Oct 19 2009
Combined Companies Expand Product Offerings
Thompson Mahogany Company, a fine hardwoods importer based in Philadelphia, has merged with East Teak Fine Hardwoods, Inc., an importer of First European Quality Teak and other fine hardwood products based in South Carolina and Washington state.
Thompson Mahogany Company will operate as a wholly owned subsidiary of East Teak, yet will maintain full operational autonomy from its headquarters location. The combined entities will leverage the strength of both companies to better serve customers in the residential, commercial, hospitality and marine industries.
“Thompson Mahogany has an exceptional reputation in the industry and is well known for its quality products and excellent customer service. We want to continue this tradition while strengthening both companies in the market,” said Wayne Rogers, President and Chief Executive Officer of East Teak Fine Hardwoods. “Thompson Mahogany joining the East Teak family offers many benefits, including a strong customer base across North America; a complementary product line; the addition of direct suppliers in South America and Africa; and an expanded distributor network.”
Industry veteran Don Thompson, President and Chief Executive Officer of Thompson Mahogany Company, will remain as President of Thompson Mahogany. Thompson has served as President of the International Wood Products Association and is a leader in the promotion of sustainable forestry. “Joining with East Teak assures that the great legacy of Thompson Mahogany will continue,” said Thompson. “East Teak understands how we do business and the importance of the relationships we have built over the years with our customers, suppliers and distributors. I feel confident teaming with East Teak will enable Thompson Mahogany and East Teak to better serve all of our customers.”
Headquartered in Dallas, East Teak operates under the direction of Don R. Daseke, Chairman of the Board. “I am very excited to see these two highly respected industry giants come together,” stated Mr. Daseke. “Both Thompson Mahogany and East Teak have proven they know how to serve customers effectively. Their people and knowledge of fine hardwoods are the keys to great customer service. This combined company will now have one of the largest inventories of imported fine hardwoods in the United States.”
Financing for the transaction was provided in part by PNC Bank, N. A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC).
Source: http://www.thompsonmahogany.com/