Carter Lumber Acquires Griggs Lumber
Building Materials Retailer Continues Its Growth Strategy
KENT, Ohio (January 11, 2006) – Carter Lumber announced today that the company has acquired Griggs Lumber Company of Point Harbor, North Carolina. Griggs Lumber has three locations, Point Harbor, Manteo and Elizabeth City, all along the Outer Banks region of North Carolina.
Griggs Lumber will become a wholly owned subsidiary of the Carter Lumber family of companies, which includes: over 200 Carter Lumber stores; Carter-Jones Lumber – the original store; Holmes Lumber, a three-lumberyard chain headquartered in Millersburg, Ohio, which was acquired in 2004; Kight Home Center, a four-lumberyard chain plus a Kitchen Interiors design center and Millwork and Laminate facility headquartered in Evansville, Indiana, which was acquired in 2005.
Neil Sackett, president and CEO of Carter Lumber stated, "It has been our continued goal to grow the company by building strong and lasting partnerships with all employees and customers. This partnership of families between Griggs Lumber and Carter Lumber further fosters our growth strategy as we continue with this tradition."
The Griggs Lumber locations are at 1363 S. US Highway 17, Elizabeth City; 728 US Highway 64, Manteo; and 8917 Carotoke Highway, Point Harbor.
"Our acquisition by Carter Lumber will keep in place the current management and employees and we will continue to operate under the Griggs Lumber name," said Moe Moore, president of Griggs Lumber.
"With the addition of Griggs Lumber’s $46 million business, this acquisition fits perfectly within our scope of growth. In addition, this acquisition will provide us with a tremendous opportunity for growth in the Outer Banks region," said Jeff Donley, chief operating officer, Carter Lumber.
"We look forward to investing in Griggs Lumber and offering all the hometown culture and customer service our customers depend on to help grow their businesses," added Sackett.
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FACTS ABOUT CARTER LUMBER:
- Opened its first store more than 70 years ago in Akron, Ohio, and has maintained its headquarters here since 1932.
- Celebrating more than 70 years in the professional contractor and DIY market.
- 15th-largest building-material retailer in North America; 240 stores in 10 states (Ohio, West Virginia, Indiana, Pennsylvania, Michigan, Illinois, Virginia, Kentucky, North Carolina, South Carolina).
- Employs more than 3,500 people.
- 2005 sales were $685 million.
Carter Lumber continues to earn its reputation as a hometown lumberyard by offering customers top-quality grade-stamped lumber. Carter Lumber carries the best brand names in roofing, siding, windows and doors, insulation, plumbing, heating and electric products from leading manufacturers. Each location provides design capabilities in new home, pole barn, backyard barn, garage, deck and kitchen projects.
Established in 1932 by W.E. Carter, Carter Lumber is headquartered in Kent, Ohio. Please visit www.carterlumber.com for more information about Carter Lumber’s products and services.