Truth Hardware of Owatonna sold for $200 million
- Article by: Steve Alexander
- Star Tribune
- May 1, 2013 - 8:28 PM
Truth Hardware of Owatonna, Minn., which makes metal parts for home windows, doors and skylights, has been sold for $200 million in cash by its British parent firm, Melrose Industries PLC, to another British firm, Tyman PLC.
Truth Hardware has 700 employees across North America, and reported sales of $126 million, down from its 10-year sales peak of $167.8 million, said Tyman, a building products company based in London.
Officials of Truth Hardware could not be reached Wednesday.
Tyman, an international supplier of components for the door and window industry, said in a statement that it hopes to combine Truth Hardware with Tyman’s existing U.S. subsidiary Amesbury, which makes door and window hardware for residential and commercial customers. Amesbury has operations in Sioux Falls and Canton, S.D., and Statesville, N.C.
Both Truth Hardware and Amesbury are located close to several Midwestern manufacturers of windows, including Andersen Corp. of Bayport, Marvin Windows and Doors of Warroad, Minn., and Pella Corp. of Pella, Iowa.
Truth Hardware was started in the early 1900s in a blacksmith’s shop in Ellendale, Minn., 16 miles south of Owatonna. Today its development and manufacturing operations are in Owatonna, and it sells primarily to the North American market. Truth also owns a facility in the Toronto suburb of Brampton, Ontario.
Truth Hardware has been owned by Melrose Industries, a London investment firm, since 2008, when it was acquired as part of the purchase of its British parent company, FKI Industries.
Steve Alexander • 612-673-4553
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