While window manufacturers across the country are shuttering their businesses due to economic hardships, Accu-Weld, a Bensalem, Pa.-based manufacturer of vinyl replacement windows and textured steel entry doors, will hold onto its 140 employees.
Haddon Windows LLC acquired the assets of Accu-Weld LLC from H.I.G. Capital, in a deal managed by Jordan, Knauff & Company.
"My father, brothers and I have deep roots in the window industry and in the Philadelphia community," said John Haddon Jr., newly named Accu-Weld president. "When this opportunity came to our attention, we saw a company producing a top-quality product, in trouble simply because the economy isnt where it should be. Were confident that we can position it for growth so that it will thrive once the economy gets back on track."
Haddon said he expects the stimulus legislation provision for energy-efficiency upgrades - a tax credit of up to $1,500 for homeowners who install energy-efficient windows, doors, furnaces or insulation - to give Accu-Weld a boost through 2010.
State Treasurer Rob McCord applauded the acquisition. "This is the toughest economic environment since the Depression, and supporting Pennsylvania-based businesses is something we should all do. We are grateful to both the Haddon family and Accu-Weld employees for demonstrating courage and flexibility as they strive to keep this fine company -- and many good jobs -- alive."
The company sees further growth on the horizon. "We have the capacity to grow and are seeking other window manufacturers with high-quality products and loyal customer bases."