Derwind Group Announces Elmers' Purchase Agreement
The privately held Berwind Group has announced an agreement to buy Elmer's Products Inc. from Kohlberg Kravis Roberts & Co, the Associated Press reported. Terms of the sale were not disclosed. Elmer's has been making glue for 50 years and is headquartered in Columbus, OH, where it started as a part of the former Borden Inc. food company. Berwind said Elmer's will be part of its new consumer products platform that began last year with the acquisition of Hunt Corp., whose products include X-Acto knives. A team of workers from Hunt and Elmer's will decide on the future of Elmer's workers and facilities. Elmer's and Berwind would not confirm how many people the glue company employs. Copyright 2003 by The Associated Press.