Volume 12, Issue 6 - November/December 2008
XPEL Foregoes Performance Acquisition
Astring of acquisitions by XPEL Technologies Corp. stalled recently as the company announced it will not complete the acquisition of Performance Tools Distributing (see item on page 8 of WINDOW FILM’s November-December 2007 issue). The two companies have mutually agreed to terminate the acquisition agreement, but have entered into an agreement that allows XPEL to distribute Performance Tools’ products throughout Canada. This decision falls on the heels of a number of announcements from XPEL, including a net loss for the second quarter of 2008, the resignation of its chief executive officer (CEO) Steven J. McAuley, the filing of a court case in which the company cites copyright infringements involving its patterns software (see page 12 of WINDOW FILM’s July-August 2008 issue) and the announcement that its interim CEO, Nuno Ferreira, has accepted the position on a permanent basis.
“Although we have decided not to close the acquisition, we enjoy a good working relationship with Performance Tools and look forward to a prosperous continuation of that business relationship,” Ferreira says.
“Nashville’s climate and demographics make it an ideal market for the SmartView concept and services,” says Pete Baldine, chief development officer of SmartView Window Solutions, Moran’s window film franchise.
Baldine says the company’s goal includes establishing as many as 13 locations in the Nashville area and as many as 500 franchises nationwide. Chief executive officer Barb Moran says she believes the green movement will help make this goal a reality.
“There has never been a better time to be in the window film business thanks to architectural trends and advancements in technology,” she says. “Our concept is uniquely positioned to capitalize on the shift toward a greener economy.”
Toray will utilize Moscaritolo’s leadership to support its ongoing Localization Program, a global growth strategy that calls for locally- based management. The company’s Lumirror division is responsible for the research, development and manufacture of a wide range of polyester films.