Anthony International bought for $600 million
No layoffs planned for local company
By Patrick Yost
Dover Corporation, an $8 billion, Chicago-based corporation, announced Tuesday that it purchased Anthony International for $600 million.
The announcement came, in part, at the Madison location of Anthony International and was delivered by Hillphoenix Corporation President Bill Johnson. Johnson met with more than 200 local Anthony International employees at its Wellington Building manufacturing site at 9 a.m. Tuesday.
According to Johnson, the sale will not affect the employment of any of the local workers. “Anthony will continue to operate just like it is today,” Johnson said. “There are no layoffs planned. We did not buy this company to shrink it. One of our challenges is how to make it bigger.”
Anthony’s Madison location employs more than 200 workers and produces commercial glass refrigerator and freezer doors, lighting systems and display equipment, according to a press release issued by the company.
A press release issued by Dover Corporation said Anthony International’s estimated 2012 revenue is $310 million. Anthony International will serve as a subsidiary of Hillphoenix Corporation, which operates under the Dover banner.
Dover Corporation employs 35,000 people worldwide, the press release states. The acquisition of Anthony International “expands our portfolio of industry-leading technology in the refrigeration space and opens up the important convenience store market to all our product categories. Anthony is the clear leader in the emerging 'close–the–case' business. By closing the case, or essentially installing doors on traditional open refrigeration cases, retailers can realize a significant improvement in their energy consumption. This compelling vale proposition leads us to believe we are at the beginning of a long conversation cycle to closed cases," said Tom Giacomini, president and chief executive officer of Dover's Engineered Systems in a press release.
"This is a good change and good news," said Will Pack, president of Anthony International at Tuesday's meeting with employees.
"Congratulations to all of us for this big move."
At the Morgan County Board of Commissioners meeting Tuesday, Bob Hughes, president, Madison-Morgan Chamber of Commerce said the announcement indicated the possibility of growth for the Madison location. "I think it bodes well for the long–term growth aspects of Anthony," he said. "They are continuing to expand and add new lines."
He said they are looking to pick up warehouse space at Wellington, located on Monticello Highway, and that if they continue with past growth patterns they would have to expand their existing facility.
"It's a vertical integration," Hughes said.
– Additional reporting by Stephanie Johns
Printed in the December 6, 2012 edition