Elk Completes Acquisition of SlateDirect; Acquisition Will Expand Elk's Hybrid Roofing Line to Include a Unique Slate Product
September 21 2006 - 2:15PM
Business Wire
ElkCorp's (NYSE:ELK) subsidiary, Elk Slate Products, Inc.,
announced it has completed the acquisition of SlateDirect, L.P., a
privately held manufacturer of TruSlate(TM), a patented slate
roofing system. The company intends to continue operations at the
SlateDirect facilities in San Antonio. Additional details of the
transaction were not disclosed. SlateDirect is a natural addition
to the Elk family because of the innovative nature of the company.
TruSlate offers many advantages over traditional slate and, on a
total installed basis, is priced competitively with synthetic slate
products. Now for the same cost as a synthetic, TruSlate offers the
real thing. On a traditional slate roof, a significant portion of
the tile is hidden under the course above and is essentially
wasted. The TruSlate roofing system eliminates the need for
overlapping due to its patent-pending hanger system that is
invisible on the roof. Removing the excess weight eliminates the
need for a reinforced structure which is a significant cost savings
to the homeowner. "This acquisition is in line with our strategy to
acquire innovative companies that enhance our current product
platforms and provide customers with a more complete offering of
high-quality building products," said Thomas Karol, chairman and
chief executive officer of ElkCorp. "We have always focused on
providing consumers with high-quality products that are innovative.
TruSlate offers these at a value that will enable more homeowners
to enjoy the beauty of a slate roof. TruSlate will fit into our
hybrid category of products focusing on utilizing technology to
provide more environmentally friendly products using fewer natural
resources." Mr. Karol concluded, "In the past few months, we have
solidified our commitment to our hybrid line with the addition of
TruSlate and with the opening of our new VersaShield(R) XP(TM)
Hybrid Products Manufacturing and Master Distribution Center in
Waxahachie, Texas. We will continue to enhance our hybrid line of
products and explore opportunities to provide more environmentally
friendly products." About ElkCorp: ElkCorp, through its
subsidiaries, manufactures Elk(TM) brand premium roofing and
decking products and provides technologically advanced products and
services to other industries. Its common stock is listed on the New
York Stock Exchange (NYSE:ELK). See www.elkcorp.com for more
information.
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