly recognized Gerber’s corporate re-structuring and turnaround success
with increased profits in spite of the economic downturn. Werner accepted the
“Turnaround of the Year” award during the Oct. 8 keynote luncheon at the TMA Annual Convention in Phoenix, Ariz.