Tiffany & Company (NYSE:TIF) sells Judel Products to St. George Crystal
September 10, 2005 - Carter Morse & Mathias, a regional investment banking firm based in Southport, Connecticut, announced the sale of Judel Products, Inc. to St. George Crystal, Ltd.
Judel Products, Inc. (“Judel”) is a manufacturer of premium hand-blown glassware for the high-end restaurant and foodservice market and its manufacturing facility is located in Salem, West Virginia. It has been a wholly-owned subsidiary of Tiffany and Company (NYSE:TIF) since 1992. Carter Morse & Mathias acted as Tiffany’s exclusive financial advisor in this transaction.
Judel is the only manufacturer of lead free, handmade stemware, barware, Christmas ornaments and bowls in the United States and it employs 75 workers in its West Virginia facility.
St. George Crystal, Ltd (“St. George Crystal”), headquartered in Jeannette , Pennsylvania , is a 20-year-old company and is the leading manufacturer of lead crystal giftware and stemware in the United States . It has one of the most automated plants of its kind in the world and employs over 300 people at its production facility.
"This strategic move combines the strengths of St. George Crystal - quality product, superior distribution capabilities and strong customer service with the strengths of Judel, with its diverse and loyal customer base and a quality handmade product. In addition the purchase allows St. George to enter the food service market, as well" said Bob Rifenburgh, President.
The terms of the transaction were not disclosed.